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…

https://www.commondreams.org/opinion/asbestos-liability-koch-industry