Amici Senators Say Supreme Court Review Needed For ‘Texas 2-Step’ Bankruptcies

(January 24, 2024, 12:39 PM EST) -- WASHINGTON, D.C. — Georgia-Pacific’s use of the “Texas Two-Step” to place all asbestos liabilities with spinoff Bestwall LLC and shield itself and other affiliates from asbestos claims by bankrupting the spinoff unit “radically expands the authority of bankruptcy courts and makes a mockery of congressional intent,” three members of the Senate Judiciary Committee tell the U.S. Supreme Court in an amicus curiae brief in support of high court review....