J&J’s ‘Baby Powder’ Chapter 11 Case Dismissed a Second Time: No Financial Distress
Bound by the Third Circuit’s first LTL decision, the bankruptcy court found that LTL’s rejiggered second filing suffered from the same defect: no immediate financial distress.
Court:
J&J, Redux: Bankruptcy Court Dismissed 3M Subsidiary’s Chapter 11 Case
Indianapolis Bankruptcy Judge Jeffrey Graham says that the bankruptcy court cannot become “another court of general jurisdiction.”