CFB Liquidating Corporation emerged from the Chapter 11 bankruptcy of Chicago Fire Brick Co. (CFB), a company that manufactured products containing asbestos. Asbestos-related claims overwhelmed the company, and the Plan of Reorganization that was confirmed in the bankruptcy proceedings essentially directs the Trustee to administer the company’s remaining assets to pay asbestos-related claims.
CFB’s remaining assets included several insurance policies. While most of CFB’s insurers settled with the bankruptcy estate and made payments, Continental Casualty Company elected to file a proof of claim and negotiate …
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