In Re: Johns-Manville Corp., No. 12-1094 (2d Cir. 2014)Annotate this Case
The bankruptcy court required Travelers to pay over $500 million to asbestos plaintiffs based on Travelers' obligations under certain settlement agreements. On appeal, plaintiffs challenged the district court's reversal of the bankruptcy court's judgment, holding that conditions precedent to payment under the agreements were never met and that Travelers' obligation to pay never matured. The court vacated the district court's order because the relevant conditions precedent were satisfied and the court remanded with instructions to reinstate the bankruptcy court's final judgment; Travelers' arguments regarding the Agreements' conditions that the movants either execute a specific number of releases and deliver them into escrow or dismiss their claims with prejudice were waived because Travelers did not timely raise its arguments; and the court held that the bankruptcy court correctly applied prejudgment interest to the amount owed and that it correctly calculated the total payment due from the appropriate date.