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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Gary Burton who wrote (54669)11/12/1999 8:44:00 PM
From: IndioBlues  Read Replies (1) of 95453
 
Today's MDR 10Q excerpt re "increase" in certain asbestos claims is quoted below for the convenience of the thread.

Gary, I do agree that the market is assuming very nearly the worst possible case, i.e., massive claims, minimal insurance. I suspect this is an unlikely scenario but the market may require the company to speak to the point very directly before the stock heads north again.

"Recently, B&W has experienced an increase in the amounts demanded by certain
plaintiff's attorneys to settle mesothelioma, lung cancer and asbestosis claims.
The demanded amounts significantly exceed the average
amount of B&W's historical settlement payments for these types of claims. We are
evaluating this development to determine if it is representative of the amounts
required to settle these types of claims in the future and its overall impact on
the estimates and forecasts of B&W's ultimate exposure for non-employee asbestos
claims. If we are unsuccessful in negotiating the demanded amounts down to
historical levels, which typically have included moderate annual increases, B&W
may be forced to accept higher settlement amounts, begin litigating such claims
or take other available courses of action. Any of these actions could have a
material adverse impact on B&W's ultimate exposure for asbestos liability claims
and McDermott's (including B&W's) consolidated financial position, results of
operations and business prospects." (pgs 30-31)
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