Official Committee of Talc Claimants Moves to Dismiss LTL Management Chapter 11 Proceedings, Says Filing Made in Bad Faith

NEWARK, N.J. –– Calling it a “bankruptcy case not filed in good faith,” the Official Committee of Talc Claimants has moved to dismiss the Chapter 11 proceedings of LTL Management, adding that the sole purpose of the company’s move was “to hinder and delay talc claimants in the pursuit of their claims by separating the liability for those claims from the assets backing such claims.”

“This directly contravenes Section 10.901 of the Texas Business Organizations Code, which protected creditors from the abuse of divisive mergers to abridge their rights,” the Dec. 1 motion filed in the U.S. Bankruptcy Court for …