Garlock Sealing Technologies LLC Files Pre-Trial Brief for Upcoming Asbestos Liability Estimation Tr
Garlock Sealing Technologies LLC Files Pre-Trial Brief for Upcoming Asbestos Liability Estimation Trial
CHARLOTTE, N.C.--(BUSINESS WIRE)-- EnPro Industries, Inc. (NYS: NPO) announced today that Garlock Sealing Technologies LLC (GST) has filed a pre-trial brief for the upcoming trial to estimate its aggregate liability for pending and future mesothelioma claims. The brief provides an overview of the evidence that GST intends to present at the trial. It discloses that GST's expert, Dr. Charles E. Bates of the economic consulting firm Bates White LLC, estimates the net present value of GST's expected aggregate legal liability for current and future mesothelioma claims is no more than $125 million, or less than half of the $270 million proposed in a plan of reorganization filed by GST in November, 2011. The brief also states that GST will demonstrate at the trial that it has little or no responsibility for the mesothelioma claims that have been and will be asserted against it. The scientific and other evidence that GST will present in support of its case is outlined in the brief.
GST's brief also discloses the estimates of GST's liability for mesothelioma claims provided by the experts engaged by the Committee of Asbestos Personal Injury Claimants and the Future Asbestos Claimants' Representative. The Committee's expert, Dr. Mark A. Peterson, has estimated the net present value of the liability for all current and future claims at $1,260 million. Dr. Francine F. Rabinovitz, the expert engaged by the future claimants' representative, has estimated the net present value of the liability for current and future claims at $970 million. She additionally estimates that GST would have spent $320 million to defend current and future claims had it remained in the tort system. Both Dr. Peterson and Dr. Rabinovitz base their estimates on calculations extrapolated from GST's tort system settlements in the several years immediately preceding its Chapter 11 filing on June 5, 2010, a method to which GST has consistently objected.
The estimation trial is scheduled to begin on July 22, 2013. The trial will be held in the U.S. Bankruptcy Court for the Western District of North Carolina in Charlotte, NC. GST's pre-trial brief can be found under the investor relations tab on the EnPro Industries web site (www.enproindustries.com).
About EnPro Industries
EnPro Industries, Inc. is a leader in sealing products, metal polymer and filament wound bearings, components and service for reciprocating compressors, diesel and dual-fuel engines and other engineered products for use in critical applications by industries worldwide. For more information about EnPro, visit the company's website at http://www.enproindustries.com.
EnPro Industries, Inc.
Don Washington, 704-731-1527
Director, Investor Relations and Corporate Communications
KEYWORDS: United States North America North Carolina
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