We have followed this for a solid decade.
The idea that a billionaire family might keep $10 billion, and only contribute about $4 billion -- into the bankruptcy estate, but STILL get a completely clean slate, from all Oxy-suits. . . is frankly both against the well settled US bankruptcy laws and decisions. . . and shocking to my conscience. Justice Sotomayor is my new hero here. The Sacklers are stopped dead in their tracks:
. . .Application (23A87) granted by the Court. The application for stay presented to Justice Sotomayor and by her referred to the Court is granted. The mandate of the United States Court of Appeals for the Second Circuit in case No. 22-110 and the consolidated cases is recalled and stayed. Applicant suggested this Court treat the application as a petition for a writ of certiorari; doing so, the petition is granted.
The parties are directed to brief and argue the following question: Whether the Bankruptcy Code authorizes a court to approve, as part of a plan of reorganization under Chapter 11 of the Bankruptcy Code, a release that extinguishes claims held by nondebtors against nondebtor third parties, without the claimants’ consent. The Clerk is directed to establish a briefing schedule that will allow the case to be argued in the December 2023 argument session.
The stay shall terminate upon the sending down of the judgment of this Court. . . .
The non-consensual release of claims in bankruptcy ordinarily would require that the Sacklers themselves file a chapter, and leave court with only $6,000 left, each to their names. That is all other individuals would get to "start over" with. But not a penny more. Yes, that is how mere mortals are treated in similar bankruptcy proceedings (not not not $10 billion). Now you know.
Get 'em, Mr. Biden! Out, grinning. . . .
नमस्ते
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