I'm entirely unconvinced that J&J couldn't pay back everything they owe, to everyone they owe it to, without bankruptcy and the fact that they were able to avoid all of those individual lawsuits is already J&J getting off the hook unfairly and avoiding their full liability.
If I'm wrong about that and without bankruptcy J&J would be forced to go out of business before everyone could get paid, then no matter if they use bankruptcy or not, the end result of that bankruptcy should still mean that every penny they have goes to their victims and the families of their victims (evenly distributed or whatever) until J&J actually does go out of business.
If J&J in, any form, survives because of this “Texas two-step" then the “Texas two-step" is an insult to victims and to justice and should be outlawed.
Perhaps bankruptcy is a great way to divide up whatever is owed to everyone, but as long as J&J continues to exist it means that they got off the hook. Honestly, many of J&J's serial killers and mass poisoners should be locked up for the rest of their lives. Murder was extremely profitable for them. They'll do it again if they have the opportunity.