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Author: nutsandbolts Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 220  
Subject: reaction to Ch. 11? Date: 6/27/2001 6:41 PM
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Did you all run for the exits? SHAME!!!!

I do not own OWC...I own USG and they just filed for Chapter 11.
My thoughts are this: A corporation cannot continue to operate if the greedy lawyers file these ridiculous claims in the huge numbers that are occuring.
USG has been lobbying for some time for federal legislation to get some relief from the onslaught of claims, most of which does not involve persons who are sick. JUSTIFIABLE CLAIMS ARE NOT THE ISSUE that has precipitated this current state of affairs.
To continue paying all those unjustified claims is folly. Something had to be done. I would personally be pleased if ALL manufacturing would enter chapter 11 simultaneously and force an investigation into the 'legitimacy' of these cases. This issue needs Congressional action.

Part of my past working experience was with an insurance company. I begged my company not to "settle" on some of the claims that my investigation proved to be frivilous. It fell on deaf ears....it was beneficial to the bottom line to settle out of court. I knew then where we were headed and now it has come to pass.

I have a distinct disdain for greedy lawyers. The are like vultures and the very ones who profits the most from these cases. Stand behind your company. I have read a few of these post and there was praise for OWC...Nothing has changed but the decision to act in the only legal way possible to save the complete destruction of this fine company.

A USG shareholder, in the same boots! ("I feel your pain")

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