An asbestos bankruptcy trust was filed for in 1988 for Johns-Manville, P. O. Box 5108 Denver CO 80217 under the name Manville Personal Injury Settlement Trust. Asbestos bankruptcy trusts are typically set up so that people who become victims of asbestos exposure can potentially obtain financial compensation for any illness incurred as a result of such exposure, including mesothelioma.
Once the horrible effects of asbestos exposure became known to the United States public, people began hiring asbestos lawyers and suing the companies responsible for their illnesses, mesothelioma in particular. As the number of these lawsuits increased, it became necessary for the manufacturers and distributors of asbestos products to file for bankruptcy and reorganize their debts in a way that would allow them to pay off their liabilities. Part of this process involved setting up trusts to settle the claims.
In 1858, H.W. Johns Manufacturing Company was founded on the principle of using asbestos as a fire resistant roofing material. In 1886, Manville Covering Company was founded with the similar goal to use asbestos as a heat insulating material. These two companies later merged and became known as Johns-Manvile Corporation. During World War II, under government mandate, the company began producing asbestos-containing insulation for Navy vessels.
As a result of manufacturing so many items that contained asbestos, Johns-Manville was overwhelmed with asbestos-related lawsuits. In 1982, it filed for protection under Chapter 11 in the US Bankruptcy Court for the Southern District of New York. After the Plan of Reorganization was confirmed in 1988, the Manville Personal Injury and Property Damage Settlement Trusts were established to help resolve asbestos claims. In the first ten years of existence, the trust paid out over $2.5 billion to nearly 360,000 claimants.For more information on this Asbestos Bankruptcy Trust, visit the Trust web site at http://www.mantrust.org/