Bankruptcy of Quigley Unit of Pfizer to Continue

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In September last year, bankruptcy judge Stuart M. Bernstein overruled the application of Quigley Company Inc to exit bankruptcy for the fourth time in its Chapter 11 plan. In his ruling, Judge Bernstein found that Pfizer, the parent company, had manipulated the bankruptcy process for its own benefit. The judge went on to say that the Chapter 11 plan was filed in ‘bad faith’ and made mention of claims against Quigley that could exceed $4.45 billion over the next 42 years. Pfizer plans to appeal the judge’s ruling.

Lawyers for the US trustee claim that the bankruptcy protection of Quigley should have been dismissed by now. The bankruptcy protection, which has been in force since 2004, has protected Quigley from its creditors and prevented those with asbestos-related health problems from taking up lawsuits against Pfizer. Many of these have even died. The many individuals who have filed asbestos claims against Quigley and Pfizer are still waiting to be heard. According to court papers filed December 23, the court has decided to give a hearing to the US bankruptcy trustee’s request on January 13.

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Published In: Antitrust & Trade Regulation Updates, Bankruptcy Updates, Business Organization Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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