Asbestos Claimants Should Vote Against the Garlock Plan, Says Official Asbestos Claimants Committee

WASHINGTON, June 4, 2015 /CNW/ -- The official asbestos creditors committee in the bankruptcy case of Garlock Sealing Technologies LLC (the "Committee") is urging asbestos victims to vote "no" on the bankruptcy reorganization plan that Garlock and its affiliated companies have proposed. 

The Committee is made up of twelve asbestos victims appointed by the Bankruptcy Court.  Its responsibility is to protect the interests that individuals with known asbestos injuries have in common against Garlock, The Anchor Packing Company, or Garrison Litigation Management Group, Ltd. 

The Committee unanimously opposes Garlock's Second Amended Plan of Reorganization and is litigating to defeat that Plan in the Bankruptcy Court because, in the Committee's view:

  • The Plan does not provide enough money to compensate asbestos claimants. 
  • The Plan would limit Garlock's liability for asbestos claims at much less than it can afford.
  • The Plan does not comply with the bankruptcy law Congress wrote specifically for the reorganization of asbestos defendants such as Garlock.

These and other objections to the Plan are explained in the "Statement of the Official Committee of Asbestos Personal Injury Claimants" found at the Committee's website, www.GarlockACC.com.

Each of the following plaintiff law firms represents a member of the Committee:  Belluck & Fox, LLP; Cooney & Conway; The Jaques Admiralty Law Firm; Kazan, McClain, Satterly & Greenwood, PLC; Lipsitz & Ponterio, LLC; Motley Rice LLC; Paul, Reich & Meyers, PC; Simmons Hanly Conroy LLC; Simon Greenstone Panatier Bartlett LLP; Thornton & Naumes, LLP; and Weitz & Luxenberg, PC.  Steven Kazan, Esq. and Joseph F. Rice, Esq. are Co-Chairs of the Committee.

The deadline for voting on the Plan is October 6, 2015.  Instructions for voting can be obtained from the Debtors' website, www.GarlockNotice.com.  The Committee urges persons with asbestos claims against Garlock or its bankrupt sister companies to vote "no" on the Plan and to support the Committee's efforts to obtain a better deal for the victims of asbestos.

SOURCE Caplin & Drysdale, Chartered, counsel to the Official Committee of Asbestos Personal Injury Claimants

CONTACT: Jeffrey A. Liesemer, jliesemer@capdale.com or Trevor W. Swett III, tswett@capdale.com

SOURCE Caplin & Drysdale

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