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IN RE JOINT E. & S. DIST. ASBESTOS LITIGATION

Index No. 4000, Civ. A. Nos. 90-3973 (E.D.N.Y.), 90-7518 (S.D.N.Y.), Nos. 82 B 11656 (BRL)- 82 B 11676 (BRL).

878 F.Supp. 473 (1995)

In re JOINT EASTERN AND SOUTHERN DISTRICTS ASBESTOS LITIGATION. 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. Robert A. FALISE, Louis Klein, Jr., Christian E. Markey, Jr., and Frank Macchiarola, not individually but solely in their capacities as Trustees of the Manville Personal Injury Settlement Trust, Defendants. In re JOHNS-MANVILLE CORPORATION, et al., Debtors.

United States District Court, E. and S.D. New York.

January 19, 1995.

Attorney(s) appearing for the Case

Caplin & Drysdale, New York City by Elihu Inselbuch, James Sottile, IV, Christian R. Pastore, Cartwright, Slobodin, Bokelman, Borowsky, Wartnick, Moore & Harris, Inc., San Francisco, CA by Harry F. Wartnick, Baron & Budd, Dallas, TX by Frederick M. Baron, Rose, Klein & Marias, Los Angeles, CA by Robert B. Steinberg, Ness, Motley, Loadholt, Richardson & Poole, P.A., Charleston, SC by Ronald L. Motley, Joseph F. Rice, Wilentz, Goldman & Spitzer, P.C., Woodbridge, NJ by Christopher M. Placitella, Philip Pahigian, for the Class.

Paul, Weiss, Rifkin, Wharton & Garrison, New York City by Leslie Gordon Fagen, Jean McMahon, for Future Claimants.

Pepper, Hamilton & Scheetz, Philadelphia, PA by Francis J. Lawall, Charles H. Carpenter, Steele & Sales, P.S., Seattle, WA by Katherine Steele, for Distributor Subclass.

Debevoise & Plimpton, New York City by Anne E. Cohen, Roger E. Podesta, for Codefendant Subclass.

Lani A. Adler, New York City, for Subclass of Claimants with Pre-November 1990 Settlements and Judgments.

John H. Faricy, Jr., Minneapolis, MN, for MacArthur Subclass.

Weitz & Luxenberg, P.C., New York City by Perry Weitz, Richard Nemsoff, for Subclass of Present Claimants.

Cohen, Shapiro, Polisher, Shiedman & Cohen, Philadelphia, PA by Roberta Golden, Robert Lapowsky, Judah Labovitz, for Pacor Settlement Trust.

Law Offices of Peter G. Angelos, Baltimore, MD by Peter G. Angelos, Timothy J. Hogan, for Maryland Plaintiffs.

Goldberg, Persky, Jennings & White, P.C., Pittsburgh, PA by Craig L. Vandergrift, Theodore Goldberg, Robert L. Jennings, for Pennsylvania Plaintiffs.

Cooney & Conway, Chicago, IL by Kathy Byrne, Gavin & Gavin by James C. Gavin, Greitzer & Locks, Philadelphia, PA by Lee B. Balefsky, Thomas W. Henderson, Pittsburgh, PA, Hal Pitkow, Washington Crossing, PA, Robert E. Sweeney Co., L.P.A., Cleveland, OH by Robert E. Sweeney, for Various Other Claimants.

Carla G. Hancock and Maxine Smith, Vivian, LA, for J.C. Smith.

Pollack & Greene, New York City by Harold Goldfuss, for Laura Goldfuss.

Zeldonia J. Jackson, Fort Worth, TX, for Estate of George E. and Tena Lee Jackson, Sr.

Berlack, Israels & Liberman, New York City by Carole L. Fern, for Keene Corp.

Hodgson, Russ, Andrews, Woods & Goodyear, Buffalo, NY by Michael P. Murphy, Wiley, Rein & Fielding, Washington, DC by Bert W. Rein, Keith S. Watson, for U.S. Fidelity & Guar. Co.

Whiteford, Taylor & Preston, L.L.P., Baltimore, MD by Louis G. Close, Jr., Gardner M. Duvall, for Porter Hayden Co.

Jeffrey M. Weiner, Wilmington, DE for DI Distributors, Inc.

Myles O'Malley, William Rausnitz, Barbara Zelluck, Newark, NJ, for Nat. Asbestos Victims Legal Organizing Committee and White Lung Information Centers of New York and New Jersey.

James Fite, Paul Safchuck, Baltimore, MD for White Lung Ass'n.

David T. Austern, Patricia Dansbury, Manville Personal Injury Settlement Trust, Fair-fax, VA, Donovan, Leisure, Newton & Irvine, New York City by James L. Stengel, Laurie S. Dix, Richard De Marco, Steven Fink, for Manville Personal Injury Settlement Trust.

Mark Peterson, Rand Institute, Santa Monica, CA, Special Advisor to the Courts.

Before WEINSTEIN, Senior District Judge, Eastern District of New York, also sitting by designation in the Southern District of New York, and BURTON L. LIFLAND, Chief Bankruptcy Judge, Southern District of New York.

AMENDED MEMORANDUM, ORDERS AND FINAL JUDGMENT

                                Table of Contents

   I.  Introduction ...............................................................      479

   II. Prior Proceedings ...........................................................     485
       A. Trust's Initial Operating Difficulties ...................................     485
       B. Class Action and First Settlement ..............................

                    
                    
                    

                        

                            

                                
                            

                            

                                

                                    
    
                                        
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