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Asbestos Companies and Bankruptcy

Attorney Robert Hatten

People often ask me, “Is the asbestos litigation over?  Are not all of those companies bankrupt?”  The answer to that question is, “No”.  The bankruptcy which affects corporations which applies to the companies that formerly made asbestos products but are now in bankruptcy is not the kind of bankruptcy that the public is used to thinking about.

Bankruptcy for corporations is simply a reorganization of the debts of that corporation.  It does not mean that the company does not have money to play claims.  It simply means that that company went to the Bankruptcy Court and filed a petition which said simply this:  “We cannot pay all of the people that we have hurt and killed from our asbestos products.  We need help so that we can pay those people and not have to lose all of our assets.”

In those circumstances, what the court has made them do is to set up a trust fund for all of the people that have been hurt or killed by their products.  These trust funds are funded with all of the cash of the company and all of the insurance of the company.  They are also funded by a majority of all of the stock of the company.  The court makes the corporation turn over the majority of their stock to the trust so that all of the future earnings of the company, which would otherwise go to the stockholders, now goes to a trust fund that is specifically set up to pay asbestos victims.

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