Halliburton to settle asbestos claims

http://houston.bizjournals.com/houston/stories/2004/05/10/daily13.html

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10:59 AM CDT Tuesday

Halliburton to settle asbestos claims

Halliburton Co. said Monday that the bankruptcy court has completed hearings to confirm the proposed reorganization plan for the company's DII Industries LLC unit and expects a ruling on the confirmation by the end of the summer.

According to an Associated Press report, once that happens the Houston-based company can move closer to paying out $4.17 billion in cash and stock to settle 400,000 asbestos and 21,000 silica claims as announced in December 2002.

Halliburton announced that DII Industries has entered into a nonbinding agreement in principle with the leaders of the London Market insurance companies that, if implemented, would settle insurance disputes between DII Industries and substantially all the solvent London Market insurance companies.

DII Industries expects to shortly enter into a nonbinding agreement in principle with its solvent domestic insurance carriers that, if implemented, would settle remaining insurance disputes with those carriers.

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The fate of Bush/Cheney and Iraq is now tied directly to Halliburton.

Bush asks for another 25 billion. Thats another 5 billion to Halliburton. Halliburton will be wishing for a long expensive conflict in Iraq and beyond.

Dick Cheney as CEO of Halliburton absorbed Dresser and it's stock was converted to HAL in 1998...(or 99)

Cheney didn't do due diligence in the merger and allowed the merger to proceed ignoring the huge asbestos liability that would accompany it.

Cheney was highly criticized for the merger. Many felt it would result in the downfall of Halliburton. Dick feeling responsible saw the fix in the Vice Presidency and took the country to war to boost HAL stock get some cash so Halliburton can survive through the onslaught of asbestos claims.

So you see....anything goes in Iraq. A long bloody war is good for Halliburton. It was the only way that this company could survive.

http://www.nytimes.com/reuters/politics/politics-congress-asbestos.html

Senate Leaders to Keep Exploring Asbestos Fund
Published: May 10, 2004
WASHINGTON (Reuters) - U.S. Senate leaders will keep open the possibility of a national fund to pay asbestos victims' claims, they said on Monday, after talks on the issue ended last week without agreement.

Republican Senate Leader Bill Frist and Democratic Leader Tom Daschle said they would keep working on the ``contentious yet extraordinarily important issue.''
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Various senators have been working for over a year on legislation setting up an asbestos compensation fund, which would be financed by asbestos litigation defendants and insurers. The idea was to pay set amounts to victims of asbestos-related diseases, while ending their right to sue.

The Republican controlled congress.

I firmly believe this is the reason for Iraq...

Look at the stock HAL....

If Cheney had not started the ramp to War and the Iraq invasion would have never happened. Halliburton would have been absorbed and liquidated.


Bush - Dresser - Cheney - Halliburton

Study up people. It's all there.

Without KBR's cost-plus Iraq contract, it would be long passed bargain basement takeover time.

Halliburton was on the very brink of bankruptcy at the end of 2002, facing total liquidation. But somehow, in the nick of time, no-bid open-ended government contracts started coming their way during 2003, saving the company and the Vice President's severance payments!

Gee, I just love a happy ending, don't you?

Rises and falls - any temporal connection to particular events?