LexisNexis® Legal Newsroom
Mealey's Bankruptcy - John Crane Levels Its Own Fraud, RICO Claims Against Law Firms, Attorneys

CHARLOTTE, N.C. - Frequent asbestos personal injury defendant John Crane Inc. on Jan. 25 sought permission in North Carolina federal court to intervene in two fraud and racketeering cases filed by Chapter 11 debtor Garlock Sealing Technologies LLC against plaintiff law firms and attorneys in order to...

Mealey's Bankruptcy - Stay Lifted In Budd Co. Case To Allow Asbestos Actions To Proceed

CHICAGO - An Illinois federal bankruptcy judge on Feb. 11 modified the automatic stay in the Chapter 11 case of The Budd Co. Inc. so 123 asbestos claimants can pursue their claims against Budd in the tort system; however, the bankruptcy judge then stayed his order to allow Budd to file arguments regarding...

Mealey's Bankruptcy - Rapid-American, Insurers Prepare For Summary Judgment Battle

NEW YORK - Chapter 11 debtor Rapid-American Corp. and the three insurers that have not settled their coverage disputes with the debtor on Feb. 22 agreed to a briefing schedule and hearing date for Rapid-American's motions for summary judgment on the insurers' obligation to pay for asbestos personal...

Mealey's Bankruptcy - Union Retirees Say Budd's Disclosure Statement Should Not Be Approved

CHICAGO - A labor union representing 5,500 retirees and spouses, dependents and surviving spouses of retirees of Chapter 11 debtor The Budd Co. Inc. on Feb. 23 objected to the disclosure statement for Budd's plan of reorganization, saying it does not provide adequate information about several issues...

Mealey's Bankruptcy - Johns-Manville Trust Says Attorney Cannot Meet 'Beneficiary' Definition

NEW YORK - An asbestos personal injury attorney who says a bankruptcy trust breached its fiduciary duties to trust beneficiaries by halting him from filing further claims cannot show that his past claimants are actual trust beneficiaries because he has submitted unreliable evidence to other trusts, the...

Mealey's Bankruptcy - Due Process For Claimant On Insurer Allegations Still An Issue, Federal Judge Finds

NEW YORK - While a federal bankruptcy judge correctly found that an asbestosis victim's negligence and conspiracy claims against Johns-Manville Corp.'s longtime insurance broker are barred by the reorganization plan confirmation orders in the case, she erred in finding that the claimant received...

Mealey's Bankruptcy - Garlock Parent To Pay $500 Million To Resolve All Asbestos Claims

CHARLOTTE, N.C. - Manufacturing conglomerate EnPro Industries Inc., the ultimate parent of Chapter 11 debtor Garlock Sealing Technologies LLC, will pay nearly $500 million to settle all asbestos claims against Garlock, EnPro and Garlock direct parent Coltec Industries Inc. in a global settlement announced...

Mealey's Bankruptcy - Budd Co. Hikes Funding For Uninsured Asbestos Claims; Committee Says No FCR Needed

CHICAGO - With Chapter 11 debtor The Budd Co. Inc. agreeing to increase funding to pay uninsured asbestos claims in its latest proposed plan of reorganization by at least 1,400 percent, a representative for future claimants is not needed in the case, according to the Official Committee of Asbestos Personal...

Mealey's Bankruptcy - California Federal Judge: Insurers Must Pay Flintkote Trust For Asbestos Claims

SAN FRANCISCO - A California federal judge on April 4 awarded insurers partial summary judgment in a coverage dispute with Chapter 11 debtor The Flintkote Co., finding that the insurers are obligated under the policies at issue to pay Flintkote only for the amount Flintkote actually pays to asbestos...

Mealey's Bankruptcy - W.R. Grace Says Claim Over Damaged Timberland Filed 7 Years Too Late

WILMINGTON, Del. - A timber company's claim that its land was contaminated with asbestos from W.R. Grace & Co.'s mining operations near Libby, Mont., is discharged and enjoined by W.R. Grace's confirmed Chapter 11 reorganization plan because the claim was filed too late, even though the...

Mealey's Bankruptcy - Pittsburgh Corning's Plan Takes Effect; Trust Funding Expected Soon

PITTSBURGH - The reorganization plan of debtor Pittsburgh Corning Corp. (PCC), which includes a $3 billion trust to pay asbestos personal injury claims, became effective April 27, more than 16 years after the company filed for Chapter 11 protection in Pennsylvania federal bankruptcy court (In re: Pittsburgh...

Mealey's Bankruptcy - Bankruptcy Judge Nixes Energy Future's Request To Expedite Confirmation Plan

WILMINGTON, Del. - A Delaware federal bankruptcy judge on May 2 denied a request by Chapter 11 debtor Energy Future Holdings Corp. (EFH) to expedite consideration of dates and deadlines for confirmation of the company's revised plan of reorganization, which EFH was forced to file after its previously...

Mealey's Bankruptcy - Budd Statement OK'd; Asbestos Committee Says Plan Should Be Approved

CHICAGO - An Illinois federal bankruptcy judge on May 6 approved the disclosure statement for the reorganization plan of Chapter 11 debtor The Budd Co. Inc., finding that the debtor has provided sufficient information in the statement to allow holders of claims, including asbestos personal injury claims...

Mealey's Bankruptcy - 2nd Eagle Insurer Seeks Discovery On Debtor's Corporate Ownership

NEW ORLEANS - An insurance company on May 12 asked a Louisiana federal bankruptcy judge to order Chapter 11 debtor Eagle Inc. to share discovery documents produced in the case to other insurers and asbestos claimants; the request followed an order by the bankruptcy judge a week earlier granting in part...

Mealey's Bankruptcy - Asbestos Claimants Oppose Expedited Confirmation For Energy Future's Plan

WILMINGTON, Del. - Proposed expedited protocols for confirmation of the plan of reorganization for Chapter 11 debtor Energy Future Holdings Corp. (EFH) should be rejected because they violate the due process rights of asbestos personal injury claimants, the two asbestos claimants on the debtor's...

Mealey's Bankruptcy - Garlock Files New Plan; Disclosure Statement Hearing Scheduled

CHARLOTTE, N.C. - A North Carolina federal bankruptcy judge on May 23 said he will hold a hearing June 22 to consider approving the recently filed disclosure statement for the revamped plan of reorganization of Garlock Sealing Technologies LLC (GST) (In re: Garlock Sealing Technologies, LLC, et al.,...

Mealey's Bankruptcy - Rapid-American Insurers Win Summary Judgment Battle Over Limit Exhaustion

NEW YORK - Underlying insurance limits must be exhausted by actual payment before excess liability coverage attaches for three of four policies in dispute between Chapter 11 debtor Rapid-American Corp. and the three insurers that have not settled their coverage disputes with the company, a New York federal...

Mealey's Bankruptcy - Johns-Manville Fund Closed After Paying $76M To Asbestos Claimants

POUGHKEEPSIE, N.Y. - A fund established in the Chapter 11 case of Johns-Manville Corp. paid more than $76 million to 17,111 asbestos personal injury claimants before the fund was terminated in May, according to the fund's final report, filed June 10 in New York federal bankruptcy court (In re Johns...

Mealey's Bankruptcy - Bankruptcy Judge: Insurers Can Seek Contribution From Pittsburgh Corning Parent

PITTSBURGH - A Pennsylvania federal bankruptcy judge approved a stipulation June 14 allowing insurers to proceed with their claim against the parent company of Chapter 11 debtor Pittsburgh Corning Corp. (PCC) for contribution or indemnification in a Louisiana state court asbestos premises liability action...

Mealey's Bankruptcy - Asbestos Personal Injury Claimants Reject Budd's Plan Of Reorganization

CHICAGO - Asbestos claimants were the only class to reject the proposed Chapter 11 plan of reorganization for debtor The Budd Co. Inc., voting 958-696 against the plan, despite a recommendation to approve the plan by the official asbestos claimants' committee, according to a balloting report filed...

Mealey's Bankruptcy - Bankruptcy Judge Bars State Court Suit Against Johns-Manville Affiliate

NEW YORK - A New York federal bankruptcy judge on June 30 enjoined a woman's Louisiana state court asbestos personal injury lawsuit against a subsidiary of Johns-Manville Corp. after finding that the woman's claims are barred by decades-old injunctions in Johns-Manville's Chapter 11 case...

Mealey's Bankruptcy - Ford, Honeywell Seek To Mine Asbestos Claimant Data For Evidence Of Fraud

WILMINGTON, Del. - Ford Motor Co. on July 6 joined in two motions filed in Delaware federal bankruptcy court by Honeywell International Inc. seeking access to asbestos claimants' data in the Chapter 11 cases of W.R. Grace & Co. and The Flintkote Co. to review the information for evidence of fraud...

Mealey's Bankruptcy - Asbestos Claimants' Law Firm Approved In Eagle Case, But At Reduced Rates

NEW ORLEANS - A Louisiana federal bankruptcy judge on Aug. 1 allowed the asbestos claimants' committee in the Chapter 11 case of Eagle Inc. to replace its counsel with an out-of-state law firm but capped the firm's hourly fee amount after an Eagle insurer protested the requested change (In re...

Mealey's Bankruptcy - New York Housing Agency Seeks Rehearing On Claims Against G-I Holdings

NEW YORK - The New York City Housing Authority (NYCHA) on Aug. 1 asked a Third Circuit U.S. Court of Appeals panel to rehear its recent decision rejecting the authority's bid to force former Chapter 11 debtor G-I Holdings Inc. to remove asbestos-containing building materials from apartment buildings...

Mealey's Bankruptcy - Hearing Set On Honeywell's Bid For Asbestos Claimant Data In 9 Bankruptcies

WILMINGTON, Del. - A Delaware federal bankruptcy judge will hold a hearing in October on a request by Honeywell International Inc. for access to asbestos claimants' data in nine Chapter 11 cases, including W.R. Grace & Co.'s bankruptcy proceedings, and in the meantime will contact a retired...