If Mallinckrodt files a second bankruptcy, payouts would likely go first to company executives, staff and other creditors, with opioid-related claims paid out last.
so, business as usual then.
this post was submitted on 12 Jun 2023
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Exactly. These people ruined the country with opioids. They aggressively marketed and distributed these highly addictive drugs, leading to a nationwide epidemic.
Their greed for profits caused immense harm to countless families and communities. It's a shameful chapter in our history that must be acknowledged and addressed, but of course - it's just another day of business as usual.
Between 2006 and 2012, opioid drug makers and distributors flooded the country with 76 billion pills of oxycodone and hydrocodone—highly addictive opioid pain medications that sparked the epidemic of abuse and overdoses that killed nearly 100,000 people in that time period.
In all, the deluge of pills was enough to supply every adult and child in the country with around 36 opioid pills per year.
The Post also noted that the distribution was concentrated in certain places, finding that West Virginia, Kentucky, South Carolina, Tennessee, and Nevada had the top pill-per-person-per-year rates of all states, ranging from 66.5 to 54.7. West Virginia, which had the highest distribution rate, also had the highest opioid death rate during this period.
But certain rural areas were also hard hit, with Norton, Virginia, receiving 306 pills per person per year and Mingo County, West Virginia, receiving 203.
McKesson (MCK) Q4 Earnings Beat Estimates, U.S. Sales Strong
MCK reported fiscal fourth-quarter 2023 adjusted earnings per share (EPS) of $7.19, which beat the Zacks Consensus Estimate of $7.16 by 0.4%. The bottom line improved 23.3% on a year-over-year basis.
GAAP EPS was $5.71, up 130.2% from the year-ago quarter’s level.
The U.S. Pharmaceutical segment reported an adjusted operating profit of $861 million, up 10.4% from the prior-year quarter’s level.
organized crime:
noun
-
Crime committed by groups engaged in planned and sustained criminal activities.
-
The people and the groups involved in such criminal activities.
This seems to be the norm. Liabilities get too high and the business rolls up into bankruptcy. Individuals have their wages garnished till their debt is repaid. I feel like there should be an onus on the board/executive team till the settlement is reach. But I don't really know what would be the most fair and scaleable to other instances of this.