So Owens-Illinois , which quit making asbestos insulation in 1958 but still faces thousands of lawsuits, has asked the Cuyahoga County Court of Common Pleas in Cleveland to halt trials against solvent companies, including Owens-Illinois, until plaintiffs have resolved their claims against the trusts.
So Owens-Illinois (nyse: OI - news - people ), which quit making asbestos insulation in 1958 but still faces thousands of lawsuits, has asked the Cuyahoga County Court of Common Pleas in Cleveland to halt trials against solvent companies, including Owens-Illinois, until plaintiffs have resolved their claims against the trusts.
Money manager James Schier has done extremely well owning stocks like Owens-Illinois, Cree and Northern Trust.
The world's largest maker of glass bottles, Owens-Illinois, branched into plastics in the mid-1990s, fueling top-line growth.
The Owens-Illinois filing details how much plaintiffs with severe asbestos-related diseases can get from the new trusts.
Wall Street estimates are up 28.8% from a year ago, when Owens-Illinois reported earnings of 59 cents per share.
Analyst sentiment about Owens-Illinois has waned during the last three months.
The laggard first-quartile companies, which reported that sales shrank on average by 3.4% a year over the period, included such problem children as 7-Eleven, Unisys and Owens-Illinois.
Owens-Illinois has asked an Ohio court overseeing thousands of asbestos lawsuits to require plaintiffs to disclose how much they've gotten from trusts established by bankrupt asbestos manufacturers.
The majority of analysts (66.7%) rate Owens-Illinois as a buy.
The majority of analysts (77.8%) rate Owens-Illinois as a buy.
Analysts are expecting Owens-Illinois to come in with earnings of 66 cents per share, 21.4% less than a year ago when it reported earnings of 84 cents per share.
Analysts are projecting Owens-Illinois to come in with earnings of 37 cents per share, down 22.9% from a year ago when it reported earnings of 48 cents per share.
As a result, Owens-Illinois says, the trusts have lax proofs as to how a specific company caused a claimant's injury and fight efforts to disclose what they've paid out to individual claimants.
The push by Owens-Illinois is a perhaps quixotic attempt to bring transparency to a system that some critics say has allowed billions of dollars to be squandered on dubious claims and legal fees.
"The bankruptcy trusts serve as ATMs for asbestos claimants, " says Owens-Illinois in its motion to the court, part of a wide-ranging effort to streamline cases in one of the busiest jurisdictions for asbestos suits.
Plaintiff lawyers opposed the Owens-Illinois motion, saying the company wants to "shut out the lights and close the courthouse door" by requiring claimants to resolve their bankruptcy claims before seeking money in conventional lawsuits.
The surviving 12: Hanover Insurance ( THG, 42 ), Cree ( CREE, 45 ), Owens-Illinois ( OI, 25 ), Alleghany ( Y, 375 ), URS ( URS, 42 ), Northern Trust ( NTRS, 53 ), Sandridge Energy ( SD, 5.7 ), Great Plains ( GXP, 22 ), General Cable ( BGC, 34 ), Whiting Petroleum ( WLL, 49 ), RF Micro Devices ( RFMD, 5.3 ) and Global Payments ( GPN, 50 ).
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