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Mealey's Bankruptcy - Oakfabco Backs Asbestos Claimants' Pursuit Of Fraud Claims Against Insurer

CHICAGO - Chapter 11 debtor Oakfabco Inc. gave the go-ahead Dec. 20 to asbestos claimants to pursue a nine-count fraudulent inducement complaint against Oakfabco insurers and a claims management company alleging that they knew that additional coverage was available for asbestos claims when the insurers...

Mealey's Bankruptcy - Vice Chancellor Sends Insurers' Audit Dispute With Asbestos Trust To Trial

WILMINGTON, Del. - Insurers' rights to audit the T H Agriculture & Nutrition LLC (THAN) asbestos trust for evidence fraud must be decided at trial because the insurers and the trust put forth reasonable definitions of what those audit rights are, defeating summary judgment or dismissal, a Delaware...

Mealey's Bankruptcy - Divided 1st Circuit Limits Trademark Licensee To Prepetition Damages

BOSTON - In what it deemed a case of first impression, a divided First Circuit U.S. Court of Appeals on Jan. 12 found that a trademark licensee retains only the right to seek prepetition damages following a Chapter 11 debtor-in-possession's rejection of the underlying license agreement (Mission Product...

Mealey's Bankruptcy - Bestwall's Removal Period Request Trimmed By Bankruptcy Judge

CHARLOTTE, N.C. - Chapter 11 debtor Bestwall LLC on Jan. 23 received an extension from a North Carolina federal bankruptcy judge on the time it has to remove any lawsuit filed against the company to a district court, though the judge gave the debtor half the time it asked for (In re Bestwall LLC, No...

Mealey's Bankruptcy - Man's Claims Against Johns-Manville Broker Barred, Court Rules Again

NEW YORK - An asbestosis sufferer "received due process in every possible respect" as a future claimant in the long-running Chapter 11 case of Johns-Manville Corp., so he cannot pursue in personam claims against the company's insurance broker, a New York federal bankruptcy judge held Jan...

Mealey's Bankruptcy - Bankruptcy Judge Abstains From Hearing Injunction Bid For Environmental Claims

NEWARK, N.J. - A New Jersey federal bankruptcy judge on Jan. 26 abstained from deciding a request by former Chapter 11 debtor G-I Holdings Inc. to enforce its reorganization plan injunction to bar indemnification claims for cleanup of a polluted industrial site, saying a state court is "fully capable...

Mealey's Bankruptcy - Bestwall Nominates Sander Esserman As Future Claimants' Representative

CHARLOTTE, N.C. - Chapter 11 debtor Bestwall LLC asked a North Carolina federal bankruptcy court on Feb. 1 to appoint Dallas attorney Sander L. Esserman to represent future asbestos personal injury claimants in the case (In re Bestwall LLC, No. 17-31795, W.D. N.C. Bkcy.).

Mealey's Bankruptcy - Bankrupt Reinsurance, Insurance Provider Hit With Suit By Former Employees

WILMINGTON, Del. - Former employees of a bankrupt insurance and reinsurance services company filed a putative class action complaint on Feb. 1 in the Delaware bankruptcy court, alleging that they were laid off without proper notice under the Workers' Adjustment and Retraining Notice Act (WARN Act...

Mealey's Bankruptcy - $750,000 For Claim In Insurer's Liquidation Is Best Deal, Bestwall Says

CHARLOTTE, N.C. - Chapter 11 debtor Bestwall LLC is willing to take $750,000 in cash now from a purchaser of a defunct insurer's asbestos policy rather than wait for years to see if it can collect the policy's remaining $3.75 million from the insurer's liquidation proceedings, Bestwall says...

Mealey's Bankruptcy - Rapid-American Denied Protective Order For Insurers' Subpoenas

NEW YORK - Chapter 11 debtor Rapid-American Corp. and asbestos claimants in its bankruptcy case do not have standing to challenge subpoenas served by insurers to asbestos claims-processing facilities seeking evidence of fraud in the asbestos trust system, and besides, the information sought is relevant...

Mealey's Bankruptcy - Insurer Asks For Relief From Kaiser Gypsum's Stay To Seek Settlement Reimbursement

CHARLOTTE, N.C. - An insurer of Chapter 11 debtor Hanson Permanente Cement Inc. sought relief from the automatic bankruptcy stay on Feb. 13 in North Carolina federal bankruptcy court so it can pursue $2.8 million in reimbursements from other insurers for settlement payments made to asbestos personal...

Mealey's Bankruptcy - Kaiser Gypsum Debtors Agree To Claim Amount In Insolvent Insurers' Run-Off

CHARLOTTE, N.C. - A North Carolina federal bankruptcy judge on Feb. 17 approved in a minute order a settlement between Chapter 11 debtors Kaiser Gypsum Co. Inc. and Hanson Permanente Cement Inc. and the joint scheme administrator for two insolvent British insurers, setting claim values for the debtors...

Mealey's Bankruptcy - Insurer's Liquidator Has No Interest To Land, New York Bankruptcy Judge Says

WHITE PLAINS, N.Y. - Reversionary interests in land parcels are property of a reorganized debtor, and an insurer's liquidator is precluded from interfering with those interests, a New York federal bankruptcy judge ruled Feb. 15, ordering transfer of title to the reorganized debtor (In re: Frontier...

Mealey's Bankruptcy - Mississippi Top Court Allows Asbestos Trust Setoffs From FELA Verdict

JACKSON, Miss. - Nothing in the state's precedent or the Federal Employers' Liability Act (FELA) precludes setting off an asbestos verdict with amounts recovered from asbestos trusts, a divided Mississippi Supreme Court held Feb. 15 (Illinois Central Railroad Co. v. Bennie Oakes, et al., No....

Mealey's Bankruptcy - Insurers Who Had Settlement Rejected Oppose Oakfabco's Disclosure Statement

CHICAGO - Chapter 11 debtor Oakfabco Inc. on Feb. 21 modified its plan of liquidation and disclosure statement to answer questions by three insurers whose $9.78 million settlement offer was rejected by the debtor and who filed the only objection to the disclosure statement in the Illinois federal bankruptcy...

Mealey's Bankruptcy - Geo. V. Hamilton's Plan Draws Only Minor Objections From 2 Insurers

PITTSBURGH - Two insurers of Chapter 11 debtor Geo. V. Hamilton Inc. are the only parties to object to the company's plan of reorganization, and the objections are more like "caveats" that should be resolved in time for the plan confirmation hearing, the insurers said Feb. 20 in an objection...

Mealey's Bankruptcy - Another Suit Filed Over Liability Of W.R. Grace Insurers For Their Own Actions

WILMINGTON, Del. - Two more people suffering from asbestos disease joined the fray over whether an insurer can be held liable for asbestos claims arising from the mining operations of former Chapter 11 debtor W.R. Grace & Co. in Libby, Mont., with the claimants filing an adversary complaint April...

Mealey's Bankruptcy - Bestwall Granted More Time To Remove Prepetition Lawsuits

CHARLOTTE, N.C. - A North Carolina federal bankruptcy judge on May 8 gave Chapter 11 debtor Bestwall LLC four more months to remove any lawsuit filed against the company to a district court (In re Bestwall LLC, No. 17-31795, W.D. N.C. Bkcy.).

Mealey's Bankruptcy - Attorneys' Compensation Halted For Lack Of Progress In Oakfabco's Case

CHICAGO - Attorneys representing Chapter 11 debtor Oakfabco Inc. and counsel for the debtor's asbestos claimants will not get paid until progress is made in the nearly three-year-old case, an Illinois federal bankruptcy judge ruled May 17 (In re: Oakfabco, Inc., No. 15-27062, N.D. Ill. Bkcy.).

Mealey's Bankruptcy - Claimants Seek To Have Future Asbestos Claims Against Debtors Reinstated

WILMINGTON, Del. - The due process violations suffered by future asbestos claimants from the reorganization plan of Chapter 11 debtor Energy Future Holdings Corp. (EFH) are so egregious that the plan's treatment of the claimants demands reversal, eight such claimants told a Delaware federal court...

Mealey's Bankruptcy - Kaiser Gypsum Directed To Assume Insurers' Asbestos Coverage Agreement

CHARLOTTE, N.C. - A North Carolina federal bankruptcy judge on May 29 ordered Chapter 11 debtor Kaiser Gypsum Co. to assume a settlement agreement among the debtor's insurers for payment of asbestos claims, saying the assumption is conditioned on approval of Kaiser's plan to send stayed asbestos...

Mealey's Bankruptcy - 7th Circuit Says Jurisdiction Lacking For John Crane's RICO Claims Against Firms

CHICAGO - A Seventh Circuit U.S. Court of Appeals panel on June 4 agreed with a federal judge that fraud and racketeering suits filed by frequent asbestos defendant John Crane Inc. (JCI) against two law firms and their principals do not belong in Illinois federal court just because JCI is located in...

Mealey's Bankruptcy - Representation, Standing Debated In Bid To Hold Johns-Manville Broker Liable

NEW YORK - The future claimants' representative (FCR) in the landmark bankruptcy case of Johns-Manville Corp. did not represent an asbestos claimants' in personam claims against the company's insurance broker, so the broker can be held independently liable for asbestos personal injury claims...