NYC Recovers $55M From Celotex

Law360, New York (June 1, 2007, 12:00 AM EDT) -- The City of New York has prevailed in a long-running battle over disputed asbestos property damage claims asserted in Celotex Corp.'s bankruptcy, with a federal appeals court holding that the city was entitled to payment that pushes its total recovery from Celotex to about $55 million.

The U.S. Court of Appeals for the Eleventh Circuit on Tuesday issued a 42-page opinion affirming a Florida bankruptcy court's decision directing the trustees for an asbestos trust established by Celotex to shell out about $44 million to cover more...
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