January 10th, 2005
As is the case with many asbestos manufacturers and manufacturers of products containing asbestos, Owen Corning has been hit with a number of lawsuits amounting to billions over recent years. The building products manufacturer was forced to file chapter 11 bankruptcy several years ago. However, the liability hearing began earlier this week in Philadelphia, and it looks as though the Toledo building products manufacturer and its subsidiary could be facing claims of between two and sixteen billion dollars.
The stock of form had dropped to just 50 cents, but recent debates about establishing an asbestos trust – something that is a priority for President Bush and his republican Senate – have led to speculation that the stock could be saved in time, and this has seen the price rise to three dollars.
The court room in which the hearing took place, and is expected to run for around a week, was said to be heaving with lawyers and paralegals that work for the company. An insulation products, Kaylo, which was packed with asbestos, was manufactured by Owens Corning, and at the hearing witnesses told of the suffering of many construction workers and insulation workers that had lost their lives through using the product.
New York lawyer, Elihu Inselbuch, was there representing the asbestos claimants committee. He stated: "Owens Corning did a lot of damage to an awful lot of people."
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