Trust Percentage Changes / Reductions:
One reason why you should not hesitate to pursue and file your asbestos related claim now is because many asbestos manufacturing companies are going or have gone bankrupt and the percentage of the claim value that the trusts can pay are consistently being reduced.
H.K. Porter, effective October 25, 2012 was reduced from 6.3% to 4%
Plibrico, effective November 25, 2012, was reduced from 1.2% to 1%
The Babcock & Wilcox Company, during the last quarter of 2012, was reduced to 7.5%
Trust / Bankruptcy Updates:
Metex Manufacturing, formerly known as Kentile Floors, Inc. filed for Bankruptcy (for the second time) in 1992. Although a Metex Asbestos PI Trust Pre-Effective claims Review was set up in anticipation of a bankruptcy plan being approved, they are NOT accepting claims at this time even for pre-review or pre-approval. When they are finally ready to evaluate claims, the trust will likely be handled by MFR Claims Processing.
North American Refractories Company (NARCO) filed for bankruptcy in 2002. The company’s products include: hearths, inwalls and other blast furnace fittings; bottom checkers, domes and other black stove fittings; the MAGNECON, developed in 1928 for rotary kiln burning zones; Shotkast flue crowns; Emisshield™ coating; and the Nacrogun. The company reorganized and emerged from bankruptcy in 2008. With an estimated 6.23 billion dollars, it plans on establishing an asbestos trust in 2013
United Gilsonite (UGL) filed for bankruptcy in 2011. This company manufactured a product called Drylock, used for leak prevention and waterproofing as well Zar wood finish. Under a plan constructed in September of 2012, UGL will put aside 11.75 million dollars for an asbestos trust fund, plus an additional 8 million in the future. This plan will hopefully be approved in 2013.
W.R. Grace finally sees the light hopefully marking the completion of a nearly 12 year bankruptcy. The company entered into bankruptcy in 2001 and hopes to finalize a plan and exit bankruptcy by the end of 2013. The light, although dim, began to flicker hopefully in a statement issued in November 2012 addressing the final appeals and a plan that would govern a trust with $250 million and the rights to proceeds under the company’s asbestos-related insurance coverage, cash and stock arising from settlements with other third-party defendants, and deferred payments of $110 million per year for five years between 2019 and 2024 — backed by more than half of the reorganized company’s stock in the event of default.
Information regarding asbestos claims through bankruptcy trusts is constantly changing and not always easy to decipher. Values are difficult to calculate and publicized information can be misleading. Be sure that you have the right information and the right people representing you and your interests.
If you or a loved one has been diagnosed with mesothelioma or any asbestos related condition, we can help you. Preserve your legal rights before time runs out. Our experienced Florida asbestos attorneys at Reyes, O’Shea & Coloca, P.A are dedicated to the fight for the rights of these individuals stricken with mesothelioma and other asbestos related conditions, who were unknowingly exposed and put at risk. Each case is handled individually and given the attention and priority it deserves by our carefully trained legal team.