Corp-Ethics.com - Report: Halliburton seeks to settle Asbestos Liability

Company	Halliburton [Company Info]
	Track this Company (an email will be sent to you everytime a report is filed about this company)

Date	Issue	Title
10th May 2004	Questionable Practice	Halliburton seeks to settle Asbestos Liability

Report

Halliburton Co. inched closer to settling all asbestos liabilities Monday with completion of hearings in Pittsburgh to confirm the pre-negotiated bankruptcy for subsidiary DII Industries.

The company expects U.S. Bankruptcy Judge Judith Fitzgerald to rule on confirmation by late summer 2004, Halliburton spokeswoman Wendy Hall said. Then the company can move closer to paying out a $4.17 billion in cash and stock to settle 400,000 asbestos and 21,000 silica claims as announced in December 2002.

Halliburton also said that DII Industries has reached a non-binding agreement in principle with leaders of the London Market insurance companies that, if implemented, would settle outstanding insurance disputes related to the settlement. In addition, the Houston-based oil services conglomerate expects to enter into a similar non-binding agreement with solvent domestic insurance carriers.

If implemented, the potential insurance settlements announced Monday along with a settlement with Equitas announced in January would result in the receipt of an aggregate of about $1.6 billion in cash for all of DII Industries' insurance receivables, Halliburton said. Halliburton intends to pay $2.775 billion of the total settlement in cash.

"These insurance settlements, if consummated, will resolve disputes between us and our carriers, forestall further appeals, and allow the bankruptcy proceedings to be completed expeditiously," said Dave Lesar, Halliburton's chairman, president and chief executive.

In February, Fitzgerald dismissed all claims by insurance companies in Halliburton's asbestos settlement case, saying they had no standing to challenge the agreement. She said Monday she intends to issue a final order denying standing to insurance carriers' objections to DII Industries' reorganization plan.

Halliburton, once run by Vice President Dick Cheney, inherited most of the claims five years ago when the conglomerate, under Cheney's leadership, acquired Dresser Industries Inc. for $7.7 billion. Cheney left the company in 2000 to be George W. Bush's running mate.

The bankruptcy was filed in Pittsburgh because most of the asbestos claims were filed against a former Dresser subsidiary, Pittsburgh-based Harbison-Walker Refractories Co. That company filed for Chapter 11 bankruptcy in 2002.

Shares of Halliburton closed down 28 cents at $27.94 Monday on the New York Stock Exchange.

Other Reports on Halliburton
Date	Issue	Company	Report
12th Jul 2006	Other Issue	Halliburton	US Army to end Halliburton deal
24th Mar 2006	Fraud Investigation	Halliburton	Ex-Halliburton staff in Saudi kickback
23rd Aug 2005	Other Issue	Halliburton	Halliburton worker admits bribes
15th Mar 2005	Other Issue	Halliburton	Halliburton in $108m Iraq probe
4th Dec 2004	Other Issue	Halliburton	Halliburton asbestos deal 'final'
25th Nov 2004	Other Issue	Halliburton	Halliburton faces 'payment cut'
29th Oct 2004	Fraud Investigation	Halliburton	FBI 'studying Halliburton deals'
15th Oct 2004	Questionable Practice	Halliburton	US agrees to Halliburton inquiry
21st Sep 2004	Questionable Practice	Halliburton	Halliburton hit with Nigeria ban
17th Aug 2004	Other Issue	Halliburton	US Army suspends Halliburton decision
3rd Aug 2004	Fraud Investigation	Halliburton	Halliburton settles accounts case
20th Jul 2004	Questionable Practice	Halliburton	Halliburton Iran deals under fire
19th Jun 2004	Other Issue	Halliburton	Halliburton cuts off KBR ex-boss
19th May 2004	Questionable Practice	Halliburton	Pentagon suspends Halliburton payments
17th Mar 2004	Other Issue	Halliburton	US to withhold Halliburton bills
17th Dec 2003	Questionable Practice	Halliburton	Halliburton bankrupts own units
12th Dec 2003	Questionable Practice	Halliburton	Halliburton Questioned regarding Iran
22nd Nov 2003	Fraud Investigation	Halliburton	Halliburton in Iraq fuel costs row
15th Jun 2003	Fraud Investigation	Halliburton	Nigeria Fraud Investigation
13th Jun 2003	Questionable Practice	Halliburton	Halliburton awarded US military contact

Related Reports from the Petrochemical Industry
Company	Issue	Report
China Aviation Oil	Fraud Investigation	China Aviation execs plead guilty
BP Amoco	Questionable Practice	BP blamed for Texas blast
Yukos	Fraud Investigation	Moscow court freezes Yukos assets
Shell	Other Issue	Ex-Shell chief gets £1m pay-off
BP Amoco	Other Issue	BP closes deal with Russia