Douglas Baird, a bankruptcy law professor at the University of Chicago, said he expects Key will get Takata’s assets without liability for past claims. Without this provision, no suitor would buy the company.

“It’s in the interests of all these victims that you have this free and clear sale,” he said. “The alternative is to liquidate the assets and sell them for kindling wood.”

Lawyers are unhappy that automakers will get $850 million while relatively little goes to victims. Emison and others say $125 million will go quickly, estimating that victims will get 5 to 10 cents on the dollar of what they would have received from a financially strong company. A court-appointed special master will come up with an allocation formula.

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