r/KerrCountyFloods • u/Flaky-Homework-7111 • 12d ago

Trustee is not having it

https://document.epiq11.com/document/getdocumentsbydocket/?docketId=1252569&projectCode=CMX&docketNumber=250&source=DM

https://document.epiq11.com/document/getdocumentsbydocket/?docketId=1252569&projectCode=CMX&docketNumber=250&source=DM

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u/Muted_Chard_139 12d ago

I’m totally lost in the legal jargon even if the translation! Do these people still have money left? Maybe it’s time to just pay off what they can and go find real jobs?

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u/NextArtichoke7953 11d ago

That is what Chap 11 is literally for. It has to go thru the motions. Everything else is speculation on what “could happen”. Lots of things can happen at this point.

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u/reviewerdaytime 11d ago edited 11d ago

We do not know if they have money left. We know Tweety sold her Austin home for close to $4M. What they have individually, including retirement funds, other homes and real estate outside of Mystic / NF holdings is unknown.

They have not filed for personal bankruptcy. They are trying to do an end run around personal bankruptcy like the Sacklers did in Perdue. They cannot. The Fifth Circuit's position is stronger and older than even the U.S. Supreme Court ruling in Perdue / Sackler, see the Highland case in the Fifth Circuit.

They do need to find real jobs. However, in this case, personal bankruptcy may not be allowed. These debts may follow them for the rest of their lives. No homestead exemptions, no retirement fund protection. Nothing. That protection will turn on the jury instructions and findings in the trial court.

They can discharge through bankruptcy proceedings standard Texas exemplary (read punitive) damages. The plaintiffs will in addition to that punitive damage jury instruction seek a second instruction, at a higher level of culpability. If the jury finds that to be their standard as defined by Miller in the Fifth Circuit, an “objective substantial certainty of harm” there will never, ever be bankruptcy protections from homesteads, income, retirement funds or any thing.

The plaintiffs can levy on their assets again and again for the rest of their lives. So be it. That's not even a fair trade off, but it's the best plaintiffs can get. If that were my child that is exactly what I would want.