[TexasSP]

Business purchases and changeovers can go many different ways. It is not abnormal for a new owner to have it where the previous owner takes care of previous issues all the way up to and including pending/potential law suits.

The last company I worked for had dealt with asbestos under previous ownership. The ownership I worked under purchased the trademark name, facilities, customer base, etc but left the asbestos litigation and liability with the former owners. That did not stop people from trying to sue us but it never got off the ground.

So basically it is possible, legal, and common for business purchases to not include liabilities and such.