Senate MVP Sheldon Whitehouse Explains Corporate Gaming of Bankruptcy Law -- The Texas Two-Step

[ancianita]

Today, Senator Sheldon Whitehouse (D-RI), Chairman of the Senate Judiciary Subcommittee on Federal Courts, Oversight, Agency Action, and Federal Rights, delivered opening remarks in a hearing of the full Judiciary Committee entitled, “Evading Accountability: Corporate Manipulation of Chapter 11 Bankruptcy.”

The hearing examined the growing trend of corporations on firm financial footing using a maneuver known as the “Texas Two-Step” to bog down consumers in bankruptcy proceedings and delay justice.

Because corporations have always known they can evade justice by outliving humans, who continue to suffer unequal protection under the law, and die as the collateral damage of corporate policy and practices.

[2naSalit]

1. K&R