Barraford v. T&N Limited

KAYATTA, Circuit Judge.

Appellee T & N 1 was an asbestos manufacturer that faced significant liability after the deadly qualities of its product became clear. Like many other asbestos manufacturers, it chose to address this liability through a Chapter 11 bankruptcy reorganization plan (the “Plan”). T & N’s Plan, among other things, created the Federal-Mogul Asbestos Personal Injury Trust (the “Trust”). The Plan transferred to the Trust certain of T & N’s assets and rights, with which the Trust was to pay asbestos claims brought by persons who could have sued T & N but for its bankruptcy. While…