Contributors Speak Up On Purdue Pharma

In a feature published by the Creditor Rights Coalition, Partner Phil Anker discusses the impact he anticipates the Purdue Pharma ruling may have on Chapter 11 cases not involving alleged mass tort liability.

Excerpt: "First, Purdue, of course, does not limit the ability of the debtor itself to obtain a discharge of its own liability or, perhaps more importantly, for third parties to settle with the bankruptcy estate and obtain a full release of estate causes of action against them. In my experience, sponsors and other controlling shareholders, as well as directors and officers, typically face more exposure to estate causes of action than to claims that truly belong to individual creditors."