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Asbestos Bankruptcy Trusts
Companies who file for bankruptcy typically create asbestos trusts for bankruptcy. These trusts cover personal injury claims for asbestos exposure victims. Since the mid-1970s at least 56 asbestos bankruptcy trusts were set up.
Armstrong World Industries Asbestos Trust
Originally founded in 1860 in Pittsburgh, PA, Armstrong World Industries is the world's largest wine bottle cork producer. It employs over 3000 people and has 26 manufacturing locations all over the world.
During the early years, the company used asbestos in a variety of products like insulation, tiles, and vinyl flooring. Workers were exposed to asbestos which can cause serious health issues like mesothelioma and lung cancer.
The asbestos-containing products of the company were extensively used in residential, commercial as well as military construction industries. As a result of the exposure, thousands of Armstrong workers were afflicted with asbestos-related illnesses.
Although asbestos is a natural-occurring mineral, it isn't suitable for human consumption. It is also known to be a material that can prevent fire. Because of the risks associated with asbestos, companies have established trusts to compensate victims.
As a result of the bankruptcy of Armstrong World Industries, a trust was established to compensate those who have been affected by the company's products. In the first two years, the trust settled more than 200,000 claims. The total amount of compensation was greater than $2 billion.
Armor TPG Holdings, which is a private equity firm is the trustee of the trust. In the beginning of 2013 the company owned more than 25 percent of the fund.
According to the Asbestos Victims Compensation Trust, [empty] the company is estimated to be accountable for more than $1 billion in personal injury claims. The trust has more than $2 billion in reserves to pay out claims.
Celotex Asbestos Trust
Celotex Corporation was a distributor and manufacturer of building materials. In the 1980s, Celotex Corporation was hit by a flurry of lawsuits alleging asbestos-related property damage. These claims, as well as others, demanded billions of dollars in damages.
In 1990, Celotex filed for bankruptcy protection. The plan of reorganization was a result of the creation of the Asbestos Settlement Trust to process these asbestos related claims. The Trust filed a claim in the United States District Court for the Middle District of Florida. It was represented by attorneys from Saiber L.L.C.
In the course of the investigation the trust sought coverage under two additional general liability insurance policies that were comprehensive. One policy provided five million dollars of insurance while the other provided 6.6 million. Jim Walter Corporation was also asked to provide coverage. It could not find any evidence that suggested that the trust was required by law to give notice to excess insurances.
The Celotex Asbestos Trust filed proofs of bodily injury claims on December 31st of 2004. The trust also filed a motion to overturn the special master's ruling.
Celotex had less that $7 million of primary coverage when it filedfor bankruptcy, but believed future asbestos litigation could affect its excess insurance. In actual fact, the company foresaw the need for numerous layers of extra insurance coverage. The bankruptcy court did not find any evidence to suggest that Celotex provided a reasonable notice to its excess insurers.
The Celotex asbestos attorney deer park Settlement Trust is an extremely complex process. It is responsible for settlement of claims against Philip Carey (formerly Canadian Mine) and also providing treatment for asbestos-related illnesses.
The process can be difficult to understand. Luckily, the trust has an easy to use claims management tool and an interactive website. The website also has a section dedicated to claim inaccuracies.
Christy Refractories Asbestos Trust
Christy Refractories originally had an insurance pool of $45 million. The company filed for bankruptcy in 2010 however. The reason for the bankruptcy filing was to settle asbestos lawsuits. Christy Refractories' insurers have been in the process of settling asbestos claims at a rate of $1 million per month for the past three years.
Since the 1980s, asbestos trust funds have paid more than 20 billion dollars. These funds can be used to pay for the cost of therapy as well as lost income. These funds include the Western MacArthur Trust, the M.H. Detrick Asbestos Trust, the Thorpe Insulation Settlement Trust, and the M.H. Porter Asbestos Trust.
The Thorpe Company's product range included refractory and insulation materials, which contained asbestos. The company filed for asbestos lawyer Mauldin Chapter 11 bankruptcy in 2002 however it was revived in the year 2006. It dealt with more than 4,500 claims.
The Western MacArthur Trust paid out more than $1.1 billion in claims. The Synkoloid Company, Abex Corporation, and Pneumo Corporation all used asbestos in their products. The United States Gypsum Company also employed asbestos in its products.
The Utex Industries, Inc. Successor Trust has paid over 2,000 asbestos claims. It also supplied sealing materials to the oil extraction industry.
The Prudential Lines Trust faced hundreds of lawsuits, mass tort actions, and a 20-year time limit for disbursing the funds.
The Western MacArthur Asbestos Settlement Trust paid out more than $500 million in claims. It also manages claims against Yarway.
The Thorpe Insulation Settlement Trust includes the Pacific Insulation Company as well as the Thorpe Insulation Company.
Federal Mogul's asbestos lawsuit paris PI Trust
Federal Mogul's Asbestos Personal Injury Trust was created in 2007. It is a trust that assists those who have been exposed to richmond heights asbestos attorney. The Federal Mogul Asbestos PI Trust is a bankruptcy trust that provides financial compensation to victims of ailments caused by asbestos exposure.
Initial assets of $400 million were used to create the trust in Pennsylvania. It made payments to claimants in the millions following its establishment.
The trust is located in Southfield, MI. It is comprised of three separate funds. Each is dedicated to the handling of claims against asbestos-related entities of the Federal-Mogul group.
The trust's main purpose is to pay financial compensation for asbestos-related illnesses in the nearly 2,000 occupations which use Asbestos law firm hewitt. The trust has already paid more that $1 billion in claims.
The US Bankruptcy Court estimated the asbestos liabilities' net value to be around $9 billion. It was also decided that creditors should maximize the value of assets.
The Asbestos PI Trust was created in 2007. Elihu Inselbuch was a partner at the firm Caplin & Drysdale and served as the Trust attorney.
To deal with claims, the trust created Trust Distribution Procedures (or TDPs). These TDPs are designed to be fair to all claimants. They are based on the historical precedents for substantially identical claims in the US tort system.
Asbestos companies are shielded from mesothelioma lawsuits if they are reorganized
Every year thousands of asbestos lawsuits are settled by the bankruptcy courts. Large corporations are employing new strategies to access the judicial system. One such strategy is restructuring. This allows the company's activities to continue and provides relief to unpaid creditors. It may also be possible to shield the business from individual lawsuits.
For instance it is possible for a trust fund to be established for asbestos-related victims as part of a restructuring. These funds can be used to pay out in cash, gifts, or a combination of both. The aforementioned reorganization consists of an initial funding quote that is followed by a court-approved reorganization plan. A trustee is appointed after the reorganization was approved. This may be an individual or a bank, or an outside party. The most effective reorganization will benefit all parties.
The reorganization doesn't just announce the bankruptcy courts with a new strategy, but it also reveals courts, but also provides powerful legal tools. It's not surprising that a lot of firms have filed for chapter 11 bankruptcy protection. Certain asbestos companies were required to make chapter 7 bankruptcy filings in order to protect themselves. For example, Georgia-Pacific LLC filed for chapter 7 bankruptcy in 2009. The reason is straightforward. Georgia-Pacific requested an order of reorganization to protect itself against a rash mesothelioma-related lawsuit. It also rolled all its assets into one. To address its financial problems it has been selling its most important assets.
FACT Act
The "Furthering Asbestos Claim Transparency Act" is currently in Congress. It will make it harder to file fraudulent claims against asbestos trusts. The legislation will make it harder to make fraudulent claims against asbestos trusts, and will give defendants full access to information during litigation.
The FACT Act requires that asbestos trusts publish a list of those who are claiming on a docket of court. They must also provide the names, exposure history, and compensation amounts they pay these claimants. These reports, which are able to be seen by the public, could aid in preventing fraud.
The FACT Act would also require trusts to disclose any other information such as payment details even if they are part of confidential settlements. In fact the report on FACT Act by the Environmental Working Group found that 19 members of the House Judiciary Committee who voted for the bill received campaign donations from asbestos-related interests.
The FACT Act is a giveaway for large asbestos companies. It could also hinder the process of settling compensation. In addition, it creates important privacy issues for victims. The bill is also a tangled piece of legislation.
In addition to the information that has to be released in the FACT Act, the FACT Act also prohibits the publication of social security numbers, medical records and other information that is protected by bankruptcy laws. It is also more difficult to obtain justice in courts.
Aside from the obvious question of how compensation for victims could be affected, the FACT Act is a red herring. The Environmental Working Group studied the House Judiciary Committee's top accomplishments and found that 19 members were paid campaign contributions from corporate interests.
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