By John Flynn Rooney
Law Bulletin Staff Writer
June 16, 2010
A group of lawyers and judges will gather here soon for updates and discussions about bankruptcy filings by asbestos manufacturing companies.
The Asbestos Bankruptcy Conference will be co-chaired by Chicago lawyers John D. Cooney, a principal of Cooney and Conway, and Kirk T. Hartley, a partner with Childress, Duffy & Goldblatt Ltd.
The June 21 conference comes on the heels of two bankruptcy protection filings related to asbestos claims within the past several weeks.
Garlock Sealing Technologies filed for protection under Chapter 11 of the Bankruptcy Code in North Carolina. Bondex International sought Chapter 11 protection in the federal bankruptcy court in Wilmington, Del.
"I think this demonstrates pretty clearly that there are more of these cases'' being filed, said Joseph D. Frank, a Chicago lawyer who will participate in a panel discussion titled, "Asbestos Bankruptcy 2010 - A New Era or the Last Chapter?"
Frank said of Garlock and Bondex, "They are not well-known asbestos defendants but find themselves needing to file bankruptcy for any number of reasons, including a lack of insurance for asbestos claims or an increase in the number of (asbestos) claims being filed against them."
Frank, a principal of Frank/Gecker LLP, has represented asbestos claimants' committees in nine bankruptcies. Frank expects to provide updates and status on several bankruptcy cases, including The Flintkote Co. and T H Agriculture & Nutrition Co.
Cooney serves as chair of the creditors' committee in the Bondex case and is a member of the creditors' committee in the Garlock matter.
Cooney and Hartley will moderate another session called, "Asbestos Bankruptcy Primer: The Management and Operation of an Asbestos Bankruptcy Trust."
Other expected members of that panel are U.S. Bankruptcy Judge Judith K. Fitzgerald of the Western District of Pennsylvania; Robert H. Riley, chairman of Schiff, Hardin LLP in Chicago; and Perry Weitz, a New-York based lawyer who represents claimants in asbestos matters.
"I think there will be a presentation of views about the recent bankruptcy filings and resolution of prior filed cases," Cooney said of the conference. "I think the most important focus of all the participants is how to fairly compensate asbestos victims, including cancer victims, who have waited several years for legal resolution of these cases."
Cooney called Fitzgerald one of the leading judicial experts on asbestos bankruptcy cases.
"She has probably handled more asbestos bankruptcy cases than any bankruptcy judge in the United States," Cooney said.
Another panel discussion will focus on "The Continued Impact of the General Motors and Chrysler Bankruptcies. Scheduled panelists include Cooney and Steven R. Jakubowski, who is with the Coleman Law Firm in Chicago.
The last session will be a judicial roundtable focusing on the "Interplay between Bankruptcy Trusts and Traditional Asbestos Litigation." Panelists are expected to include Fitzgerald and Cook County Circuit Judge William D. Maddux, the Law Division's presiding judge.
The day-long conference will be Monday at the Peninsula Chicago, 108 E. Superior St., in Chicago. The event is sponsored by Perrin Conferences, a Pennsylvania company.
Cost for the program is $795.
As of early Wednesday, 125 people had registered. For information about registration, call Lynnsey Perrin at (610) 804-6165. Or, contact her by e-mail at lperrin@perrinconferences.com.
"Whatever side you're on, you'll be able to get some real perspective as to how other people look at these bankruptcy cases," Frank said.
