CYA in W. Virginia
Publisher's note: I guess it isn't a real surprise that Freedom Industries, the company being held responsible for the water contamination in W. VA has filed for Bankruptcy protection. By doing so, they are, at least for a while, protected from what one can only imagine will be a fortune in lawsuits.
Fox News: The company blamed for a chemical spill that left 300,000 West Virginians without safe drinking water filed for bankruptcy Friday, temporarily shielding them from dozens of lawsuits, most by businesses that were forced to shut down for days.
Freedom Industries Inc. also used its bankruptcy papers as a forum to speculate on how the spill might have happened.
The company filed a Chapter 11 petition with the U.S. Bankruptcy Court in the Southern District of West Virginia, eight days after the spill began.
Company president Gary Southern signed the paperwork, which lists both the company's assets and liabilities as being between $1 million and $10 million. It says the company has at least 200 creditors and owes its top 20 creditors $3.66 million.
The bankruptcy proceedings temporarily halt the lawsuits against Freedom Industries, said Charleston attorney Anthony Majestro, who is representing several small businesses that sued the company. Majestro said his clients are weighing an option to petition the court to proceed in hopes of collecting on Freedom's insurance policy. It depends on the company's level of coverage, Majestro said.