Pfizer Inc., the largest pharmaceutical company in the world, should have the bankruptcy of a unit of Quigley, which he protected against health problems associated with asbestos from 2004, distant, said lawyers in order to the trustee of the United States.
While the bankruptcy was pending, the creditors of the health problems arising from the operation of the asbestos could sue for Pfizer alleged based on New York and many have died, wrote of lawyers in order to the trustee of the United States, an arm of the Ministry of Justice, which oversees the bankruptcy. Hearing take the trustee of the United States, on request, is set for January 13, in accordance with judicial documents submitted 23 Dec.
"Damage in delaying the inevitable dismissal of this case is for people who have been made asbestos claims against the supplier, and Pfizer," lawyers for operating in the United States Trustee Tracy Hope Davis wrote in court documents. "For some of these individuals, the time may be of the essence."
Judge in September permission denied Quigley Company Inc. to exit bankruptcy in accordance with its fourth proposed plan for Chapter 11. United States bankruptcy judge Stuart m. Bernstein found pharmaceutical company, the largest in the world to manipulate the process of bankruptcy itself benefits. Bernstein, said the plan has been deposited in "bad faith" by Pfizer and cited evidence that asbestos claims directed at the Quigley may be including 4.45 billion USD in the following years, 42.
Pfizer Spokesperson Christopher Loder said the company is ready to contribute additional funds plan on Quigley correspond to the concerns of the Court and will discuss fair compensation for asbestos claims in the January 13 hearing.
"It's sure that within 30 years, the asbestos litigation Pfizer never found derivatively liability company Quigley," Loder said in a statement sent in e-mail messages.
701 Million dollars for
Pfizer reported in the third quarter in November 701 million dollars for asbestos litigation for Quigley. In the report submitted to the November 12 with the US Securities and Exchange Commission, Pfizer said it was the Declaration reference judgment Quigley "behavior of the right to solve certain legal problems, in the opinion of the Court."
Ad hoc Committee representing individual applicants 43,100 asbestos bankruptcy by Quigley asked also in October that the referee ends the place, as well as complete the injunction, which is Pfizer against lawsuits from 2004.
"Quigley and Pfizer enjoy extremely valuable reprieve from defence asbestos claims in the system allowed this all the time, and therefore in many junctures in this case, the insolvency proceedings have been content to languish," wrote the Lawyers Committee.
Working with Quigley
Pfizer, said in documents, the Court of appeal has been working with Quigley to plan, which took into account certain points in Bernstein's judgment. Pfizer challenged by a statement that the Pfizer Bernstein should put an amount of money to the trust, which is equal to the value of the alleged of present and future claims against drugmaker.
The Court of bankruptcy "wrongly by excluding the Pfizer with proof that Pfizer is not responsible for its conduct in the Quigley manufacture or sale of products containing asbestos," lawyers to Pfizer wrote.
Under the proposed plan of Chapter 11 of the Pfizer would have paid approximately 450 million dollars on the trust to satisfy claims regarding the products to which allegedly are derivative liability.
Future claims
The code of the bankruptcy or direct all future claims to the trust, including death and personal injury claims by Insulag, Panelag and Damit, Quigley in the steel industry, products containing asbestos, which have been made from during World War II to the 1970s.
Plan of housing applicants before taking further action against Pfizer. Pfizer was sued in 280,343 411,100 claims served before Quigley, Bernstein noted in its judgment.
Quigley, founded in 1916, made three products containing asbestos from 40 years to the 1970s. Has been purchased by Pfizer in 1968.
The case is in re Quigley co., 04-15739, the Court of bankruptcy of the United States, Southern District of New York (Manhattan).
Contact in terms of the criterion of the rapporteur in this thread: Tiffany Penalties in New York City bankruptcy tkary@bloomberg.net Court.
Contact the editor responsible for this story: David e. drovella@bloomberg.net Rovella on.
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