Pfizer Heaps Another $100M Onto Asbestos Trust

Law360, New York (June 13, 2007, 12:00 AM EDT) -- Hoping to stem the tide of growing criticism, Pfizer Inc. has earmarked another $100 million for the asbestos trust at the heart of a Chapter 11 case involving the pharmaceutical giant's former unit, Quigley Co.

After months of standstill, U.S. Bankruptcy Judge Stuart M. Bernstein indicated on Tuesday that he would hold a July 12 hearing on Quigley's disclosure statement, which outlines the Chapter 11 plan, in the wake of Pfizer's monetary pledge.

The move marks a rare instance of progress in a bankruptcy case that...
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