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Mealey's Bankruptcy - Bankruptcy Judge To Set Bar Date For Asbestos Claims Against Energy Company

WILMINGTON, Del. - A bar date for prepetition claims, including future claims by unknown persons who have yet to manifest any sign of illness from exposure to asbestos, must be established in the Chapter 11 case of Energy Future Holdings Corp. (EFH) but may be extended later for cause shown, a Delaware...

Mealey's Bankruptcy - Garlock Parent Says Deal Reached With Asbestos Representative On $357M Plan

CHARLOTTE, N.C. - Chapter 11 debtor Garlock Sealing Technologies LLC's reorganization will include $357.5 million in funding to resolve current and future asbestos personal injury claims under an agreement reached with the court-appointed representative of future asbestos claimants, according to...

Mealey's Bankruptcy - Law Firms Deny Garlock's Allegations Of Fraud, Conspiracy, RICO Violations

CHARLOTTE, N.C. - Several asbestos plaintiffs' law firms and attorneys deny allegations by Chapter 11 debtor Garlock Sealing Technologies LLC that they schemed to defraud Garlock in tort system cases and say that complaints filed against them by Garlock should be dismissed because Garlock knew of...

Mealey's Bankruptcy - Texas Congressman Reintroduces Asbestos Trust Disclosure Bill

WASHINGTON, D.C. - U.S. Rep. Blake Farenthold, R-Texas, on Jan. 26 reintroduced a bill that would amend the U.S. Bankruptcy Code to require asbestos trusts to submit quarterly reports containing detailed information on claims made to the trusts.

Mealey's Bankruptcy - Asbestos Agreements Between Budd, Insurers Are Confidential, Judge Rules

CHICAGO - An Illinois federal bankruptcy judge on Jan. 27 issued an agreed-to protective order designating as confidential nine agreements between Chapter 11 debtor The Budd Co. Inc. and insurance companies involving the settlement or defense of asbestos personal injury claims and documents related to...

Mealey's Bankruptcy - House Subcommittee Hears Conflicting Testimony On Asbestos Trust Bill

WASHINGTON, D.C. - Fraudulent concealment of exposure evidence by asbestos personal injury attorneys "is far closer to the norm that the exception," a law professor said at a U.S. House subcommittee hearing Feb. 4 on the Furthering Asbestos Claim Transparency (FACT) Act, while one asbestos...

Mealey's Bankruptcy - 3rd Circuit Halts Lawyer's Action Against Trusts Pending Motion To Dismiss

PHILADELPHIA - The Third Circuit U.S. Court of Appeals on Feb. 23 stayed an appeal by an attorney seeking to force six asbestos trusts to resume processing his claims until the court decides whether to dismiss the appeal at the request of the trusts for lack of jurisdiction (Michael J. Mandelbrot, et...

Mealey's Bankruptcy - Judge Refuses To Transfer Garlock's Fraud, RICO Actions Against Law Firms

CHARLOTTE, N.C. - The most efficient forum for Chapter 11 debtor Garlock Sealing Technologies LLC's four adversary complaints accusing several asbestos plaintiff law firms of fraud is in North Carolina, where Garlock's bankruptcy case is pending, a federal judge in that state ruled March 9 in...

Mealey's Bankruptcy - With Insurance Suit Planned, Law Firm's Duties Expanded In Rapid-American Case

NEW YORK - A New York federal bankruptcy judge on March 16 expanded the services of the special insurance counsel for asbestos personal injury creditors in the Chapter 11 case of Rapid-American Corp. to include insurance coverage litigation expected to be filed against the debtor's remaining excess...

Mealey's Bankruptcy - Pittsburgh Corning's Plan Of Reorganization 'Fatally Flawed,' Insurers Argue

PHILADELPHIA - The Third Circuit U.S. Court of Appeals should reverse approval of Pittsburgh Corning Corp.'s (PCC) plan of reorganization because it improperly relieves PCC's corporate parents and hundreds of affiliates of asbestos liability while establishing a trust controlled by plaintiffs'...

Mealey's Bankruptcy - Bankruptcy Judge Confirms Yarway's $325 Million Chapter 11 Plan

WILMINGTON, Del. - A Delaware federal bankruptcy judge on April 8 confirmed a reorganization plan for Chapter 11 debtor Yarway Corp. that establishes a $325 million trust to process and pay thousands of asbestos injury and wrongful death claims (In re: Yarway Corporation, No. 13-11025, D. Del. Bkcy....

Mealey's Bankruptcy - Bankruptcy Judge Approves Garlock's Disclosure Statement

CHARLOTTE, N.C. - A North Carolina federal bankruptcy judge on April 10 approved the disclosure statement for Chapter 11 debtor Garlock Sealing Technologies LLC's plan of reorganization, established a bar date for asbestos personal injury claims against Garlock, allowed the future claimants'...

Mealey's Bankruptcy - Garlock's Review Procedures For Settled Asbestos Claims Not Needed, Committee Says

CHARLOTTE, N.C. - Garlock Sealing Technologies LLC's proposed procedures for objecting to and disallowing claims of 2,333 people seeking payment for asbestos-related injuries under prepetition settlements with Garlock should be rejected because the procedures are one-sided, unreasonable and unnecessary...

Mealey's Bankruptcy - Allowed Asbestos Claims To Be Paid In Energy Future's Reorganization Proposal

WILMINGTON, Del. - Holders of allowed asbestos personal injury claims against Chapter 11 debtor Energy Future Holdings Corp. (EFH) will be paid in full for their claims, according to a plan of reorganization and disclosure statement filed by the energy company April 14 in Delaware federal bankruptcy...

Mealey's Bankruptcy - Creditors Hire Expert For Energy Future's Asbestos Claim Notice Procedures

WILMINGTON, Del. - A Delaware federal bankruptcy judge on April 14 authorized a creditors' committee in the Chapter 11 case of Energy Future Holdings Corp. (EFH) to hire an asbestos noticing expert to evaluate the debtor's proposed procedures for notifying asbestos personal injury claimants of...

Mealey's Bankruptcy - Flintkote Reaches $1.7 Million Settlement With Travelers For Coverage Disputes

WILMINGTON, Del. - Chapter 11 debtor The Flintkote Co. on May 4 sought approval in Delaware federal bankruptcy court of a $1.7 million settlement of insurance coverage disputes with Travelers Casualty and Surety Co., the 20th settlement the debtor has reached with insurers in its decade-long bankruptcy...

Mealey's Bankruptcy - Texas House Approves Asbestos Trust Disclosure Bill

AUSTIN, Texas - The Texas House of Representatives on May 11 voted 126-11 to approve a bill that would require asbestos and silica personal injury claimants suing to recover damages for their diseases to file all claims they have with asbestos and silica bankruptcy trusts before a trial is held.

Mealey's Bankruptcy - House Subcommittee Passes Asbestos Trust Disclosure Bill

WASHINGTON, D.C. - The U.S. House Judiciary Committee on May 14 approved H.R. 526, the Furthering Asbestos Claim Transparency Act of 2015 (FACT Act), by a vote of 19-9.

Mealey's Bankruptcy - Texas Asbestos Trust Disclosure Bill Heads To Governor For Signing

AUSTIN, Texas - The Texas Senate on May 22 overwhelmingly adopted a bill that would force asbestos and silica personal injury claimants to file any claims they have with bankruptcy trusts before a trial could proceed on their tort system claims.

Mealey's Bankruptcy - Bankruptcy Court Closes United Gilsonite Laboratories' Chapter 11 Case

WILKES-BARRE, Pa. - United Gilsonite Laboratories (UGL), the maker of home improvement products Drylock sealant and ZAR wood finish, emerged from Chapter 11 protection on May 28 with the issuance by a Pennsylvania federal bankruptcy judge of a final decree, closing a case filed four years ago to protect...

Mealey's Bankruptcy - Insurers Lack Standing To Oppose Pittsburgh Corning's Reorganization, Debtor Says

PHILADELPHIA - Two insurance companies trying to overturn confirmation of Pittsburgh Corning Corp.'s (PCC) Chapter 11 plan of reorganization do not have standing to object to the plan and present objections that lack merit, so the confirmation ruling should be affirmed, PCC, its corporate shareholders...

Mealey's Bankruptcy - Claimants, Trust Say Garlock's Bid For Information Goes Too Far

CHARLOTTE, N.C. - Discovery proposed by Chapter 11 debtor Garlock Sealing Technologies LLC seeking information from the Manville Personal Injury Settlement Trust on the more than 90,000 asbestos claimants in Garlock's bankruptcy case "is patently excessive and should not be permitted,"...

Mealey's Bankruptcy - Supreme Court: Bankruptcy Lawyers Not Entitled To Fees For Defending Fee Requests

WASHINGTON, D.C. - The U.S. Bankruptcy Code does not allow bankruptcy courts to award fees to attorneys for successfully defending their fee applications, the U.S. Supreme Court held June 15 in a 6-3 decision, affirming a Fifth Circuit U.S. Court of Appeals ruling denying a $5 million fee award to attorneys...

Mealey's Bankruptcy - Texas Governor Signs Asbestos Trust Disclosure Bill

AUSTIN, Texas - Texas Gov. Greg Abbott on June 16 signed a bill that will force asbestos and silica personal injury claimants to file any claims they have with bankruptcy trusts before a trial could proceed on their tort system claims, according to a report by the Texas Legislature.

Mealey's Bankruptcy - Energy Future Holdings Refuses To Give Asbestos Data To Law Firms

WILMINGTON, Del. - Chapter 11 debtor Energy Future Holdings Corp. (EFH) on June 26 denied a request by nine law firms representing tens of thousands of asbestos claimants to provide information on EFH and affiliates about their asbestos use and products and to delay a hearing on setting an asbestos claims...