Bankruptcy Trust Transparency – The Next Generation of Asbestos Trust Claims Development
April 25, 2019
More than 5 years ago, Judge George R. Hodges entered an Order Estimating Aggregate Liability in the In re Garlock Sealing Technologies, LLC bankruptcy case that exposed the critical value of asbestos bankruptcy trust information in the asbestos tort system. Tort litigants and their insurance carriers took notice and used the Order as a springboard to educate courts and legislatures around the country on how complete exposure and bankruptcy trust payment information is key to accurately compensating asbestos victims in tort litigation.
To date 15 states have enacted legislation requiring production of asbestos bankruptcy trust claims information in the tort system. Courts around the country have addressed issues related to trust claims and found over and over that the information about what is available from the bankruptcy system on exposures and claims payments is invaluable to all parties and the court.
Gay Jones & Kuhn attorneys led the way in pioneering technology to assist parties to determine what bankruptcy trust information is available, what trust claims are available to plaintiffs, and how much those claims are worth. The bankruptcy trust claims reports that began following Garlock have evolved into reports utilized by lawyers around the country to develop alternative exposures, determine multi-disease claims availability, assess legislative application, and estimate available claim dollars.
Bankruptcy trust claims information is voluminous and constantly changing. The GJK bankruptcy trust system provides up-to-date access to that information and provides potential and verified trust claims data. The reports are based on compilations of public data which can be used in court, mediation, and ongoing case valuation for all parties. In addition to the development of exposure information and claims values estimates, our team can advise clients if trust transparency legislation is applicable, where additional trust information may be developed, and how different diseases may allow for multiple payments from bankruptcy trusts.
If you would like to request one of our bankruptcy trust reports or discuss alternative exposure development with our team, please email Sarah Beth Jones (sbjones@gayjoneslaw.com), Mary Margaret Gay (mmgay@gayjoneslaw.com), or Joanna Kuhn (jkuhn@gayjoneslaw.com).
ABOUT GJ&K: Gay Jones & Kuhn PLLC offers a broad spectrum of legal services for clients in Mississippi, Arkansas, and Alabama, including mass tort and personal injury defense, asbestos bankruptcy trust transparency, strategic counsel services, general counsel and small business services, special education counsel, and personal legal counsel and estate planning services. For more information about GJ&K, visit www.gayjoneslaw.com.