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J&J Gets Stay In Talc Chapter 11 Dismissal
Johnson & Johnson's talc bankruptcy may be on its last legs, but it's still standing — at least for a while.
On February 13, Johnson & Johnson subsidiary LTL Management petitioned the U.S. Court of Appeals for the Third Circuit to rehear its Jan. 30 decision dismissing its Chapter 11 case, as we covered in the February issue. LTL attorney Greg Gordon, appearing at the first hearing since the Third Circuit's decision, insisted that the case "remains pending."
"We are in the midst of exploring and working on options to still successfully resolve this case," he told U.S. Bankruptcy Chief Judge Michael Kaplan in New Jersey. "At the same time, we're engaging in contingency planning in the event the bankruptcy case is dismissed and the talc litigation is returned to the tort system."
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