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Quigley, Reaud reach deal for withdrawal of $78.2 million in claims
By Caroline Salls
Pittsburgh, Jan. 25 - Quigley Co., Inc. is seeking approval of a stipulation under which Reaud, Morgan & Quinn, LLP has agreed to withdraw roughly $78.2 million in claims, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.
The company said the Reaud proof of claim consists of a $7.68 million secured claim based on a Texas state court order of summary judgment obtained against Quigley and parent Pfizer Inc. and $70.52 million of unsecured claims filed in connection with Quigley's and Pfizer's alleged breach of contract.
Quigley argued that Reaud's unsecured claims for breach of contract were invalid and that any of Reaud's personal injury claims found to be valid should be treated as other asbestos personal injury claims.
In addition, Quigley said it objected to the unsecured claims in October on the grounds that settlement agreements that form the basis for those claims are unenforceable under Texas law.
In a Dec. 14 settlement agreement with Pfizer, Reaud agreed to settle the lawsuit underlying secured and unsecured claims, withdraw the proof of claim in its entirety to remove any ambiguity that the unsecured claims were anything but other asbestos personal injury claims under Quigley's plan of reorganization and submit any remaining asbestos-related claims its clients may hold against Quigley and Pfizer that derive from Quigley's liability to a trust established under the plan.
The stipulation will be presented for court approval on Feb. 11.
Quigley, a unit of New York-based Pfizer Inc., filed for bankruptcy on Sept. 3, 2004. Its Chapter 11 case number is 04-15739.
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