Purdue Pharma, L.P. proposed and confirmed a Chapter 11 plan that provided nonconsensual third party releases for the Sackler family. his session will review the issue of whether nonconsensual third party releases of liability for the Sackler family are permitted by the Bankruptcy Code.
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Nebraska MCLE #267125, 0.5 CLE Hours (OnDemand credit)
Purdue Pharma, L.P. proposed and confirmed a Chapter 11 plan that provided nonconsensual third party releases for the Sackler family. From 2008 to 2016, the Sacklers distributed $11 billion of Purdue’s revenue to various Sackler family trusts and holding companies. The transfers reduced Purdue’s total assets by 75% and its solvency cushion by 83%. Purdue’s assets totaled $1.8 billion at the time of the bankruptcy filing. To get a plan confirmed, the Sackler family contributed an additional $6 billion to the plan in exchange for releases from any liability. Over 90% of the creditors voted to approve the plan. This session will review the issue of whether nonconsensual third party releases of liability for the Sackler family are permitted by the Bankruptcy Code.
Trev Peterson, Knudsen, Berkheimer, Richardson & Endacott, LLP\
Trev Peterson is a partner at Knudsen, Berkheimer, Richardson & Endacott, LLP in Lincoln. Trev has represented creditors and debtors in bankruptcy court for over 40 years. He has presented on bankruptcy, lending, and real estate topics for a variety of organizations.
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