March 24, 2021
Following years of litigation in both state and bankruptcy court on behalf of an insolvent boilermaker, we secured over $20 million in settlements from insurers to fund a liquidating trust that is expected to pay out its assets to asbestos claimants over approximately 4 years. A variety of factors made the more common §524(g) plan structure unattractive or unavailable in this case, including the lack of any ongoing business operations that could generate additional value for claimants over time. In addition, the plan utilized an extensive individual claim review and mediation process to liquidate claims rather than a claims valuation matrix.