Tuesday, April 4, 2023
Preventing the Latest Texas Two-Step by Koch Industries on Cancer Liability
Koch Industries was the first conglomerate to use the bankruptcy maneuver—known as "the Texas two-step"—in 2017. It involves a "divisive merger," allowed under Texas law, in which a company splits in two in order to transfer all of its liability claims to a subsidiary that then declares Chapter 11 bankruptcy while the parent company retains all corporate assets and profits…
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