Quoted from http://www.law.com/jsp/article.jsp?id=1202463755825
Approved Congoleum Bankruptcy Plan Puts All Asbestos Claims in Same Boat
Mary Pat Gallagher
New Jersey Law Journal
July 21, 2010
After nearly seven years and more than a dozen failed attempts, a reorganization plan allowing Congoleum Corporation to emerge from bankruptcy has finally met with a federal judge’s approval.
The Chapter 11 plan, approved June 7 and effective July 1, establishes a fund to pay an estimated 100,000 plus asbestos claimants. Congoleum’s insurers — whose refusal to cover the mounting volume of those claims triggered the bankruptcy — are to contribute $253 million, and the reorganized Congoleum has pledged 50.1 percent of its equity.
All asbestos claimants — even those who agreed to settle before the bankruptcy case was filed on Dec. 31, 2003 — are placed in the same class and their claims are to be processed through the plan trust and resolved in the same manner.
In an opinion issued Monday, U.S. District Judge Joel Pisano in Trenton said the single-class placement is consistent with In re Combustion Engineering, 391 F.3d 190 (3d Cir. 2005), which held that a pre-bankruptcy settlement with some asbestos claimants violated the Bankruptcy Code’s requirement of equality of distribution among creditors. That ruling changed the landscape for resolving mass claims in the bankruptcy context.
The approved Congoleum plan wiped clean a series of settlements with various groupings of claimants both before and during the bankruptcy case.
I would like to know is there a new update on the(Approved Congoleum Bankruptcy plan puts All
Asbestos Claims in Same Boat).Last information that i read onJULY 21,2010.What about JULY 2011?
Also when will Congoleum be paying the asbestos claimants?I am speaking inbehalf of my deceased
Husband which died from asbestos lund dieased.I been waiting a long time to here some Good NEWs.Hope to here from someone soon.Thank You
i have been waiting a long time [years ]for congoleum settlement. but they will not tell you anything they found me when it was time to vote for the settlement butnow can’there a wordi call they will not answer the phone.and when you do get some one they tell you to contact your laywer who are they now since the one you file with years ago has moved from his old and you do not have a new phone number.some time i woner are we still on the list or did they throw it away?
Hello Ms Dorothy Redmond my name is(Ruth Harris)I say that you post a comment about Congoleum Bankkruptcy settlement.I see that i am not the only one that has been waiting to here from then my self.I would like for you to Email me sometime.I would like to chat with you about Congoleum Bankruptcy.One of my Email is (hruth3@charter.net)or(hruth5940@yahoo.com).Hope to here from you soon.Be Blessed
well i thoutht we would have some money for christmas but i guess iam wrong but i bet the other people will have some money for christmas and all other holiday.that dont have to live every day from check to check and some time no check at all.they could pay some money are they wailting for people to die so the money goes back to the trust fund where it is now or in someone else account.dont forget God is watching you .
I too am on this lawsuit, I was just wondering if this company will be paying off. Mary