bankruptcy

For those unfamiliar with the Texas Two-Step, you can find my earlier discussion of J&J here.

It's not the Macarena or a line dance but a Texas law involving the creation of a corporate entity. You know there will be a problem when a law that “creates” a new corporation is designed to take an old corporation apart.

The bankruptcy system proves a centralized proceeding for resolving claims, determining the company’s financial status before aggregating all claims in a common forum.