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OCF’s record $5.1 billion dollar
asbestos personal injury trust fund has been approved. The Trust also
includes the assets of Fibreboard Corporation.
The follow is a breakdown of the agreement:
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The effective date of
the Trust Plan is October 30, 2006.
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Claims settled
administratively or by a jury verdict, but not paid prior to the
Chapter 11 Filing will be paid first. OCF filed for Chapter 11
protection on October 5, 2000.
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The Payment Percentage
from both OCF and Fibreboard, has been set at 65% for Category A claims,
those involving severe asbestosis and malignancies. “Combined”
means the total settlements from both OCF and Fibreboard.
The combined maximum value for mesothelioma is $1,100,000.00 @ 65% =
$715,000.00.
The combined average value for mesothelioma is $450,000.00 @ 65% =
$292,500.00.
The combined scheduled value for mesothelioma is $350,000.00 @ 65% =
$227,500.00.
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Owens-Corning Payment
Percentage has been set at 40% (see below). This means that the Trust
will only pay 40% of the determined settlement value. The maximum,
average and scheduled values above therefore will be adjusted downward.
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Fibreboard Payment
Percentage has been set at 25% (see below). This means that the Trust
will only pay 25% of the determined settlement value. The maximum,
average and scheduled values above therefore will be adjusted downward.
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Claimant must show
employment in an industry in which claimant was exposed for at least 5
years; must produce affidavit of exposure, must show exposure to OCF/Fibreboard
asbestos products prior to DECEMBER 31, 1982. (see below).
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Certain claimants may
qualify for EXIGENT HARDSHIP claims, if claimant can show extraordinary
financial or other hardship (eg., minor dependents, substantial lost
wage claim, crushing medical bills). (see criteria below).
BRIEF SUMMARIZATION
OWENS-CORNING/FIBREBOARD ASBESTOS PERSONAL
INJURY TRUST
·
PLAN SUMMARY:
1.
OWENS-CORNING SUB-ACCOUNT
| |
SCHEDULED
DISEASE |
|
SCHEDULED VALUE |
|
AVERAGE VALUE |
|
MAXIMUM VALUE |
| |
Mesothelioma (Level VIII) |
|
$
215,000 |
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$ 270,000 |
|
$ 650,000 |
| |
Lung Cancer I (Level VII) |
|
$
40,000 |
|
$
50,000 |
|
$ 150,000 |
| |
Lung Cancer II (Level VI) |
|
NONE |
|
$
20,000 |
|
$ 50,000 |
| |
Other Cancer (Level V) |
|
$
22,000 |
|
$
25,000 |
|
$ 60,000 |
| |
Severe Asbestosis (Level IV) |
|
$
42,000 |
|
$
50,000 |
|
$ 150,000 |
2.
FIBREBOARD SUB-ACCOUNT
|
. |
SCHEDULED
DISEASE |
|
SCHEDULED VALUE |
|
AVERAGE VALUE |
|
MAXIMUM VALUE |
| |
Mesothelioma (Level VIII) |
|
$ 135,000 |
|
$ 180,000 |
|
$ 450,000 |
| |
Lung Cancer I (Level VII) |
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$ 270,000 |
|
$ 35,000 |
|
$ 90,000 |
| |
Lung Cancer II (Level VI) |
|
NONE |
|
$ 12,000 |
|
$ 30,000 |
| |
Other Cancer (Level V) |
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$ 12,000 |
|
$ 15,000 |
|
$ 36,000 |
| |
Severe Asbestosis (Level IV) |
|
$ 29,000 |
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$ 30,000. |
|
$ 90,000 |
3.
PERCENTAGE PAYMENT:
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40% - |
|
Owens-Corning - Subject
to change to assure that the PI Trust will be in a position to
continue current and future claims. |
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25% - |
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Fibreboard - Subject to change to assure that the PI Trust
will be in a position to continue current and future claims.
|
4.
PAYMENT SEQUENCE
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A.
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FIFO – (first in first out)
has been established for each of the two PI TRUST Sub-Accounts.
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B. |
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Pre-Petition, will be paid first - binding settlement agreement, the
unpaid portion of the amount awarded by the jury verdict or non-final
judgment, or the unpaid portion of the final judgment, plus interest
and shall not include any punitive or exemplary damages; and will be
subject to the Maximum Annual Payment and Payment Percentages.
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C. |
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Claims that were not filed (i) against OC or Fibreboard in the tort
system or actually submitted to OC or Fibreboard pursuant to an
administrative settlement agreement prior to the Petition Date, or
(ii) against another asbestos defendant in the tort system prior to
the Plan Filing Date, shall not be processed until after the Initial
Claims Filing Date. |
5.
OWENS-CORNING SUB-ACCOUNT
and FIBREBOARD SUB-ACCOUNT MEDICAL CRITERIA
|
General – all diagnoses of a Disease
Level shall be accompanied by (i) statement from physician providing
the diagnosis that at least 10 years have elapsed between the date
of first exposure (ii) history of claimant’s exposure sufficient to
establish a 10 years latency period
|
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A.
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Disease Levels V – VIII – all diagnoses of asbestos-related
malignancy shall be base on (i) physical examination by the
physician providing the diagnosis; (ii) diagnosis of the malignant
disease by a board-certified pathologist.
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| |
|
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1. |
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Mesothelioma VIII – diagnosis of mesothelioma;
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2. |
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Lung
Cancer 1, VII – diagnosis of a primary lung cancer plus
underlying evidence Bilateral Asbestos-Related Nonmalignant
Disease;
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3. |
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Lung
Cancer 2, VI – diagnosis of a primary lung cancer and supporting
medical documentation establishing asbestos exposure as a
contributing factor in causing the lung cancer in question (Lung
Cancer 2 claims are those that do not meet the stringent medical
and exposure requirements of Lung Cancer 1 and Mesothelioma);
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4. |
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Other
Cancer V – diagnosis of a primary colorectal, laryngeal,
esophageal, pharyngeal, or stomach cancer, plus evidence of an
underlying Bilateral Asbestos-Related Nonmalignant Disease and
supporting medical documentation establishing asbestos exposure
as a contributing factor in causing the cancer in question.
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B. |
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Credibility of Medical Evidence – that being consistent with medical
standards to include submission of X-rays, CT scan, pulmonary
function tests, laboratory tests, tissue samples, results of medical
examination or reviews of other medical evidence. |
6.
OWENS-CORNING SUB-ACCOUNT
and FIBREBOARD SUB-ACCOUNT EXPOSURE CRITERIA:
| |
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A.
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General – to qualify for any
Disease Level, claimant must demonstrate a minimum exposure to an
asbestos-containing product manufactured or distributed by OC or
FIBREBOARD Claims based on conspiracy theories that involve no
exposure to an asbestos-containing product produced by OC or FIB are
not compensable.
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B. |
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Significant Occupational Exposure
– cumulative employment period of at least five (5) years with a
minimum two (2) years prior to December 31, 1982 in an industry in
which the claimant:
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| |
|
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1. |
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Handled raw
asbestos fibers on a regular basis;
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2. |
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Fabricated
asbestos-containing products so that the claimant would have had
contact with raw asbestos fibers on a regular basis;
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3. |
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Altered,
repaired or otherwise worked with an asbestos-containing product
such that the claimant was exposed on a regular bases to asbestos
fibers;
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4. |
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Claimant was
employed in a business where he was in close proximity to workers
engaged in the activities described in activities 1,2,&
3.
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C. |
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OC
or FIBREBOARD CREDIBLE EXPOSURE
|
| |
|
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1. |
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Demonstrate Meaningful and Credible Evidence of Exposure prior to December 31, 1982, to
asbestos or asbestos-containing products supplied, specified,
manufactured, installed, maintained, or repaired by either OC or
FIBREBOARD, and/or any entity including an OC or FIBREBOARD
contracting unit, for which OC or FIBREBOARD has legal liability.
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2. |
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Establishing
Evidence –
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By affidavit or sworn statement
of the claimant;
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By and affidavit or sworn
statement of a co-worker or;
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The affidavit or sworn statement
of a family member in the case of a deceased claimant (providing
the PI Trust finds such evidence reasonably reliable);
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Invoices;
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Employment;
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Construction or similar records;
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Or by other credible evidence
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3. |
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Altered,
repaired or otherwise worked with an asbestos-containing product
such that the claimant was exposed on a regular bases to asbestos
fibers;
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4. |
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Claimant was
employed in a business where he was in close proximity to workers
engaged in the activities described in activities 1,2,&
3.
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D. |
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SCHEDULED DISEASE EXPOSURE REQUIREMENTS
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| |
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1. |
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Mesothelioma
(VIII)
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2. |
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Lung
Cancer 1 (VII)
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Six months OC or Fibreboard
Exposure prior to December 31, 1982;
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Significant Occupational
Exposure to asbestos.
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3. |
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Lung Cancer
2 (VI)
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Six months OC or Fibreboard
Exposure prior to December 31, 1982;
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All claims in this Disease Level
will be individually evaluated.
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4. |
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Other Cancer
(V)
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Six months OC or Fibreboard
Exposure prior to December 31, 1982;
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Significant Occupational
Exposure to asbestos.
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7.
EXIGENT HARDSHIP CLAIM
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A.
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To
qualify for an Exigent Hardship Claim the Claimant must first meet the
Medical and Exposure Criteria for Disease Level IV (severe asbestosis)
or an asbestos-related malignancy, Disease Levels V – VIII.
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B. |
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Claimant needs financial assistance on an immediate basis based on
claimant’s expenses.
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C. |
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Shall be subject to the Maximum Available Payment.
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D. |
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Will
be placed before all other claims but after the Pre-Petition
Liquidated Claims in the FIFO Payment Queue |
For questions, please
call 800 831 9399.
*** POSTED OCTOBER
4, 2006 ***
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PATIENT PROFILES
