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3M’s Use of Bankruptcy to Shift Earplug Lawsuits Questioned by Judge

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The federal judge administering more than 200K lawsuits against 3M (NYSE:MMM) questioned Wednesday whether the company acted in good faith when it decided to try to shift the cases to bankruptcy court instead of facing separate jury trials, Bloomberg reports.

The judge in Pensacola, Florida, held a hearing about 3M’s (MMM) decision to put its Aearo Technologies subsidiary into bankruptcy as a way to resolve the lawsuits, which accuse the company of selling faulty combat earplugs that harmed U.S. soldiers.

Lawyers for the veterans have attacked 3M’s (MMM) move to seek Chapter 11 for Aearo as a ploy to deny victims of a faulty product the chance to make their cases to juries; the company has lost 13 of the 19 test cases that have gone to trial.

3M (MMM) plans to provide $1B to a trust that would pay people suing over the earplugs and has set aside $240M to fund the bankruptcy itself.

In a separate court hearing Wednesday, a U.S. bankruptcy judge in Indiana warned lawyers for Aearo that at least part of their argument for an emergency court order blocking the veterans’ claims is not persuasive, according to Bloomberg.

The bankruptcy judge scheduled a trial next month to decide if the lawsuits against 3M (MMM) should be halted while the Aearo bankruptcy goes forward.

Alongside its Q2 earnings report, 3M (MMM) announced a planned spinoff of its healthcare business that will create two public companies.

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Article: seekingalpha.com

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Oil and Gas Producer TXO Energy Sets Terms for Proposed $100M IPO

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DariaRen

Oil and gas company MorningStar Partners, also known as TXO Energy Partners (TXO), has set terms for a proposed $100M initial public offering.

TXO said in its latest filing that it is now looking to offer 5M units, representing limited partners interests, priced between $19 and $21, which would raise $100M if priced at the midpoint. Proceeds from the deal would go in part to pay down debt.

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Source Here: seekingalpha.com

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Hypertension Drug Developer Mineralys Therapeutics Files for $100M IPO

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Andranik Hakobyan

Hypertension drug developer Mineralys Therapeutics (MLYS) has filed for a $100M initial public offering.

The biotech company didn’t specify in its filing the price or number of shares to be offered, but indicated in its filing fee schedule that it was seeking $100M, a figure that is likely a placeholder and subject to change.

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Original Article: seekingalpha.com

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Oil Extends Gains As China Optimism Outweighs Big Jump in U.S. Stockpiles

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U.S. crude oil advanced for the fifth straight session Wednesday, despite a U.S. government report showing a massive build in domestic crude inventories.

The Energy Information Administration reported U.S. crude stockpiles surged by 19M barrels – the third largest weekly increase since EIA records began in 1982 – which analysts said largely reflects the following shut-ins during last month’s winter storm.

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Original Source: seekingalpha.com

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