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Bestwall Concurrence Believes in ‘Liberalization’ of Bankruptcy Powers

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Thomas Salerno

Refreshingly, the majority opinion is one of the few appellate court opinions I can completely get behind! The notion of a "bankrupt" itself is pejorative and completely ignores modern economic and financial realities. How about bringing back debtor's prisons? Whether a balance sheet may support catastrophic litigation or not begs the question. The likely toll on a business under such circumstances is often ignored when judges look at these issues. Would Johns-Manville be an existing enterprise still paying out claims after 40 or so years under the restricted, and antiquated, concept of the need of being a "bankrupt"? Not very likely. Companies may be able to pay huge one-off judgments, but taken as a whole they will crush a company, result in loss of jobs, and the delay is almost as bad as the underlying injury for the plaintiffs. So, bravo to the 4th Circuit majority for actually recognizing economic reality instead of being hidebound by what the founders meant by "bankrupt" 230+ years ago when considering the Constitution. Such myopia would also support the view that freedom of expression doesn't encompass the internet because, after all, the founding fathers could not even conceive of such a medium when they drafted the Constitution. Just my view from the cheap seats!
Mon, 2025-08-11 12:45 Permalink