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Judge Throws Congoleum To The Wolves

Law360 (March 2, 2009, 12:00 AM EST) -- Despite five years of proceedings and a dozen Congoleum Corp. reorganization plans, a bankruptcy judge has dismissed the long-standing case, leaving the flooring manufacturer vulnerable to creditors and the claims of thousands of alleged victims of asbestos.

On Thursday, U.S. Bankruptcy Judge Kathryn Ferguson of the District of New Jersey rejected Congoleum's latest proposal and tossed out the Chapter 11 case, unsatisfied with the company's proposed exit strategy and exasperated by the handling of its asbestos claims.

The move underlines the frustration Judge Ferguson has expressed...
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