LIPPE v. BAIRNCO CORP.

No. 96 CIV. 7600 DC.

218 B.R. 294 (1998)

Richard A. LIPPE, Archie R. Dykes and John J. Robbins, as Trustees for Keene Creditors Trust, Plaintiffs, v. BAIRNCO CORPORATION; Kaydon Corporation; the Genlyte Group, Inc.; Glenn W. Bailey; Kasco Corporation; Shielding Systems Corporation; Arlon, Inc.; Luke E. Fichthorn, III; Richard A. Shantz; Gerald F. Mahoney; Eugene Cafiero; Howard A. Mileaf; Fred Heller; Frank Metzger; Eugene R. Anderson; Edward C. Utz; Kidder, Peabody & Co.; Frederick P. Harvey; Anderson Kill Olick & Oshinsky, P.C.; Debevoise & Plimpton; and Arthur Andersen & Co., Defendants.

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

February 6, 1998.


Attorney(s) appearing for the Case

Levy Phillips & Konigsberg, LLP by Stanley J. Levy, New York City, Budd Larner Gross Rosenbaum Greenberg & Sade, P.C. by David R. Gross, Short Hills, NJ, for Plaintiffs.

Brown & Wood LLP by James D. Zirin, James J. Sabella, Laurel J. Southworth, New York City, for Arthur Anderson, LLP.

Wachtell Lipton Rosen & Katz by Theodore Gewertz, Seth Gardner, New York City, for Anderson Kill Olick & Oshinsky, P.C.

Cleary Gottlieb Steen & Hamilton by Evan Davis, Mitchell Lowenthal, Astrid B. Gloade, Tad Stahnke (not yet admitted), New York City, for Debevoise & Plimpton.

Kaye Scholer Fierman Hays & Handler, LLP by Randolph S. Sherman, Richard A. De Sevo, Beth Rodgers, New York City, for Kidder, Peabody & Company.

Michael Mitchell by Michael Mitchell, New York City, for Eugene R. Anderson.

Abowitz, Rhodes & Dahnke, P.C. by Murray E. Abowitz, Oklahoma City, OK, for Glenn W. Bailey.

McCarter & English by Andrew T. Berry, Charles F. Rysavy, Newark, NJ, for Genlyte, Fred Heller, Frank Metzger.

Schulte Roth & Zabel, LLP by Irwin Sugarman, Brooks R. Burdette, New York City for Kaydon, Richard Shantz.

Friedman & Kaplan by Edward Friedman, New York City, for Eugene Cafiero, Estate of Frederick Harvey, Gerald Mahoney, Howard Mileaf.

Edward C. Utz, Westport, CT, Defendant Pro se.


OPINION

CHIN, District Judge.

In 1968, Keene Corporation ("Keene") entered the asbestos products business by acquiring a company that manufactured and distributed insulation and other materials containing asbestos. The acquisition proved to be a profitable one at first, as Keene's sales of asbestos products soared. In time, however, the decision to purchase the company proved to be disastrous.

In the late 1970's, asbestos-related illnesses...

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