If it were, then any publisher with a runaway bestseller novel could incorporate a new company, sell its assets - but not its liabilities - to that company, and stiff the writer.
Both Foster's agent and the Science Fiction Writers of America tried to negotiate with Disney quietly on this, but they were stonewalled and insulted (Disney insisted that they wouldn't even *discuss* a deal without first getting nondisclosure agreements from Foster, another unheard-of tactic).
3/