[U] Power Alley: It Would Be A Travesty — If Federal Bankruptcy Laws Do Shield Over $7 Billion Of The Sacklers’ Personal Wealth, While Ending Claims Against Purdue Pharma…

Forgive me, on this fine sunny Spring morning, as I return to a moment of. . . utter contempt, here.

Just as the NRA is seeking to use bankruptcy laws in Texas federal court — to skirt its open responsibility for pending mass shooting/gun death suits, and claims of undisclosed, unlawful Russian influenced US political-peddling campaigns. . . the Sackler family, whose entire fortune (at one time, nearly $15 billion) was made by deceptively marketing, and marking up prices on oxy-. . . seeks now to keep the bulk of its personal family wealth, via bankruptcy reorganization of what was Purdue.

That is. . . disgusting. Here is the UK’s Guardian on it all:

. . .Criticism has centered on the unusual proposition to shield the wealth of individual Sacklers, even though they are seeking bankruptcy only for their company and not for themselves.

Under the proposals, the two branches of the Sackler family that own Purdue Pharma would settle more than 3,000 lawsuits against the company by paying $4.3bn.

But the Sacklers would keep about $7bn, which would be personally protected from legal action over the part played by some family members in the illegal drive to mass-market OxyContin, for which Purdue has been twice convicted of criminal charges, in 2007 and last year. . . .

It takes a very cynical, jaundiced eye, to suggest that the Sacklers “need” around $7 billion, to scrape by — after the company was twice convicted of crimes — and the family has finished in the top five for the infamous Shkreli Award, every year since inception. Sheesh.

UPDATED @ 4 PM EDT: The Texas USBC Judge “Cooter” Hale (no, I am not kidding — that’s his name!) just ruled that the NRA may not use the bankruptcy statute to effectively move to Texas (and reincorporate there), with the sole goal being avoiding lawsuits properly brought by the AG of New York (to dissolve it as a scam non-profit), where the NRA is presently domiciled. The able judge dismissed the NRA’s Chapter 11 today, thus:

“. . .The NRA is a solvent and growing organization using this bankruptcy as a tool to win its dissolution lawsuit, and that is not an appropriate use of bankruptcy. . . .”

Perfect. End, update.


There are no comments on this post.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: