Asbestos Bankruptcy Update
There have been some recent developments in the world of asbestos bankruptcies that justify this brief note. After many many years of contentious litigation, the Congoleum Trust Fund, established in the reorganization of the Congoleum Corporation, has become effective. I was pleased to be one of five members of the Asbestos Creditors Committee counsel group in this case and have been appointed by the Court as one of three members of the Trust Advisory Committee. My colleagues have elected me Committee Chair, and I look forward to working with our sole Trustee, the Honorable Alfred M. Wolin, retired United States District Judge from the District of New Jersey, and R. Scott Williams, the court-appointed Future Claimants Representative. This Trust will be funded with approximately $300 million in assets, and we hope to get it up and running quickly so that claims can start to be paid shortly after the new year. (more…)
