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US: Correction: Opioids Crisis-Bankruptcy-Q&A story - cape-coral-daily-breeze.com - News, sports, community info. - Cape Coral Daily Breeze

Found: Fri Sep 13 18:14:36 2019 PDT
Source: Cape Coral Daily Breeze (FL)
Copyright: 2019 Cape Coral Daily Breeze
Contact: cstrine@breezenewspapers.com
Website: http://www.cape-coral-daily-breeze.com/
Details: http://www.mapinc.org/media/4803
Webpage: http://www.cape-coral-daily-breeze.com/pag... [translate]
Author: Sarah Skidmore, SELL, GEOFF MULVIHILL and ADAM GELLER
Newshawk: http://drugpolicycentral.com/bot/


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Mobile: mobile.cape-coral-daily-breeze.com

September 13, 2019

Associated Press

In a story Sept. 12 about the impact of a possible Purdue Pharma bankruptcy on the Sackler family, The Associated Press reported erroneously who founded Purdue Pharma and when. Mortimer, Raymond and Arthur Sackler purchased Purdue Frederick in 1952; they did not found Purdue Pharma that year. Raymond and Mortimer Sackler bought Arthur Sackler's stake upon his death in 1987 and the two brothers founded Purdue Pharma four years later.

A corrected version of the story is below:

What a Purdue Pharma bankruptcy means for the Sackler family

Purdue Pharma could be heading for bankruptcy but the extent to which it would affect the Sackler family fortunes remains unclear

By SARAH SKIDMORE SELL, GEOFF MULVIHILL and ADAM GELLER

AP Staff Writers

Purdue Pharma could be heading for bankruptcy but the extent to which it would affect the Sackler family fortunes remains unclear.

The company, which makes OxyContin and other drugs, this week reached a tentative agreement with thousands of local governments and more than 20 states over its role in the opioid crisis that has contributed to the death of thousands of Americans.

As part of that deal, the company would file for Chapter 11 bankruptcy protection, the Sacklers would lose control of the business and the family could pay up to $4.5 billion. But some states are refusing to sign on, saying it doesn't do enough to hold the Sacklers and their company accountable.

The legal battle will play out in court over time, but here's what we know now:

WHAT ROLE DID THE SACKLERS PLAY IN THE FAMILY BUSINESS?

Brothers Mortimer, Raymond and Arthur Sackler -- all physicians -- purchased Purdue Frederick in 1952. Raymond and Mortimer Sackler bought Arthur Sackler's stake upon his death in 1987 and the two brothers founded Purdue Pharma four years later.

Both have since died. One of the heirs, Richard Sackler, served as president of the company and some served on its board. All have left the board in recent years.

Eight of the family members -- Richard, Jonathan, Mortimer, Kathe, Beverly, Theresa and David Sackler and Ilene Sackler Lefcourt -- are named repeatedly in lawsuits nationwide for their roles; some suits name many more.

HOW MUCH MONEY DOES THE SACKLER FAMILY HAVE?

The Sacklers' net worth was an estimated $13 billion as of 2016, making them America's 19th-richest family, according to Forbes magazine. But the exact value of their fortune is not known and believed by some to be much larger.

Several states say that the family has worked methodically to move money out of Purdue to insulate their fortune.

An Associated Press review of court papers, securities filings by companies that have had dealings with Purdue, and documents leaked from an exclusive Bermuda law firm indicate the family has shielded their wealth in an intricate web of companies and trusts, including some located in offshore tax havens. The family has previously declined to discuss the matter.

The size and scope of their fortune may become clearer in court depending on how things proceed. But given the apparent complexity the financial web, it could prove difficult and time consuming to reveal it completely.

HOW MUCH COULD THEY END UP PAYING?

It depends on how various legal actions play out.

The Sacklers have already agreed to pay up to $4.5 billion. That amount is contingent on the sale of the family's international drug company, Mundipharma. They also would lose any wealth from the future operation of that company.

They could potentially pay much more depending on the outcome of bankruptcy proceedings and lawsuits directly naming the family. Generally in a bankruptcy, all the company's assets are fair game for creditors but the owner's wealth is considered separate. There are some scenarios, however, where the personal wealth of the owners could be pursued, according to legal experts.

The Sacklers' wealth could be at risk if the line between the company and owners was not properly observed. For instance, if the owners weren't keeping separate accounting books or they were having the company pay for their personal expenses, they could be found personally liable for actions of the company, according to Michael Simkovic, professor of law and accounting at the University of Southern California. But those types of cases are unusual and hard to win, he said.

Another way they could be held to account is if they were actively involved in the day-to-day management of the company and were personally responsible for some acts, or were managing and directing people who were responsible for acts that led to liability, Simkovic said.

Jessica Gabel Cino, a law professor at Georgia State University, said that in large bankruptcies like this one, family members do sometimes have to make contributions to the bankruptcy estate.

"They aren't going to leave the bankruptcy unscathed," she said.

At the same time, they can use the bankruptcy to protect themselves from other lawsuits. That's because as soon as the company files for protection, it could put all other lawsuits against the company on hold.

The Sackler family is facing a number of lawsuits that name them personally. There is some leeway within the bankruptcy court to decide if those cases will be put on hold until bankruptcy proceedings are complete or be a part of the bankruptcy itself, depending on the nature of the claim.

The Sacklers have denied any wrongdoing.

HOW MANY LAWSUITS ARE THE SACKLERS FACING?

At this time, more than 20 states have sued family members by name for their role in the crisis. Each suit varies slightly, but many claim the Sacklers knowingly misled the public and medical communities while draining money from the company.

If the lawsuits against the families allege criminal activity -- such as fraud or actions that would deliberately hurt others -- those would likely move forward regardless of the bankruptcy, said Richard Squire, a professor at the Fordham University Law School.

"The bankruptcy proceeding would likely block some claims," he said. "The claims that include a high degree of fault -- criminal activity or recklessness -- may survive but they are riskier."

HOW LONG WILL THIS TAKE?

Some corporate bankruptcy proceedings are prepackaged, meaning the plan has been agreed upon by everyone involved beforehand. Those can move through the court quickly and be resolved within a month. But given the array of claimants and complexity of Purdue, experts say it will likely take longer.

In the bankruptcy of Adelphia Communications, for instance, the cable television company filed for protection from creditors in 2002 but its agreement took five years to gain approval.

AP Business Writers Alex Veiga and Anne D'Innocenzio contributed to this report

This article has been corrected to clarify that one Sackler heir served as president of the company, not that some oversaw operations day-to-day.

analysis of article text


prohibitionist hits:0 government drug warrior (prohibition_agency) hits:0 propaganda (drugwar_propaganda) hits:10 legalization hits:0 drug_reformer hits:0 reform_referenda hits:0 cannabis hits:0 stimulant hits:0 narcotic hits:2 hallucinogen hits:0
    prohibitionist     prohibition_agency     drugwar_propaganda     legalization     drug_reformer
    reform_referenda     cannabis     stimulant     narcotic     hallucinogen
                        
                        


incarceration/prison mentioned? NO - the issue of prison or incarceration was NOT mentioned in this article .

propaganda analysis


explicit prohibition propaganda (explicit_propaganda) hits:0 hated group (propaganda_theme1) hits:0 madness, violence, illness (propaganda_theme2) hits:6 survival of society (propaganda_theme3) hits:3 gateway, use is abuse (propaganda_theme4) hits:0 children (propaganda_theme5) hits:0 demonize, war, epidemic (propaganda_theme6) hits:1 total prohibition (propaganda_theme7) hits:0 dissent opposed (propaganda_theme8) hits:0
EXP - explicit prohibition propaganda (explicit_propaganda) GRP - hated group (propaganda_theme1) MAD - madness, violence, illness (propaganda_theme2)
SOC - survival of society (propaganda_theme3) USE - gateway, use is abuse (propaganda_theme4) KID - children (propaganda_theme5)
WAR - demonize, war, epidemic (propaganda_theme6) TOT - total prohibition (propaganda_theme7) DIS - dissent opposed (propaganda_theme8)



conceptevidencehitslinks
 drug of abuse implied / mentioned

drug related
[news] [concept]

illegal drugs  
drugwar_propaganda : a drug war propaganda event, campaign release, slogan, or themepropaganda

drugwar propaganda 70%
[news] [concept]

propaganda theme2 propaganda theme3 propaganda theme6 Why Are Americans So Easy to Manipulate? (Bruce E Levine, 2012)
Classic Modern Drug Propaganda
Themes in Chemical Prohibition
Drug War Propaganda (kindle edition)
propaganda_theme2 : drug war propaganda theme: madness, violence, illness caused by drugsmadness, violence, illness

propaganda theme2 70%
[news] [concept]

"criminal" "hurt" "death"6Madness Crime Violence Illness (propaganda theme 2)
drugwarfacts.org/crime.htm
drugwarfacts.org/causes.htm
Distortion 18: Cannabis and Mental Illness
No, marijuana use doesn't lower your IQ (10/2014)
propaganda_theme3 : drug war propaganda theme: survival of societysurvival of society

propaganda theme3 60%
[news] [concept]

"Americans" "America" "communities"3Survival of Society (propaganda theme 3)
The "Nation" as a Device To Create a Psychological Crowd
propaganda_theme6 : drug war propaganda theme: demonize; use of drugs is epidemic; wardemonize, war, epidemic

propaganda theme6 60%
[news] [concept]

"battle"1Demonize, War (propaganda theme 6)
List of Wars on Concepts
Perpetual war
The Failed War on Drugs (2012)
 drug of abuse

illegal drugs
[news] [concept]

narcotic  
 drugs 95%
[news] [concept]
various drugs  
 psychoactive pharmaceutical

pharms
[news] [concept]

oxycodone erowid.org/pharms/pharms.shtml
 analgesic
[news] [concept]
oxycodone  
opioid : opiate-like but synthetic drugsopioid

opioid
[news] [concept]

"opioid" oxycodone1Managing Pain
 narcotic
[news] [concept]
opioid Managing Pain
 oxycodone

oxycodone
[news] [concept]

OxyContin Managing Pain
 OxyContin
[news] [concept]
"OxyContin"1mapinc.org/oxycontin.htm
Managing Pain
 various drugs 95%
[news] [concept]
"drugs" "drug"3 
 school
[news] [concept]
"School" "University"4ssdp.org/
 aggrandizing government

aggrandizement
[news] [concept]

"experts"2Statism: the Most Dangerous Religion (2014 video)
What is Statism?
Conservapedia: Statism
Wikipedia: Statolatry
lewrockwell.com/2014/07/thomas-d...
Bought Priesthood
Worship of the U. S. Government (2011)
Bureaucratic Thrust
Tyranny of Experts
The Threat of Authority (2012)
The Media As Enablers of Government Lies
The Statist Mindset (Jacob Hornberger, 2011)
Thinking Critically about Experts and Authority
'Scientific' evidence for FDA-approved drugs isn't so scientific, it turns out (2014)
The Intellectual Gravy Train (2015)
 mainstream (controlled) media

msm
[news] [concept]

mockingbird Mainstream Media
whowhatwhy.org/2014/04/09/media-...
archive.lewrockwell.com/orig14/a...
Michael Levine, Mainstream Media: The Drug War Shills
beforeitsnews.com/alternative/20...
Mainstream Media: The Most Significant Threat To Freedom
msm.rt.com/
sputniknews.com/europe/20160225/...
 Mockingbird / Wurlitzer; US intel-controlled media

mockingbird
[news] [concept]

assoc press Operation Mockingbird - Mighty Wurlitzer
carlbernstein.com/magazine cia a...
US Media Conceals News (2013)
Two of the Largest American Newspapers Opine in Favor of Allowing States to Legalize Marijuana (2012)
reuters.com/article/2014/07/27/u...
https://web.archive.org/web/2013...
Propaganda 101: Operation Mockingbird Continues (2015)
 assoc press
[news] [concept]
"Associated Press" "AP"5carlbernstein.com/magazine cia a...
Associated Press (AP) - Mockingbird / Wurlitzer

st:0 fo:0 s:0 d:0 c:0 db:0.164 a:0.43 m:0.11 t:0.92 (f)


text of article used for CRITICAL ANALYSIS, under FAIR USE provisions of the Copyright Act of 1976, 17 U.S.C. § 107, et al.


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    article tags



     

    assoc_press concept - AP - Associated Press - long linked with "Mighty Wurlitzer" intel ops like, "Operation Mockingbird"
    mockingbird concept - documented US intel controlled media: newspapers, tv, radio - various press associated with known intel ops such as, "Operation Mockingbird", "Mighty Wurlitzer", etc.
    msm concept - mainstream media - corporate, government controlled press: newspaper, tv, radio, websites; press associated with known intel ops such as, "Operation Mockingbird", "Mighty Wurlitzer", Tavistock Institute, etc.
    aggrandizement concept - terms of aggrandizement (of government)
    school concept
    various_drugs concept - general terms for drugs
    OxyContin concept - a time-release oxycodone brand
    oxycodone concept - a type of opioid
    narcotic concept - a drug that dulls senses, relieves pain, induces sleep
    opioid concept - opiate-like but synthetic drugs
    opioid
    analgesic concept
    pharms concept - Psychoactive Pharmaceuticals are over-the-counter or prescription chemicals approved for human medicinal use, with mind- or emotion-altering properties
    drugs concept
    illegal_drugs concept - drugs of abuse, so-called
    propaganda_theme6 concept - drug war propaganda theme: demonize; use of drugs is epidemic; war
    propaganda_theme6
    propaganda_theme3 concept - drug war propaganda theme: survival of society
    propaganda_theme3
    propaganda_theme2 concept - drug war propaganda theme: madness, violence, illness caused by drugs
    propaganda_theme2
    drugwar_propaganda concept - a drug war propaganda event, campaign release, slogan, or theme
    drugwar_propaganda
    drug_related concept - related to illegal drugs and prohibition