Another day, and another company makes strategic use of chapter 11 to cleanse itself of tort claims, with these claims arising from asbestos litigation. Today’s company ? Circor’s Leslie Controls, a past maker of pumps used on Navy ships. The WSJ article is here, and the company’s press release is here. Unlike the last two filings, this one is a prepack.
Once upon a time, law professors taught law students that tort law was a subject controlled by the states under the genius of the dual federal/state system. One certainly hopes they’ve amended their lectures to review and explain the federal bankruptcy court takeover of a significant portion of tort claiming.
Comments