You sell the company at a low price to a friend and pay out the low sum to the p...

posterboy on Sept 17, 2019 | parent | context | favorite | on: Equifax doesn't want consumers to get their $125

You sell the company at a low price to a friend and pay out the low sum to the plaintiffs. This would need approval under chapter 11, I guess, and if you sell the company it includes the debt, so they'd have to be tricky about it and just sell the meat or the milk, not the whole cow. Ironically, this invariably means selling the customer data (but also existing contracts and what not). IANAL

nradov on Sept 17, 2019 [–]

The bankruptcy judge and trustee wouldn't approve an asset sale at significantly less than fair market value.