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Examples
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Plastic laminate, linoleum and vinyl floors mimic the real stuff better than before; we tabbed Pergo Accolade Rustic Oak PJ2627 ($3.25 a square foot) a Best Buy among plastic laminates and recommended Congoleum DuraCeramic Sierra Slate SI-74 Golden Greige ($4.00 a square foot) among vinyl flooring.
Lower debt frees up remodeling money—here's where the deals are 2011
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That turn of events means that Congoleum, a New Jersey-based manufacturer of flooring products, no longer will have protection from creditors in bankruptcy and will have to resolve asbestos claims brought by alleged victims in civil court if the decision isn't reversed on appeal.
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My grandfather died of exposure to chemicals at the Congoleum plant leaving four sons with a sturdy, plain speaking, fearless peasant girl, my grandmother.
The Ultimate Epithet: The Grandmother Who Climbed a Fence to Fight for Union Workers 2009
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But U.S. Bankruptcy Judge Kathryn Ferguson has repeatedly raised concerns that Congoleum, in negotiating its bankruptcy-exit plan, hadn't dealt sufficiently at arms 'length with plaintiffs' lawyers, whose asbestos clients would stand to recover money under the plan.
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Kerry Brennan, counsel to Congoleum, didn't return calls for comment.
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In her latest ruling Thursday, Judge Ferguson cited concerns about $2 million that Congoleum had agreed to pay to Joe Rice and Perry Weitz, two prominent plaintiffs 'lawyers, who represent clients with asbestos claims against the company.
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Existing shares in Congoleum would be canceled and controlling shareholder American Biltrite Inc. wouldn't recover anything for its stake.
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Under the plan, an asbestos trust would receive a 50.1% stake in the reorganized Congoleum.
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Congoleum is the subject of more than 100,000 asbestos-related personal-injury claims.
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Congoleum has proposed a dozen reorganization plans since filing for bankruptcy more than four years ago.
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