The Asbestos Story: The Asbestos Story - Asbestos Victims, Lawyers Blamed for Bankruptcies

Part 15: Asbestos Victims, Lawyers Blamed for Bankruptcies

The Asbestos Story: America's Greatest Industrial Tragedy
A Tale of Deceit, Design & Temerity
By Christopher M. Placitella
Cohen, Placitella & Roth, P.C.

Given Manville's success in shedding its Asbestos liabilities by filing Chapter 11 Bankruptcy, numerous other companies follow suit and do the same. Soon the new public relations tactic of the industry becomes blaming the Asbestos victims and their lawyers for the bankruptcies: Argue that the people making claims are not sick, and not deserving of compensation; tell the world that the reason for the Asbestos bankruptcies is not the decades of lies and half-truths; it is the victims who are at fault.

The cry of the now even more powerful public relations machine is that Congress should bail out the Asbestos industry and its insurers. Members of the same industry that took from the workers their right to pursue jury trials when workers compensation legislation was enacted nationally in the 1930's once again seek to take from the workers and their families the right to trial by jury. The companies argue to Congress that the American economy has been hurt, as the companies are not able to operate.

Yet, when we look at the statements made by the companies to their investors, a very different story is told. Halliburton, for example, once run by Vice President Cheney, boasts to its stockholders:

How will the filing affect day-to-day operations?

A: The only people affected on a day-to-day basis are the attorneys and our other employees who are dedicated solely to resolving this matter. All of our operations will will continue, plants and facilities will remain open and transactions which occur in the normal course of business will continue uninterrupted.

What impact will the filing have on employees?

A: We expect no impact on employees. There will be no employee layoffs resulting from the filing, and all salaries and benefits-including retirement benefits-will remain untouched and unchanged. We expect Halliburton, DII Industries and KBR to remain financially strong. The Chapter 11 petition is being filed for the sole purpose of facilitating a settlement of Halliburton's Asbestos and silica litigation claims. In other words, outside of the Asbestos and silica settlement, it will be business as usual.

Babcock & Wilcox Company, who also files for bankruptcy, tells its stockholders the same story.

B&W core business continues to be strong. B&W filed for protection under Chapter 11 because it offers the only viable legal process for determining and comprehensively resolving its Asbestos claims.

B&W's core operating business continues to be solvent, and strong business with a backlog totaling over one billion. There should be little impact on day-to-day operations. It's business as usual.

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