Ann: Trading Halt, page-34

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19/08/20

19:56

Post #: 46668376
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Originally posted by retiredyoung: ↑

In August 2019, Purdue Pharma and the Sackler family were in negotiations to settle the claims for a payment of $10-$12 billion. [53] The settlement would include a Chapter 11 filing by Purdue Pharma, which would be restructured as public beneficiary trust and the Sackler Family would give up any ownership in the company. Addiction treatment drugs currently developed by the company would be given to the public cost-free. All profits of Purdue would henceforth go to the plaintiffs in the case. On top, the Sackler family would contribute $3 billion in cash. The family would also sell Mundipharma and contribute another $1.5 billion from the sales proceeds to the settlement. However, the Sackler family would remain a billionaire family and would not be criminally charged for contributing to the opioid crisis.[54] On September 2019, the office of the New York Attorney General accused the Sackler family of hiding money by wiring at least $1 billion from company accounts to personal accounts overseas.[55][56]

Bankruptcy

In mid-September 2019, Purdue filed for bankruptcy in White Plains, New York, a few days after reaching a tentative settlement with state and local governments that were suing the company over the cost of the opioid epidemic.[57]Many states refused the terms of the proposed August 2019 settlement and vowed to pursue further litigation to recover additional money, much of it alleged to be hidden offshore. These states contend the Sacklers knew litigants would be pursuing Purdue's funds and committed fraudulent conveyance. Whether or not a state had chosen to settle mostly fell along party lines, with Republican-led states choosing to settle.[58] Most of the wealth of the Sackler Family is not held in Purdue. States are seeking to hold individual family members personally liable for the costs of the opioid epidemic, regardless of Purdue's bankruptcy.[59][60]

A December 2019 audit from AlixPartners, hired by Purdue for guidance through Chapter 11 restructuring, said the Sacklers withdrew $10.7 billion from Purdue after the company began to receive legal scrutiny.[61]

https://en.wikipedia.org/wiki/Purdue_Pharma

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Love your work and attention to detail mate no wonder you retiredyoung

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