Garlock Asbestos Committee Can't Act As Trustee

Law360, New York (June 7, 2012, 5:37 PM EDT) -- A North Carolina bankruptcy judge on Thursday rejected a committee of Garlock Sealing Technologies LLC asbestos claimants' bid to prosecute, as representatives of the estate, potential claims against Garlock's parent company in connection with prepetition transfers.

U.S. Bankruptcy Judge George R. Hodges denied without prejudice the motion filed by the official committee of asbestos personal injury claimants and Joseph W. Grier III, who represents future asbestos claimants. The claimants believe assets may have been deliberately moved out of their reach and are investigating potential claims against...
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