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The Chapter 11 debtor, through its manager, Smith, brought several actions against insiders and "persons closely allied with those insiders" for recovery of prepetition transfers. During discovery against O'Haro, which was "plagued by unsubstantiated 'narrative' defenses", over the course of the case Smith filed two Motions to Compel against O'Haro. During her first deposition, O'Haro invoked her Fifth Amendmnet right against self-incrimination, as a criminal investigation related to this business was underway.
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The bankruptcy court denied a motion to dismiss two chapter 11 cases, which had employed the infamous 'Texas Two Step" to address (avoid? skirt?) liability for asbestos mass torts claims, holding that :
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Title 11 of the United States Code (the “Bankruptcy Code”) provides a fresh start to the “honest but unfortunate debtor.” Chapter 7 therefore permits a debtor to “discharge their outstanding debts in exchange for liquidating their nonexempt assets and distributing them to their creditors.” Dismissals in chapter 7 are governed by section 707 of the Bankruptcy Code. Section 707(a) governs all chapters of bankruptcy filings and applies when adequate “cause” is shown.
Abstract:
Bankruptcy law in the United States is race-neutral on its face but, in practice, race matters in bankruptcy outcomes. Our original research provides an empirical look at how the facially neutral laws that allow debtors to retain assets in bankruptcy cases result in disparate outcomes for Black and white debtors. Racial differences in asset retention in bankruptcy cases play a role in perpetuating wealth inequality between Black and white debtors.
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