Getting The Gist Of GIT

Law360, New York (June 16, 2011, 12:10 PM EDT) -- In the recent Third Circuit decision, In re Global Industrial Technologies Inc., 2011 WL 1662792 (3rd Cir. May 4, 2011), the Third Circuit was faced with the issue of standing to object to a plan of reorganization.

More specifically, the issue was whether third-party insurers had standing to object to the confirmation of the Global Industrial Technologies Inc. ("GIT") plan of reorganization, under which the insurers were required to fund a trust pursuant to prepetition insurance contracts for the purpose of addressing silica-related claims against GIT....
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