Anyone have this article?
Judge Weighing 3M’s $10 Billion PFAS Offer Frets Over Bankruptcy
https://news.bloomberglaw.com/environment-and-energy/judge-weighing-3ms-10-billion-pfas-offer-frets-over-bankruptcy
4 replies (most recent on top)
On the surface, it seems that 3M would be exposed to bankruptcy. However, many financial advisers continue to support investing in 3M stock to their clients (my included). Because 3M is a conglomerate, it likely won't happen any time soon and there are many options open to 3M if bankruptcy would be on the horizon.
Don't know - but it's heartbreaking to watch.
3M is only in the 1st inning of its PFAS litigation. To grasp the magnitude of what 3M is facing, review the recent 10-K for 2023, at pages 83-99:
https://investors.3m.com/financials/sec-filings/content/0000066740-24-000016/0000066740-24-000016.pdf
Even assuming that 3M survives the existing litigation (much of which outside of the AFFF MDL and is FAR from settled), multiple tidal waves are on the horizon. Once the proposed US regulations for national primary drinking water standards, CERCLA (Superfund) and RCRA designations are adopted, the floodgates will open and it’s over for 3M.
There is absolutely a chance 3M declares bankruptcy. It will likely be because of the mountain of other PFAS lawsuits that will follow - this one only involves municipalities in the US. It seems that many people are confused about this settlement. It’s really only the potential tip of the iceberg.
I thought there was no chance of bankruptcy. Why would it come up in court? Is there a chance that 3M declares bankruptcy?