Bankruptcy

Recent Posts

Bankruptcy Judge: Plaintiffs, Lawyers Covered Up Evidence in Garlock Meso Cases
Posted on 14 Jan 2014 by Emerson Heffner

CHARLOTTE, N.C. — (Mealey’s) Chapter 11 debtor Garlock Sealing Technologies LLC’s total estimated liability for present and future mesothelioma claims is only $125 million, not $1.2 billion as asbestos personal injury claimants argued... Read More

Supreme Court Won’t Rule On Injunctive Relief Under Bankruptcy Code Section 524(g)
Posted on 21 Apr 2014 by Maureen McGuire

WASHINGTON, D.C. — (Mealey’s) The U.S. Supreme Court today denied a petition to resolve the question of whether a bankruptcy court’s order barring the assertion of contribution claims against settling insurers must be accompanied by... Read More

9th Circuit Vacates Asbestos Bankruptcy Reorganization; Says Trust Isn’t In Control
Posted on 29 Oct 2013 by Tom Moylan

SAN FRANCISCO — (Mealey’s) The Ninth Circuit U.S. Court of Appeals on Oct. 28 vacated the bankruptcy reorganization plan for a former asbestos insulator, finding that the plan failed to satisfy the requirements of Section 524(g) of the Bankruptcy... Read More

U.S. House Approves Asbestos Trust Disclosure Bill
Posted on 14 Nov 2013 by Bryan Redding

WASHINGTON, D.C. — (Mealey’s) Saying the measure will provide much needed transparency in the more than 60 asbestos-bankruptcy trusts and help prevent fraud, the U.S. House of Representatives on Nov. 13 passed House Resolution 982, the Furthering... Read More

Garlock Sues Law Firms, Alleging Fraud Over Asbestos Claims
Posted on 10 Jan 2014 by Emerson Heffner

CHARLOTTE, N.C. — (Mealey’s) Chapter 11 debtor Garlock Sealing Technologies LLC filed four adversary complaints yesterday in a North Carolina federal bankruptcy court against several law firms and attorneys, alleging conspiracy, fraud and... Read More

Pfizer Faces Asbestos Actions after Supreme Court Declines to Hear Case
Posted on 25 Jun 2013 by Emerson Heffner

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on June 24 denied a bid for certiorari by Pfizer Inc. of a ruling removing the protection for Pfizer of a bankruptcy injunction barring asbestos personal injury claims entered in the case of... Read More

Bankruptcy Judge Sets Specialty Products’ Asbestos Liability At $1.16 Billion
Posted on 21 May 2013 by Emerson Heffner

WILMINGTON, Del. -- (Mealey's) Former joint compound producer Bondex International Inc. and its related holding company Specialty Products Holding Corp. face an estimated $1.16 billion in pending and future asbestos personal injury claims, about... Read More

NYCAL Justice Ends Deferral of Punitive Damages, Keeps CMO Intact
Posted on 10 Apr 2014 by Bryan Redding

NEW YORK — (Mealey’s) Continued deferral of punitive damages in New York City Asbestos Litigation (NYCAL) unfairly prejudices plaintiffs, and fears of runaway verdicts bankrupting defendants appear overblown in light of the standard necessary... Read More