Word: settlements
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...President Roger O'Sullivan praised Anthony D. Galluccio, Cambridge's newly-elected mayor, as the "driving force" in marathon negotiating sessions that resulted in what he called a "fair and equitable" settlement...
Reeling from financial pressure and haunted by the specter of suicides, thousands of Names agreed to a 1996 settlement Lloyd's concocted in response to legal actions and growing public outrage. Called Reconstruction and Renewal, the settlement created a reinsurance company known as Equitas that assumed responsibility for all of Lloyd's pre-1993 obligations. At the same time, Lloyd's reduced and capped the pre-1993 debts of Names who agreed to pay up and waive all claims against the company. But this global deal has raised more questions than it has answered. A committee of the House...
Evans is fighting it out, party to a huge lawsuit born of Lloyd's alleged perfidy, which comes to trial in London next week. The suit was filed on behalf of dissident Names who have refused to join a 1996 settlement, claiming that Lloyd's, facing insurmountable losses, duped them by concealing the billions of dollars of asbestos claims it knew to be in the pipeline. "I believed I could trust Lloyd's to look after my interests in much the same way I would trust my bank," says Evans, who lives in London. As a result, she says...
...appalled and wonderfully smug. Whatever our own love life might be, we haven't sunk so low. We assure ourselves, as we watch the bevy of prospective brides, that we never will. Money, we think, isn't everything. And we wonder how much she'll cop in the divorce settlement...
...without twitching. Oakmark has a large stake in Philip Morris (and a small stake of Kadlec dollars) and has doggedly held on to the stock, believing that MO is the ultimate value play. Sanborn figures the company could easily raise prices if needed. For instance, it covered its state settlement with a 75 cents-a-pack price hike. The "armageddon risk" of a jury bankrupting the company is overstated. And Congress won't knock the Marlboro Man out of his saddle. Too many jobs are at stake, and then no one would be able to collect...