TAILIEUCHUNG - Gale Encyclopedia Of American Law 3Rd Edition Volume 1 P52

Gale Encyclopedia of American Law Volume 1 P52 fully illuminates today's leading cases, major statutes, legal terms and concepts, notable persons involved with the law, important documents and more. Legal issues are fully discussed in easy-to-understand language, including such high-profile topics as the Americans with Disabilities Act, capital punishment, domestic violence, gay and lesbian rights, physician-assisted suicide and thousands more. | 498 BANKRUPTCY disease. Dow Corning soon became a defendant in a worldwide product liability class action suit as well as at least 19 000 individual lawsuits. Citing an inability to contribute 2 billion to a billion settlement fund and pay for the defense of thousands of individual lawsuits Dow Corning filed for Chapter 11 bankruptcy protection in May 1995. The bankruptcy move halted new lawsuits and enabled the company to consolidate existing claims while preserving business operations. As a result of the filing Dow Corning stalled its obligation to contribute to the settlement fund. The Dow Corning strategy was similar to that employed in the mid-1980s by A. H. Robins Company distributor of the Dalkon Shield intrauterine device for birth control. Like Dow Corning A. H. Robins faced financial ruin owing to thousands of product liability lawsuits filed at the same time. Also like Dow Corning A. H. Robins sought relief under Chapter 11 of the Bankruptcy Code which allowed the company time to formulate a plan to pay the many outstanding claims. A reorganization plan approved by the courts involved the merger of A. H. Robins with American Home products Corporation which agreed to establish a billion trust fund to pay outstanding product liability claims In re . Robins Co. 880 694 4th Cir. 1989 . on May 22 1995 Dow Corning filed a request to stay all litigation against its parent companies Dow Chemical Company and Corning incorporated so that company lawyers could concentrate on the bankruptcy reorganization. That move further threatened the chance of recovery for the plaintiffs seeking compensation for injury. Family Farmers and Chapter 12 In 1986 responding to an economic farm crisis in the united states Congress designed Chapter 12 to apply to family farmers whose aggregate debts did not exceed million. Congress passed the law to help farmers attain a financial fresh start through reorganization rather than liquidation. Before Chapter 12 existed

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