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Asbestos Bankruptcy Trusts

Companies who file for bankruptcy usually create asbestos trusts for bankruptcy. Trusts are created to pay personal injury claims made by asbestos exposure victims. At least 56 asbestos bankruptcy trusts have been created since the mid-1970s.

Armstrong World Industries Asbestos Trust

Armstrong World Industries was founded in the year 1860 in Pittsburgh. It is the largest wine cork maker in the world. It employs more than 3000 workers and operates 26 manufacturing facilities all over the world.

In the beginning, the company used asbestos in a variety of products such as tiles, dveriswd.com insulation and vinyl flooring. This meant that employees were exposed to the material, which can lead to serious health problems such as mesothelioma and lung cancer and asbestosis.

The company's asbestos-containing materials were widely used in the residential, commercial and military construction sectors. As a result of the exposure, thousands of Armstrong employees were affected by asbestos-related illnesses.

Although asbestos is a naturally occurring mineral, it is not suitable for human consumption. It is also called a fireproofing substance. Because of the dangers that come 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. The trust was able to pay out more than 200,000 claims during the first two years. The total amount of compensation was more than $2 billion.

Armor TPG Holdings, which is a private equity company is the owner of the trust. At the beginning of 2013 the company owned more than 25 percent of the fund.

According to the Asbestos Victims Compensation Trust the company was accountable for more that $1 billion in personal injury claims. The trust has more than $2 billion of reserves to pay out claims.

Celotex asbestos attorney (www.crazyhuntweb.Com) Trust

Celotex Corporation was a distributor and manufacturer of building materials. In the 1980s, Celotex Corporation was hit with a flood of lawsuits claiming asbestos-related damage. These claims, among other claims, demanded billions of dollars in damages.

Celotex filed for bankruptcy protection in 1990. To handle asbestos-related claims the Asbestos Settlement Trust was created in the reorganization plan of Celotex. The Trust filed an action in the United States District Court for the Middle District of Florida. Saiber L.L.C. represented the Trust.

The trust sought coverage under two policies of comprehensive excess general liability insurance. One policy offered five million dollars of insurance, while the other offered 6.6 million. Jim Walter Corporation was also asked to provide coverage. However, the trust did not find evidence that the trust was required to give information to insurers who are not covered.

The Celotex asbestos causes Trust filed proofs of bodily injury claims on December 31st 2004. The trust also filed a motion to overturn the special master's ruling.

Celotex had less than $7 million in primary coverage when it filedfor bankruptcy, but they believed that asbestos litigation in the future would impact its excess coverage. The company actually anticipated the need for multiple layers of excess insurance coverage. The bankruptcy court was unable to find any evidence to suggest that Celotex provided a reasonable notice to its excess insurers.

The Celotex Asbestos Settlement Trust is a complex process. In addition to settling claims for asbestos-related diseases, it also has the responsibility of paying claims against Philip Carey (formerly Canadian Mine).

The process can be difficult. The trust offers a user-friendly claim management tool, as well as an interactive website. There is also a page on the site that addresses the issues with claims.

Christy Refractories Asbestos Trust

At first, Christy Refractories' insurance pool was $45 million. In the beginning of 2010, the company filed for bankruptcy. The reason for the filing was to resolve asbestos lawsuits. Afterwards, Christy Refractories' insurance carriers have been paying asbestos-related claims around $1 million per month.

Over 20 billion dollars remitted from asbestos trust funds from the late 1980s onwards. These funds can be used to pay for lost income as well as therapy costs. Some of these funds include the Western MacArthur Trust, the M.H. Detrick asbestos diagnosis Trust, the Thorpe Insulation Settlement Trust, and the M.H. Porter Asbestos Trust.

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

The Western MacArthur Trust paid out more than $1.1 billion in claims. Pneumo Corporation, Abex Corporation and foodtechtimes.com Synkoloid all employed 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 provided sealing products to the oil industry.

The Prudential Lines Trust was subject to hundreds of lawsuits, mass tort actions, and a 20 year limitation on the distribution 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

It was originally proposed in 2007 Federal Mogul's Asbestos Personal Injury Trust was first filed in 2007. It's an trust designed to assist victims of asbestos exposure. The Federal Mogul Asbestos PI Trust is a trust in bankruptcy that provides financial compensation for ailments that resulted from asbestos exposure.

Initial assets of $400 million were used to create 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 coffers. Each one is devoted to the administration of claims against entities that make asbestos products for Federal-Mogul.

The trust's primary goal is to provide financial compensation for asbestos-related illnesses within the approximately 2,000 professions that use asbestos. The trust has paid out more than $1 billion in claims.

The US Bankruptcy Court estimated the asbestos liabilities' net value to be about $9 billion. It was also decided that creditors should maximize the value of their assets.

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

The trust has established Trust Distribution Procedures, or TDPs to deal with claims. These TDPs are designed to ensure that all claimants are treated equally. They are based on the historical precedents for substantially identical claims in the US tort system.

Asbestos businesses are protected from mesothelioma lawsuits through reorganization

Every year, thousands of asbestos lawsuits are settled by the bankruptcy courts. Large corporations are using new strategies to gain access to the legal system. One of these methods is restructuring. This allows the company's operations to continue and also provides relief to creditors who are not paid. It could also be possible to shield the business from lawsuits by individual creditors.

For instance the trust fund could be established for asbestos-related victims as part of a reorganization. The funds can be used to pay out either in cash or gifts or a combination of both. The above reorganization consists of a first funding quote, followed by an approved plan by the court. A trustee is appointed after an reorganization is approved. This could be an individual or a bank third party. In general, the most effective arrangement will cover all participants.

Apart from announcing a new strategy for bankruptcy courts, the restructuring offers some effective legal tools. Therefore, it's not surprising that a number of companies have filed for chapter 11 bankruptcy protection. Certain asbestos-related companies were forced to file chapter 7 bankruptcy in order to be safe. Georgia-Pacific LLC, for example had filed chapter 7 bankruptcy in 2009. The reason for this is quite simple. Georgia-Pacific requested an order of reorganization in order to protect itself against a rash mesothelioma lawsuit. It also rolled all its assets into one. To tackle its financial woes it has been selling off its most valuable assets.

FACT Act

The "Furthering Asbestos Claim Transparency Act" is currently in Congress. It will make it harder to file fraudulent claims against asbestos trusts. The legislation will make it harder to submit fraudulent claims against asbestos trusts and will give defendants unfettered access to information in litigation.

The FACT Act requires that asbestos trusts post a list of plaintiffs on a public docket of court. It also requires them to provide names of those who have been exposed, as well as the exposure history and compensation amounts that are paid to these claimants. These reports, which are publicly available, could prevent fraud from taking place.

The FACT Act would also require trusts to disclose other details, including payment information 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 in favor of the bill. They also received campaign contributions from asbestos-related interests.

The FACT Act is a giveaway to big asbestos companies. It could also lead to delays in the compensation process. It also creates privacy issues for victims. The bill is also a difficult piece of legislation.

The FACT Act prohibits publication of information in addition to the information that has to be published. It also prohibits release of social security numbers, medical records or other information protected by bankruptcy laws. It is also more difficult to obtain justice in courtrooms.

Apart from the obvious question of how a victim's compensation may be affected, the FACT Act is a red herring. The Environmental Working Group studied the House Judiciary Committee's greatest accomplishments and found that 19 members were awarded campaign contributions from corporations.