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Asbestos Bankruptcy Trusts

Companies that file for bankruptcy generally establish asbestos life expectancy trusts in bankruptcy. These trusts then pay personal injury claims for those who were exposed to asbestos. At least 56 asbestos bankruptcy trusts have been established in the late 1970s.

Armstrong World Industries Asbestos Trust

Armstrong World Industries was founded in 1860 in Pittsburgh. It is the largest wine bottle cork maker in the world. It employs more than three thousand employees and has 26 manufacturing facilities all over the world.

The company employed asbestos in a variety of products like tiles, insulation as well as vinyl flooring and tiles in its early days. Workers were exposed to asbestos, which can cause serious health issues, such as mesothelioma and lung cancer.

The asbestos-containing products of Armstrong were widely used in the residential, commercial, and military construction industries. Many Armstrong workers were exposed to asbestos, which resulted in asbestos-related illnesses.

Although asbestos is a naturally occurring mineral, it isn't safe for human consumption. It is also known as a fireproofing material. Because of the dangers associated with asbestos, many companies have established trusts to pay victims.

As a result of the bankruptcy of Armstrong World Industries, a trust was set up to compensate those affected by the company's products. In the first two years, this trust settled more than 200k claims. The total amount of compensation was more than $2B.

Armor TPG Holdings, which is a private equity business is the trustee of the trust. In the beginning of 2013 the company controlled more than 25 percent of the fund.

According to the Asbestos Victims Compensation Trust the company was liable for more that $1 billion in personal injuries claims. The trust has over $2 billion in reserves to pay for 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 claiming asbestos-related property damage. These claims, among others claimed billions of dollars in damages.

In 1990, Celotex filed for bankruptcy protection. To settle asbestos lawsuit-related claims the Asbestos Settlement Trust was created by Celotex's reorganization plan. The Trust filed a claim in the United States District Court for the Middle District of Florida. The Trust 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 coverage while the other provided 6.6 million. Jim Walter Corporation was also requested to provide coverage. However, it found no proof that the trust was required to give information to insurers who are not covered.

The Celotex Asbestos Trust filed proofs of bodily injury claims on December 31st, 2004. The trust also filed a motion seeking to overturn the special master's decision.

Celotex had less than $7 million in primary coverage at the time of filing, however, the company believed that any asbestos litigation would affect its coverage for excess. The company actually anticipated the need for asbestosis multiple layers of excess insurance coverage. Despite this the bankruptcy court ruled that there was no evidence to prove that Celotex gave adequate notice to its excess insurance carriers.

The Celotex Asbestos Settlement Trust is an intricate process. In addition to providing claims for asbestos-related ailments, it is also responsible for making payments to Philip Carey (formerly Canadian Mine).

It can be confusing. Luckily, the trust has an easy to use claims management tool and an interactive website. The site also has an entire page dedicated to claims deficiencies.

Christy Refractories asbestos commercial Trust

Originally, Christy Refractories' insurance pool totaled $45 million. The company filed for bankruptcy in 2010, however. The reason for the filing was to resolve asbestos lawsuits. Christy Refractories' insurers have been settling asbestos claims for approximately $1 million per month since.

Since the 1980s asbestos trust funds have paid out more than 20 billion dollars. These funds can be used to pay for lost income and therapy costs. The Western MacArthur Trust and the M.H. Detrick Asbestos Trust and Thorpe Insulation Settlement Trust are among these funds. Porter Asbestos Trust.

Products from the Thorpe Company included insulation and refractory materials. Asbestos was also used in their products. The company filed for Chapter 11 bankruptcy in 2002 however it was revived in the year 2006. It has handled more than 4,500 claims.

The Western MacArthur Trust has paid out more than $1.1 billion in claims. Pneumo Corporation, Abex Corporation and Synkoloid all used asbestos in their products. The United States Gypsum Company used asbestos in its products.

The Utex Industries, Inc. Successor Trust has paid over 22,000 asbestos claims. It also supplied sealing materials to the oil extraction industry.

The Prudential Lines Trust was subject to hundreds of lawsuits, massive tort actions, and a twenty year period for the disbursement of funds.

The Western MacArthur Asbestos Settlement Trust paid out more than $500 million in claims. It also manages Yarway claims.

The Thorpe Insulation Settlement Trust covers the Pacific Insulation Company and the Thorpe Insulation Company.

Federal Mogul's Asbestos PI Trust

Federal Mogul's Asbestos Personal Injury Trust was originally created in 2007. It is a trust that helps victims of asbestos exposure. The Federal Mogul Asbestos PI Trust is a trust in bankruptcy that provides financial compensation to victims of diseases that were caused by asbestos exposure.

The initial assets of 400 million dollars were used to establish the trust in Pennsylvania. It paid millions to claimants when it was established.

The trust is located in Southfield, MI. It is comprised of three separate money coffers. Each is used to handle the processing of claims against entities that make asbestos-related products for Federal-Mogul.

The main purpose of the trust is to provide financial compensation for asbestos-related ailments in the 2,000 or so occupations that employ asbestos. The trust has paid out more than $1 billion in claims.

The US Bankruptcy Court figured that pleural asbestos liabilities' net value was approximately $9 billion. It was also decided that creditors should maximize the value of assets.

The Asbestos PI Trust was created in 2007. Elihu Inselbuch, a partner in the firm Caplin & Drysdale, served as the Trust attorney.

To handle claims, the trust established Trust Distribution Procedures (or TDPs). These TDPs are designed to ensure that all claimants are treated equally. They are based upon historical data for claims that are substantially similar in the US tort system.

Asbestos companies are protected against mesothelioma lawsuits through reorganization

Every year, thousands of asbestos commercial lawsuits are settled thanks to the bankruptcy courts. Large corporations are now using new methods to gain access to the legal system. Reorganization is one such strategy. This allows the business's operations to continue and gives relief to unpaid creditors. Moreover, it may be possible for the company to be protected from lawsuits brought by individuals.

For instance, a trust fund may be set up for asbestos-related victims as part of a reorganization. These funds can pay out in the form of gifts, cash or other forms of payment. The reorganization described above consists of a first funding quote and a plan that has been approved by the court. Once a reorganization has been approved and a trustee is designated. This could be an individual or a bank or an outside party. A successful reorganization will benefit everyone involved.

Alongside announcing a fresh strategy for bankruptcy courts, the restructuring reveals some powerful legal tools. It's not shocking that a number of companies have filed for chapter 11 bankruptcy protection. To ensure that they are protected asbestos-related companies had no other choice other than to file for chapter 7 bankruptcy. For example, Georgia-Pacific LLC filed for chapter 7 in 2009. The reason is easy. Georgia-Pacific requested an order of reorganization in order to defend itself against a spate of mesothelioma-related lawsuit. It also rolled all its assets into one. To alleviate its financial woes it has been selling off its most important assets.

FACT Act

In the present, there's an act in Congress that is referred to as the "Furthering Asbestos Claim Transparency Act" (FACT) that will alter the way asbestos trusts work. The legislation will make it more difficult to claim fraudulent claims against asbestos trusts and will grant defendants access to unlimited information in litigation.

The FACT Act requires that asbestos trusts publish a list of the claimants on a public court docket. They must also provide the names of the claimants, their exposure history, as well as the amount of compensation they paid to these claimants. These reports, which are made publicly available, would prevent fraud from happening.

The FACT Act would also require trusts to disclose other information, asbestosis (http://wiki.gewex.org/) such as payment details even if they were part of confidential settlements. The Environmental Working Group's report on FACT Act found that 19 House Judiciary Committee members voted for the bill. They also received campaign contributions from asbestos-related companies.

The FACT Act is a giveaway for large asbestos companies. It would also cause a delay in the process of compensation. Additionally, it raises serious privacy issues for victims. In addition the bill is a terribly complicated piece of legislation.

In addition to the information that is required to be made public, the FACT Act also prohibits the release of social security numbers, medical records and other data protected by bankruptcy laws. The act also makes it difficult to seek justice in the courtroom.

The FACT Act is a red herring, besides the obvious question about what compensation victims can receive. The Environmental Working Group examined the House Judiciary Committee's top accomplishments and discovered that 19 members were rewarded through corporate campaign contributions.