Political Quotes

“Mr. President companies faced with extensive asbestos or other mass tort liability have a limited range of alternatives. Some defendant companies choose to litigate claims individually. Other parties have sought resolution of their present and future liability through claim aggregation and mass settlements. Faced with liabilities in excess of assets, others are forced to file for bankruptcy. For companies forced to file bankruptcy any plan of reorganization must contain a mechanism to address equitably the debtor's liability to all creditors, including mass tort claims--both those whose injuries are manifest and those who, although already exposed, will not manifest any inquiry until sometime in the future. Without that mechanism, liquidation may be inevitable and little or nothing would be left to compensate future claimants. To ensure that all latent disease claimants are compensated equitably, bankruptcy courts have approved reorganization plans providing for the establishment of a trust charged with the resolution of both present and future claims and funded by the securities and future earnings of the reorganized debtor. To that end, courts have closed the door on any additional liability (over and above that prescribed by the plan) for the reorganized debtor for the claims covered by the trust.”