Should Asbestos Bankruptcies Contribute to Mesothelioma Medical Research?

Please Speak Up!

Update: Note that since posting this survey on September 3, 2004another major asbestos defendant, Pfizer, Inc, the parent of Quigley Company (which made asbestos cements), filed for Chapter 11 reorganization. Pfizer will be protected from future liability and will pay $405 million into a settlement trust, along with $100 milllion in insurance coverage. Again, no provisions have been made, or even discussed, about the merits of investing a fraction of this victims fund into medical research. Unfortunately, the adage: "A pound of prevention is worth a pound of cure" has yet to resonate in the asbestos manufacturer-insurance-lawyer establishment.
- RGW September 3, 2004


Results Posted BELOW as of March 14, 2006

generally need the approval of a majority of the asbestos claimants. MARF advocates two things: (1) Congress needs to immediately amend Section 524g of the Bankruptcy Code to expressly authorize the trustees to set aside a reasonable percentage of the trust for asbestos disease medical research, and (2) until such congressional action is taken, trustees for present and future asbestos claimants should immediately exercise their implied powers to protect the rights of asbestos victims by setting aside a reasonable percentage of the trust for asbestos disease medical research.

Because a trustee may be reluctant to "chart new waters," we are conducting this poll among asbestos disease claimants (the beneficiaries of the trusts) to learn your preference on whether money should be set aside for medical research. Theoretically, the settlement trusts belong to those sickened by asbestos. Common sense dictates that a trustee for future claimants would applaud efforts by past and present disease trustees to dedicate a slice of the debtor's trust to a fund designed to either prevent future claimants or extend the latters' lives.

Please take a moment to answer the following questions. This survey is for patients with asbestos disease and members of their family.

1. Disease status

I have:
A relative of mine has:
Mesothelioma
Lung Cancer
Asbestosis
Other
Mesothelioma
Lung Cancer
Asbestosis
Other

2. I would like a percentage of all bankruptcy settlement trusts to allocate a percentage of the trust to a fund to be used for basic and applied medical research on asbestos cancer detection, prevention and treatment.**
Yes No Don't Know
Comments

As of March 14, 2006

85% - YES 9% - NO 6% - Undecided

3. If you answered "yes" to Question No. 2 above, please state the percentage of the trust fund you want to be allocated to asbestos cancer medical research: %

As of March 14, 2006

18% wanted between .05% and 9.9%
56% wanted between 10% and 29.9%
26% wanted between 30% and 100%

4. Would you be willing to allocate a percentage of the future gross settlements collected in your lawsuit to a trust fund managed by the National Institutes of Health to be used to fund medical research on the prevention, detection, treatment and cure of mesothelioma?
Yes No Don't Know
Comments

As of March 14, 2006

71%- YES 14% - NO 15% - Undecided

5. If you answered Question No. 4 with a "yes", how much would you be willing to set aside: %

As of March 14, 2006

24% wanted between .05% and 9.9%
62% wanted between 10% and 29.9%
14% wanted between 30% and 100%

6. Do you think your legal counsel should donate a portion of their fee from all future settlements collected to a trust fund managed by the National Institutes of Health to be used to fund medical research on the prevention, detection, treatment and cure of mesothelioma?
Yes No Don't Know
Comments

As of March 14, 2006

77% - YES 14% - NO 9% - Undecided

7. If you answered Question No. 6 with a "yes", how much do you think your lawyers should donate %

As of March 14, 2006

24% wanted between .05% and 9.9%
59% wanted between 10% and 29.9%
17% wanted between 30% and 100%

8. Would you agree to donate a percentage of your future settlements if your lawyers also agreed to match the same percentage donation from their legal fee?
Yes No Don't Know
Comments

As of March 14, 2006

79% - YES 12% - NO 9% - Undecided

9. Do you think the asbestos companies should have to pay a surcharge or tax on any settlement or judgment they disburse to an asbestos claimant, the revenues from which will be deposited into a trust fund managed by the National Institutes of Health to be used to fund medical research on the prevention, detection, treatment and cure of mesothelioma?
Yes No Don't Know
Comments

As of March 14, 2006

79% - YES 11% - NO 10% - Undecided

If you answered "yes" to the question, what percentage of any settlement should the defendant in an asbestos injury or wrongful death lawsuit be forced to pay? %

As of March 14, 2006

16% wanted between .05% and 9.9%
58% wanted between 10% and 29.9%
26% wanted between 30% and 100%

10. Do you believe an asbestos defendant who settles with a claimant should pay a "cancer tax" on the amount of each settlement, the revenue from which will be deposited in a trust for the purpose of funding peer reviewed medical research on the detection, treatment and cure of mesothelioma? If so, what percentage of the settlement should the asbestos defendant pay into the medical research trust? %

As of March 14, 2006

17% wanted between .05% and 9.9%
66% wanted between 10% and 29.9%
17% wanted between 30% and 100%

* More than 30 companies are now in the process of creating asbestos settlement trusts. The combined value of the anticipated asbestos trusts from the 12 debtors below is estimated to be between $11 and $21 billion. Because of certain liability-saving advantages of chapter 11 reorganization, several other current asbestos defendants have hinted that they may also see reorganization of their asbestos debts in the bankruptcy courts. Chapter 11 reorganizations for asbestos debtors generally take 5 to 6 years.

Armstrong World Industries
Babcock & Wilcox
Owens Corning Fiberglas
Fibreboard Corporation
W.R. Grace & CO.
Kaiser Aluminum
Federal Mogul
United States Gypsum
Pittsburg Corning Corp./Pittsburg Plate and Glass
North American Refractory Co/Honeywell
Halliburton/Dresser Industries/Harbison Walker Refractories Co.
A.P. Green

** The medical trust will be administered by an "asbestos medical czar" selected by the Director of the National Institutes of Health after collaborating with the Center for Disease Control, National Heart Lung and Blood Institute, the National Cancer Institute, the Department of Defense, and the Department of Veterans Affairs. Targeted research grants will be awarded after peer-review by a committee of doctors and scientists from the aforementioned Institutes/Agencies and by patient advocates selected by the director of the NIH .

Thank you.

RGW

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*** POSTED AUGUST 25, 2004 ****