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BUSINESS
January 1, 1992 | From Times Staff and Wire Reports
Manville Sells Cleaned-Up Site: Seven years and more than $10 million later, Denver-based Manville Corp. announced that it has sold a 50-acre former Superfund site in Carson to Atlantic Richfield Co. for an undisclosed sum. Manville received a California certification indicating that it had completed the Carson cleanup on June 30, 1990.
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BUSINESS
January 26, 2001 | MYRON LEVIN, TIMES STAFF WRITER
With jurors deadlocked 10-2 in favor of the tobacco industry, a federal judge in Brooklyn on Thursday declared a mistrial in the first big case to focus on the particularly lethal effects of smoking on workers exposed to asbestos. Despite the inconclusive result, the trial's outcome was favorable for tobacco companies and a blow to the Manville Personal Injury Settlement Trust, which had sought to make tobacco firms pay hundreds of millions of dollars in compensation to sick asbestos workers.
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BUSINESS
January 22, 2001 | Bloomberg News
A federal court jury in Brooklyn, N.Y., is expected to reach a verdict, possibly as soon as this week, in a $130-million tobacco suit brought against major cigarette companies by a Johns Manville trust. Lawyers for the trust argued during the trial that the tobacco industry should pay the fund because cigarette makers lied to asbestos workers whose smoking made them 50 times more likely to contract cancer than nonsmokers.
BUSINESS
March 13, 1989
Manville Corp. announced a $14-million investment plan Sunday for its fiberglass production facilities at Cleburne, Tex. The program involves adding a direct melt rotary unit, intended to cut energy costs and reduce particulate emissions by 50%. During the past three years, Manville has spent $5 million to install environmental control equipment and process changes at the Cleburne plant in order to reduce emissions, the firm said.
BUSINESS
October 19, 1988 | From Reuters
Manville Corp., the building materials company ready to emerge from bankruptcy, will come out of Chapter 11 ready to swing out against competitors with $1 billion to spend on acquisitions and new ideas, company officials said Tuesday. "The competition is feeling it in the marketplace with Manville coming back," W. Thomas Stephens, president and chief executive, told New York analysts.
BUSINESS
January 14, 1991 | MARTHA GROVES, TIMES STAFF WRITER
Labeling as "a failure" a trust set up to compensate sufferers of asbestos poisoning, an official of the White Lung Assn. has contended that the victims have not been given adequate say in how and when they should be reimbursed.
BUSINESS
November 29, 1988 | Associated Press
Building-products giant Manville Corp. emerged from more than six years of protection under federal bankruptcy court Monday and began paying creditors and asbestos health and property claimants. "With the constraints of bankruptcy behind us, we can now dedicate all of our attention to growing Manville and creating shareholder value," said Tom Stephens, chairman and chief executive, in officially marking what the company considers the first day of the rest of its life.
BUSINESS
February 1, 1998 | MYRON LEVIN, TIMES STAFF WRITER
Traditional alliances are taking a beating in the smoking wars. Filial piety is too. Consider the latest assault on Big Tobacco--a multibillion-dollar suit against cigarette makers by the Manville Personal Injury Settlement Trust. The trust, which was spawned by the 1982 bankruptcy of asbestos giant Johns Manville Corp., compensates workers for the asbestos-related diseases that drove Manville to seek bankruptcy protection.
BUSINESS
January 1, 1998 | Times Staff
A New York consulting firm reports that 185 publicly held companies changed their names in 1997, a record. Interbrand said many of the changes arose from a desire to "brand" a corporation. Canandaigua Wine became Canandaigua Brands. Wholesome & Hearty Foods used the name of its flagship product in changing its name to Gardenburger Inc. Schuller Corp., upon discovering its original name has high recognition with consumers, switched back to Manville Corp.
BUSINESS
May 16, 1995 | LOUIS SAHAGUN, TIMES STAFF WRITER
In its move Monday to seek bankruptcy protection over its silicone gel breast implants, Dow Corning Corp. is following in the footsteps of Manville Corp., the giant building products company targeted for billions of dollars' worth of claims for asbestos-related illnesses more than a decade ago.
BUSINESS
December 16, 1994 | From Times Staff and Wire Reports
Judge Approves Manville Asbestos Plan: U.S. District Judge Jack Weinstein of Brooklyn OKd a second attempt to save the cash-strapped Manville trust, approving a plan under which more than 100,000 claimants will initially get 10 cents on the dollar for asbestos-related injuries. Weinstein said in a 222-page decision that the plan will ensure that all claimants are compensated to some degree. The restructuring also increases the trust's assets by at least $1 billion.
BUSINESS
July 29, 1994 | From Reuters
Asbestos victims who have been waiting years to get paid by a cash-strapped trust created from the Manville Corp. bankruptcy would get just 10% of the value of their claims under a proposed settlement. The Manville Personal Injury Settlement Trust, which is independent from the Denver-based corporation, said Thursday that the settlement proposal was presented to U.S. District Judge Jack Weinstein in New York Tuesday.
BUSINESS
March 2, 1993 | Associated Press
The Internal Revenue Service has refunded $31.4 million to Manville Corp., a company spokesman said. The refund reflects excess taxes paid by Manville and results from recalculation of the add-on minimum tax for the years 1977 through 1986.
BUSINESS
November 26, 1988 | From Reuters
Manville Corp. will end its six years of bankruptcy Monday, and, while officials of the former asbestos maker are clearly relieved and strongly optimistic about the future of the reincarnated company, there will be no celebrations. Facing massive lawsuits by asbestos victims, Manville filed for bankruptcy in 1982. Although its complex reorganization plan, which provides for a $2.
BUSINESS
November 20, 1990 | SCOT J. PALTROW, TIMES STAFF WRITER
Manville Corp. has agreed to make additional payments of as much as $520 million over seven years to the trust set up to benefit asbestos victims. A comprehensive settlement disclosed Monday also will revamp the way claims are paid, giving priority to the most gravely ill. The plan is meant to settle about 150,000 pending claims by people injured by Manville-produced asbestos.
BUSINESS
January 19, 1993 | From Times Staff and Wire Reports
Manville Asbestos Trust Sees New Threat: More than four years after leaving bankruptcy court confident that its legal troubles over asbestos had ended, Manville Corp. is facing its first foreign challenge to a shield against asbestos-related lawsuits. The trust fund that handles Manville's asbestos cases said litigation in Canada could trigger a "worldwide run" on Manville assets. It is lobbying the U.S. government to ask Canada to honor the injunction barring asbestos lawsuits against Manville.
BUSINESS
December 5, 1992 | From Reuters
A federal appeals court Friday threw out a settlement that restructured the Manville Trust Fund and will further delay payments to those suffering from asbestos-related illnesses. Since the settlement was reached in 1990, payments have only been made in extreme hardship cases because of the pending appeal. Lawyers said more than 150,000 victims are still awaiting payments. The U.S. 2nd Circuit Court of Appeals sent the settlement back to the trial court for further consideration.
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