More Comments on Dow Ruling Today ~ 2 articles
Date: Tue, 30 Nov 1999 18:31:49 -0700
From: ilena rose ilena@san.rr.com
Product Liability Lawyer Blizzard on Implant Cases Philadelphia, Nov. 30 (Bloomberg) -- Edward Blizzard, a product-liability specialist at Houston's Blizzard & McCarthy law firm, comments on a judge's approval today in Bay City, Michigan, of Dow Corning Corp.'s $4.5 billion bankruptcy plan of reorganization, which includes about $3.2 billion to settle claims of women who may have suffered injury or disease from the company's silicone breast implants.
``There were about 150,000 claims filed by women with Dow Corning breast implants,'' Blizzard said. ``I was in the group that negotiated the settlement, the Tort Claimants' Committee. We're pleased with the court's ruling today confirming the plan. ``The U.S. District Court (in Detroit) now has to approve a case management order to implement the plan, and objectors can appeal to the District Court. We expect District Judge Denise Page Hood to affirm (Bankruptcy Court Judge Arthur) Spector's decision as soon as possible (for) the women who have waited so long.''
``There will still be case litigation against Dow Corning for women who have opted-out'' of the settlement, with a fund of about $400 million to pay them judgments, he said.
Nov/30/1999 18:29
Dow Corning's Jackson on $3.2 Mln Implant Payout Plan Midland, Michigan, Nov. 30 (Bloomberg) -- Dow Corning Corp. spokesman T. Michael Jackson comments on confirmation today of the company's bankruptcy plan of reorganization and a $3.2 billion settlement of claims by women whose health was allegedly affected by leaking silicone breast implants.
``This (settlement) is all part of our bankruptcy plan. The money is going to be funded through a combination of things,'' Jackson said. ``Primarily, the $3.2 billion will be paid through insurance and cash from operations. Commercial claims will be paid through cash and (newly issued) senior notes.''
``It's extremely good news (and will) allow us to focus on our business. We've been a continuing profitable concern throughout this whole ordeal,'' he said. ``We're a world leader in the 10,000 products we make. Silicone breast implants were only 1 percent of our business . . . We make silicon-based materials, including silicone to seal microchips, windows on spacecraft and in gaskets. There's four pounds of silicone in every car.''
Nov/30/1999 18:49