In the Owens Corning Chapter 11 bankruptcy case, a federal court has appointed a mediator to try to settle claims of property damage due to installation of products containing asbestos.
US Bankruptcy…
In the Owens Corning Chapter 11 bankruptcy case, a federal court has appointed a mediator to try to settle claims of property damage due to installation of products containing asbestos. US Bankruptcy Judge Judith Fitzgerald in Wilmington, Delaware, issued an order on 22 February 2005 appointing Lawrence Watson Jr. as mediator between Owens Corning and claimants. About 103 claims totaling USD 165 million remain from the 593 asbestos property damage claims totaling more than USD 738 million filed against Owens Corning, court papers said. Most of the claims came after a deadline was established in the bankruptcy case. Owens Corning has filed objections to some of those claims, saying they should be dismissed. When it sought approval of a mediator, Owens Corning suggested a case management schedule that would see Watson reporting on the progress of mediation by 28 February 2005 and testing completed by 15 April 2005 by claimants to ensure the alleged asbestos-containing products on their properties were actually made by Owens Corning. Owens Corning can pay Watson“s USD 500 hourly rate and reasonable fees and expenses, the order said. Creditors will have two weeks to object to the fee application once it is filed with the court. According to the order, Owens Corning and the committee representing property damage claimants can end the mediation at any time with the court“s approval.