As everyone knows, the decision has been made to shut down PPLP and bring any new products to market under a new company. There will be no sales reps and layoffs continue until no one is left. One old time PPLP 20 year executive is quietly assembling the pieces of a new company under the direction of the Board. Everyone knows him. Sacklers will continue collecting millions until at such time as they formally declare backrupcy; meantime, they will seamlessly transition over to the new virtual company which will have a total of 20 employees with everything outsource. They didn't get to be billionaires because they are dummies.
Will they settle the lawsuits? Will they file bankruptcy? Will they quit manufacturing their flagship product?
Purdue is a corporation (LLC) that's short for Limited LIABILITY Corporation. Which Means unless the owners are found guilty of something big, they can't be held financially responsible. Purdue only owns the patent to OxyContin, and Hysingla. Thats it. A separate holding company owns the Home Office, Purdue rents space and office equipment in the building. Another company owns the manufacturing plant, another company owns the distribution center, another owns the OTC products, and most services are out sourced. There are a dozen companies like Rhodes that are considered separate entities. There is a holding company in the Caymen Islands, hmmmm I wonder. Then there is Munipharma which has an office in Switzerland, hmmmmm a pattern? Nah just coincidence. Don't be jealous of business men properly setting up shop.
They cannot simply form a new company for a new product because the Sacklers are now personally being held accountable in the lawsuits. Any new company they form will be subject to seizure if they are found guilty. Better to jump off this sinking ship rather than hope for a miracle.
Pat yourselves on the back Purdue, you rode that ONE TRICK PONY until it’s dying day, right into the ground ! Sacklers are pathetic! They had from when the BS started in the early 2000’s until now to diversify and they got a $hit drug in 2018. That is incompetent ownership, management and leadership at its finest! Purdue will be a masters thesis on What Not To Do to do in running a company and in dealing with adversity! The next chapter will be watching all the people they kicked to the curb spill their guts to the AG’s of all the states who entered the lawsuits against them! Bet they are glad they treated their longtime employees like Now!! Good luck Purdue! or should i say Purdon't! I’m sure they’ll get the last laugh as they play the shell game with all their assets and try to protect themselves and their cash stash as they screw the rest the people they owe money to. Wonder what happens to our pensions ?
