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Thread: Purdue Pharma, Accused Of Fueling Opioid Crisis, Files For Chapter 11

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    Administrator Islander's Avatar
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    Default Purdue Pharma, Accused Of Fueling Opioid Crisis, Files For Chapter 11

    Bobby Allyn
    September 16, 2019

    Purdue Pharma, the maker of OxyContin, filed for Chapter 11 bankruptcy protection Sunday night, just days after striking a settlement with more than 2,000 local governments over its alleged role in creating and sustaining the deadly opioid crisis.
    The filing in New York follows the Sackler family agreeing to relinquish ownership of the lucrative company. The family also agreed to provide $3 billion in cash over several years, and future revenue from the sale of OxyContin to assist communities hardest hit by the opioid epidemic.

    Read more: https://www.npr.org/2019/09/16/76110...tm_id=35269681
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    Veteran Member Mr. Wizard's Avatar
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    Default Re: Purdue Pharma, Accused Of Fueling Opioid Crisis, Files For Chapter 11

    So, Chapter 11 bankruptcy is a sham. It's right out of the playbook of Dow Corning in the late 90's when it filed Chapter 11 after thousands of women filed lawsuits against Dow's silicone breast implants for health problems. Purdue reached settlement to satisfy lawsuits brought by thousands of cities and states, primarily to recoup public monies spent to deal with the opioid crisis. However, these state lawsuits should not preclude individual families from going after the Sackler families' personal wealth, estimated at $13 Billion. This is significant because there are a dozen or so drug companies involved in other opioid lawsuits. This case sets precedent for how the other drug companies will be treated. I believe their personal fortune, amassed--in whole or in part--from the sale of OxyContin, should be on the table.

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    Default Re: Purdue Pharma, Accused Of Fueling Opioid Crisis, Files For Chapter 11

    Are you saying that declaring bankruptcy will relieve them of paying out individual lawsuits?
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    Veteran Member Mr. Wizard's Avatar
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    Default Re: Purdue Pharma, Accused Of Fueling Opioid Crisis, Files For Chapter 11

    I'm no lawyer, but I'll play one on HH. Under this agreement, Purdue will declare bankruptcy, settle lawsuits with the cities and 23 states using company money, and ultimately relinquish "ownership" of the company. The Sacklers have also agreed to pay hardest hit communities an addt'l $3 Billion from future sales of OxyContin. But, once the company is dissolved, the individual plaintiffs have no remedy, unless they go after the personal wealth of the Sacklers. In other words, as I read the agreement, only the lawsuits brought by municipalities are being settled. Individual families damaged by OxyContin have been left out of the equation, unless states agree to divvy up settlement among individuals. However, I've read nothing to this effect. Families must be permitted to go after the personal wealth, if the company no longer exists.

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    Default Re: Purdue Pharma, Accused Of Fueling Opioid Crisis, Files For Chapter 11

    I've since read that Sackler family wealth been discovered sequestered in offshore banks. I predict that victims will choose to hurt, not the company, but the family itself.
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    Veteran Member Mr. Wizard's Avatar
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    Default Re: Purdue Pharma, Accused Of Fueling Opioid Crisis, Files For Chapter 11

    So far, almost $1 Billion has been discovered by authorities in wire transfers to overseas banks. In addition, attorneys have forced "dozens" of banks to reveal financial records showing that the Sacklers transferred "company funds" to sham companies that don't exist. This is why I believe the families will and should have rights to sue the family's personal wealth.

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