IN RE JOINT EASTERN & SOUTHERN DIST. ASBESTOS LIT.

Bankruptcy Nos. 82 B 11656 (BRL) through 82 B 11676 (BRL), Inclusive, Class Civ. A. No. 90-3973.

120 B.R. 648 (1990)

In re JOINT EASTERN AND SOUTHERN DISTRICTS ASBESTOS LITIGATION. In re JOHNS-MANVILLE CORPORATION, et al., Debtors. Bernadine K. FINDLEY, as Executrix of the Estate of Hilliard Findley, Uma Lail Caldwell, as Executrix of the Estate of Odell Caldwell, Edward Lindley, Joseph C. Jones and James William Barnette, Jr., on behalf of themselves, and all others similarly situated as beneficiaries of the Manville Personal Injury Settlement Trust, Plaintiffs, v. Donald M. BLINKEN, Daniel Fogel, Francis H. Hare, Jr., Christian E. Markey, Jr. and John C. Sawhill, not individually but solely in their capacities as Trustees of the Manville Personal Injury Settlement Trust, Defendants.

United States Bankruptcy Court, S.D. New York.

November 30, 1990.


Attorney(s) appearing for the Case

Caplin & Drysdale, New York City by Elihu Inselbuch, Baron & Budd, Dallas, Tex. by Frederick M. Baron, Wilentz, Goldman & Spitzer, Woodbridge, N.J. by Christopher M. Placitella, Patten, Wornom & Watkins, Newport News, Va. by Robert R. Hatten, Rose, Klein & Marias, Los Angeles, Cal. by Robert B. Steinberg, Ness, Motley, Loadholt, Richardson & Poole, Charleston, S.C. by Ronald L. Motley, Paul, Weiss, Rifkind, Wharton & Garrison, New York City by Leslie Gordon Fagen, for plaintiffs.

Debevoise & Plimpton, New York City by Roger E. Podesta, Anna E. Cohen, for defendant Owens-Corning Fiberglass Corp.

Wood, Williams, Rafalsky & Harris, New York City by Earl L. Scott, for defendant H.K. Porter.

Phillips, Lytle, Hitchcock, Blaine & Huber, Buffalo, N.Y. by Paul F. Jones, for defendant General Refractories & Grefco, Inc.

Wachtell, Lipton, Rosen & Katz, New York City by Amy R. Wolf, for defendant Manville Personal Injury Settlement Trust, Manville Personal Injury Settlement Trust, Washington, D.C. by David T. Austern.

Casey, Gerry, Casey, Westbrook, Reed & Hughes, San Diego, Cal. by Frederick Schenk, Jacobs & Crumplar, P.A., Wilmington, Del. by Robert Jacobs, Henerson & Goldberg, P.C., Pittsburgh, Pa. by Thomas W. Henderson, Cadwalader, Wickersham & Taft, New York City by H. Peter Haveles, Jr., McCarter & English, Newark, N.J. by Andrew T. Berry, Boulanger, Finley & Hicks, New York City by Gregg J. Borri, Pustovino, Pederson, Tilton & Parrington, Minneapolis, Minn. by John H. Faricy, Jr., The Jaques Admiralty, Detroit, Mich. by Alan Kellman, Boyar, Higgins & Hayden, Morristown, N.J. by James J. Higgins, Wilson, Elser, Moskowitz, Edelman & Dicker, Newark, N.J., attorneys for E.J. Bartells by James Crawford Orr, Glasser & Glasser, Norfolk, Va. by Richard S. Glasser, Porzio, Bromberg & Newman, Morristown, N.J. by D. Jeffrey Campbell.

Before WEINSTEIN, District Judge, and BURTON R. LIFLAND, Chief Judge.


MEMORANDUM ON STAYS

WEINSTEIN, District Judge:

This Memorandum covers the authority of a federal court to stay proceedings in all other courts to prevent the inequitable distribution of trust assets available to pay claims filed by the trust's beneficiaries. Part One briefly describes the history of the bankruptcy proceedings of the Manville Corporation and certain affiliated entities ("Manville"). Part Two touches upon the fiscal problems experienced by...

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