Bestwall asbestos claimant group asks court to drop bankruptcy case

By Caroline Salls

Pittsburgh, Aug. 15 – The official committee of asbestos claimants appointed in Bestwall LLC’s Chapter 11 case asked the U.S. Bankruptcy Court for the Western District of North Carolina on Wednesday to dismiss the case.

“The debtor’s bankruptcy proceeding is little more than a bad-faith litigation tactic as evidenced by its gerrymandering of assets and liabilities,” the motion said.

“The debtor filed this bankruptcy case in an attempt to manipulate the provisions of the Bankruptcy Code, exploit venue loopholes and gain approval from a court in a jurisdiction it perceives is a favorable jurisdiction for asbestos-related bankruptcies, all for the benefit of the debtor’s corporate shareholder, affiliates and ultimate corporate parent.”

The committee said Old Georgia Pacific “poisoned thousands of Americans through the manufacture and sale of its asbestos-containing products” and formed Bestwall on July 31, 2017 “with a single purpose: to abscond with billions of dollars of equity and assets after divesting itself of billions of dollars of Georgia-Pacific asbestos liabilities.”

If it chooses not to dismiss the case, the committee said it should be transferred to a more appropriate district.

Bestwall, an affiliate of Atlanta-based pulp and paper company Georgia Pacific, filed for bankruptcy on Nov. 2, 2017. Bestwall’s Chapter 11 case number is 17-31795.

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