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Published in the ABI Journal/July 2023

Adams and Reese bankruptcy attorney Joshua Lesser had his article “LTL: Third Circuit Dismisses J&J Subsidiary Bankruptcy, Citing Lack of Financial Distress” published in the July 2023 issue of the ABI (American Bankruptcy Institute) Journal.

On March 31, the Hon. Thomas L. Ambro, for a three-judge panel of the Third Circuit, authored an opinion in In re LTL Management LLC, reversing the bankruptcy court’s denial of motions to dismiss Johnson & Johnson’s divisional-merger bankruptcy, remanding with instructions to dismiss. The bankruptcy court dismissed four days after remand. J&J’s litigation-trust vehicle, LTL Management LLC, refiled hours after dismissal.

Lesser’s article focuses on the Third Circuit’s reasoning for dismissal and LTL’s second filing.

Lesser is an Associate in the Adams and Reese Houston office. He represents lenders in and out of bankruptcy in both transactions and litigation.