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01
Dec
(Stream A - Market Dislocations) Panel: The evolution of the Texas two-step
Debtors facing mass tort liabilities are using a lesser-known Texas law that allows a business in the Lone Star State to perform a divisive merger in order to preserve and protect the legacy entity’s assets whilst resolving its mass tort liabilities through the Chapter 11 process. Johnson & Johnson’s debtor subsidiary LTL Management recently made efforts to extend the reach of the Texas two-step, seeking to suspend two state actions in New Mexico and Mississippi pending against LTL and certain non-debtor entities, including J&J, during the pendency of LTL’s Chapter 11 case.
![image](https://c-assets.papillon.io/image/fetch/s--YnOMApIW--/c_thumb,g_face,fl_progressive,z_0.82,h_50,q_90,w_50/https://c-assets.papillon.io/image/fetch/s--YnOMApIW--/f_auto/https://dkf1ato8y5dsg.cloudfront.net/uploads/79/598/1517703278215.jpeg)
![image](https://c-assets.papillon.io/image/fetch/s--YnOMApIW--/c_thumb,g_face,fl_progressive,z_0.82,h_50,q_90,w_50/https://c-assets.papillon.io/image/fetch/s--YnOMApIW--/f_auto/https://dkf1ato8y5dsg.cloudfront.net/uploads/79/598/gmgordon.webp)
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