June 08, 2023
March 25, 2021
Following years of litigation in both state and Chapter 11 bankruptcy court on behalf of an insolvent boilermaker, Gilbert LLP recently 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 four years.
A variety of factors made the more common §524(g) plan structure unattractive or unavailable in this matter (captioned In re Frasers Boiler Service, Inc.), 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.
Gilbert LLP is a Washington-based law firm specializing in litigation and strategic risk management, insurance recovery and complex dispute resolution.