Supreme Court Won't Hear Arguments over Transfer of National Gypsum Liabilities

WASHINGTON, D.C. - The U.S. Supreme Court has denied a petition for writ of certiorari filed by a reorganized trust that sought to transfer its old asbestos liability to its post-bankruptcy entity. NGC Settlement Trust, et al. v. National Gypsum Co., No. 00-1379 (U.S. Sup. Ct.).

The ruling was issued June 4 without an opinion.

In 1993, after Aanchor Holdings, Inc. and its wholly-owned subsidiary National Gypsum Co. filed joint petitions for relief under Chapter 11, the bankruptcy court entered an order confirming the companies' reorganization plan. As a result of the reorganization order, a new Delaware corporation was created …