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These "#CoerciveRestructuringTechniques" are not available to everyday people who are drowning in student debt or credit-card bills - these are the exclusive purview of the wealthiest Americans, who enjoy a completely different bankruptcy system that is rigged in their favor.

Three judges - #DavidJones and #MarvinIsgur of Houston and #BobDrain of New York - hear 96% of the country's large corporate bankruptcies:

https://www.creditslips.org/creditslips/2021/05/judge-shopping-in-bankruptcy.html

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Cory Doctorow 2y ago

These judges are unbelievably horny for corporations, embracing a legal theory "that casts the invention of the #LimitedLiabilityCorporation alongside that of the steam engine as a paradigmatic development in the pursuit of prosperity":

https://prospect.org/justice/how-do-you-solve-a-problem-like-the-sacklers-purdue-pharma-bankruptcy/

Now there are more than three bankruptcy judges in America, so how do the nation's biggest companies get their cases heard by these three enthusiastic Renfields for corporate vampirism?

They cheat.

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Cory Doctorow 2y ago

For example: when GM was facing bankruptcy, it argued that it was a New York company on the basis that it owned a single Chevy dealership in Harlem, and got in front of Judge Drain.

The Sacklers were - characteristically - even *more* brazen.

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