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Strategies & Market Trends : Making Money is Main Objective

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To: Softechie who wrote (1432)	6/26/2001 8:31:42 AM
From: Softechie	Read Replies (1) of 2155

DJ Owens Illinois,Crown Cork Dn-3:Shifts Asbestos Liability 25 Jun 15:19 A bankruptcy filing by a company named in an asbestos lawsuit shifts the financial liability to remaining defendants, said analysts. Increased asbestos exposure claims seem to be a key factor in USG's decision to file for Chapter 11. Since 1994, USG's U.S. Gypsum Co. has been named in more than 250,000 asbestos-related personal-injury claims, and has paid more than $450 million - before insurance recoveries - to manage and resolve litigation. The unit's asbestos personal-injury costs have risen from $30 million in 1997 to more than $160 million in 2000, and had been expected to exceed $275 million in 2001. USG's filing seems to "validate" bankruptcy as a way for others to protect themselves from asbestos litigation, according to J.P. Morgan analyst Doug Groh. Those that have not filed may be able to hold off for a while, said Groh, but "if past trends are a prelude to the future, it doesn't look good for these companies." Foster Wheeler Corp. (FWC) and Federal-Mogul Corp. (FMO) also are facing lawsuits stemming from asbestos use. Shares of Foster Wheeler were recently down 14%, while Federal-Mogul's stock had slipped 9%. -By Kathy Chu, Dow Jones Newswires; 201-938-5394; kathy.chu@dowjones.com (END) DOW JONES NEWS 06-25-01 03:19 PM

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