Thread regarding 3M layoffs

Rhodes is out gunned and ill equipped.

It is really puzzling why they chose Rhodes to do this job in the first place. He was the lawyer that the WSJ refers to as creating this whole mess: 3M Earplugs Fight Stems From Self-Made Legal Battle, July 18, 2022

Rhodes is relying on external legal counsel some of the same people who advised J&J. These issues always work themselves through several courts. Until the system is convinced the ongoing just trial are untenable they won't agree to the bankruptcy.

More and more hopeless negotiations will convince them of this.

Then they will either push 3M into BK or let them 'settle' using the bankruptcy system.

Problem for plaintiffs is pushing total 3M into BK would get them probably less that they would ever agree to in negotiations.

J&J is further through the process. So that precedent is super important. 3M has better case than J&J because most bad actions were done by Aearo long before 3M acquired them. So it was a legitimate subsidiary with a long term separate financial structure and governance.

Plus Casey is biased... So there is that to come out in higher courts too.

Rhodes degrees just tell me he is very booksmart but doesn't have a clue on how to manage against real world tides.

JNJ clearly has some bright legal minds who were able to convince a judge what they are doing is both legal and has some precedence.

3M clearly just threw out a line like "hey we're just doing what JNJ did" without making a strong legal case. I'm still shocked they lost but given the leadership inadequacies I've seen from Mike, it should have been a shocker.

Kevin Rhodes
Executive Vice President and Chief Legal Affairs Officer

He received his J.D., magna c-m laude, from Northwestern University; and his B.A. from Grinnell College.

Been employed with 3M for over 20 years.

Rhodes reminds me of a politician who got elected because his opponent was busted a week before the election for domestic violence.

Empty suit, windbag,, incompetent, a living example of the Peter Principle.

His resume isn't going to win him any favors after the losses and his winding rant.

Yeah the legal strategy is not working for them.

The challenge is they will probably end up in Bankruptcy and then no one will win.

Look at the book value of their assets, not the market cap when liquidating the company.

The Plaintiffs and 3M will fight to the death and veterans will not get much in liquidation.