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Hi everyone.
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Thank you for taking the time to watch this prerecorded video update from the
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official Committee of Talc claimants in the LTL two case.
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Today’s video is intended to inform you about the latest developments in the L T
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L Management chapter 11 bankruptcy.
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Our primary objective is to unpack the implications of the bankruptcy court’s
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recent decision to dismiss LTL’S second bankruptcy filing.
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My name is Melanie Cyganowski from Otterbourg.
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I am a retired bankruptcy judge and I am one of the co-counsel representing the
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committee along with David Molton from Brown Rudnick and other
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of our co-counsel.
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We are joined today by Leigh O’Dell from Beasley Allen,
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who serves as one of our co-chairs and representatives of one of our members.
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As a reminder, the Talc claimant’s committee is comprised of 11 members.
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10 of those members are either suffering from ovarian cancer or
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mesothelioma,
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or they have family members who suffered and died from these diseases.
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The committee members are up on the screen and they include Brandi
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Carl, Patricia Cook, Randy Derouen,
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Kristie Doyle as the estate representative of Dan Doyle, April Fair,
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William Henry as the estate representative representative of Deborah Henry,
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Alishia Landrum, Rebecca Love, Sue Sommer-Kresse,
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Tonya Whetsel as the estate representative of Brandon Whetsel and
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Blue Cross Blue Shield of Massachusetts.
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The TCC was appointed by the office, the US trustee.
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The committee is the official committee specially appointed under the bankruptcy
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code and is the fiduciary,
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which represents all Talc claimants under the bankruptcy code.
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The committee has a duty to communicate with all of the creditors and claimants
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in the LTL bankruptcy case. Lastly,
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let me remind you that we are not your lawyers.
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We are not here to give you legal advice. As always,
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we urge you to discuss any questions you may have with your personal counsel.
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Now let’s jump into the update. David.
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Thank you Melanie, and we really appreciate all of us.
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your introductions. On Friday, July 28th,
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judge Michael Kaplan of the bankruptcy court for the
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district of New Jersey, ruled in favor of the Talc Claimants Committee,
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the TCC and a host of other movements
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in dismissing Johnson and Johnson’s subsidiary company LTLs
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second bankruptcy filing.
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We expect that Judge Kaplan will enter the order actually dismissing the
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bankruptcy case sometime during the week of August 7th,
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at which time all pending cases in the tort system will be
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released and will are free to be prosecuted.
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The TCC believes that this is a triumphant victory for the
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thousands of cancer victims who deserve to pursue justice
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against Johnson and Johnson in the tort system and who should not be coerced
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into low-value non-consensual settlements.
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As part of the bankruptcy plan,
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the bankruptcy court’s ruling validates the TCC’s belief
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that Johnson and Johnson used the Texas two-step legal maneuver in
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bad faith and manufactured financial distress in its LTL
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subsidiary.
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The dismissal of the bankruptcy case means that all pending cases
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will return to the appropriate judicial forum, the tort forum,
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and either your case will go to trial where your case can be heard in front of a
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jury of your peers as the Constitution of the United States
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intended. Or of course,
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you can also have the opportunity of settling your case with J&J
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as has been done in the past,
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but without the unfair overhang and duress imposed by an
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artificially limited pool of resources,
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which would have been the result of J&J’s bankruptcy strategy.
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Had that strategy been successful.
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What this means for existing claimants is that your cases will no longer
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be held up in the bankruptcy system for what would likely be
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several years or more,
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and can now be pursued in their proper forum.
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Individuals with specific questions about their cases should contact
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their attorneys to determine the best legal strategy to pursue their
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claims. Melanie, please continue.
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Thank you.
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And now we would like to discuss the immediate actions being taken this week.
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On August 2nd last week,
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Judge Kaplan issued what is called a memorandum opinion,
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determining that the bankruptcy case must be dismissed,
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but the case is not actually dismissed until an order dismissing the case is
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entered on the docket.
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All parties are now in negotiation about how to address some remaining
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administrative matters,
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including whether or not the TCC can remain in place for the
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purpose of defending an appeal by J&J and the debtor.
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The final dismissal order ending the bankruptcy case is expected to be
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entered by the court sometime the week of August 7th in the
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proposed order.
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The TCC also request that the debtor be prohibited from
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refiling for at least six months.
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This request is being opposed by the debtor,
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but Judge Kaplan will determine whether this request by the T C C should be
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granted once the case is dismissed.
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There are several important items to keep in mind. First,
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upon dismissal,
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there will be no plan of reorganization or vote on the plan of
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reorganization in the bankruptcy case because it will have been dismissed.
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Second,
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there is no settlement that is being forced upon non-consenting claimants.
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Again, because the case will be dismissed,
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third deadlines to file lawsuits will once again be triggered.
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So it is important that you contact your counsel regarding the ability to pursue
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your own claims against the debtor. If you don’t yet have a lawyer,
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you should reach out to one. David.
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Thank you, Melanie.
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the TCC plans to continue communicating with you as long as the court
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allows through our website,
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which is ltltalccommittee.org.
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That’s l t l,
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that’s l t l t a l c c o m m i t
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t e e.org. And the email address for questions is
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[email protected].
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That’s questions at L T L T A L c c o m
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m i t t e e.org. However,
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depending on the judge’s ruling on the TCCs continued existence,
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the committee may be disbanded. Should this occur,
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our website will remain online for a brief period of time following the
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entry of the dismissal order. As I mentioned,
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this is certainly a triumphant victory for the TCC and we believe for
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all Talc claimants, um, we remain diligent.
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in the event that J&J takes a new legal strategy.
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Some possible scenarios include J&J or LTL
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seeking to stay the effective date of the dismissal order in an effort to keep
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the present injunctions on prosecution of trials,
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um, stayed pending the effective date of the
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dismissal order
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or refiling of the bankruptcy case in New Jersey or in a
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different state,
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or pursuing other forms of corporate transactions or
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reaching a global resolution in the multi-district litigation,
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the MDL in New Jersey,
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which was pending since before the first LTL bankruptcy case was filed.
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The T C C including our 11 members,
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their member representatives and committee council are steadfast and our
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commitment to fight for justice and fair compensation for you,
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the thousands of individuals and families of those victims who are
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diagnosed with ovarian cancer or mesothelioma.
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As a result of J&J’S Talc products,
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we encourage claimants to consult their legal counsel to determine how to
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advance their individual cases.
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On behalf of members of the TCC and
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representatives,
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I just wanted to take a moment to thank Melanie and David and their brilliant
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legal teams who work tirelessly in the pursuit of justice for our members
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and all claimants ovarian cancer and mesothelioma in this case.
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Their excellent advocacy resulted in the defeat of J&J’s
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pernicious attack on the tort system.
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There will never be enough words to express the immense gratitude that
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we feel, but the value of your work, Melanie, David, so many others,
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cannot be overstated. Simply put, thank you.
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We appreciate your work, your diligence, your courage,
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your persistence,
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and we’re excited to celebrate this moment with you and with all claimants
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who now can pursue their cases in the tort system where they rightly belong.
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Thank you, Leigh.
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No, thank you Leigh. David and I and all of the co-counsel have been honored,
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truly honored throughout this process to represent the Talc claimants,
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in their pursuit of justice, and we too are grateful to be here.
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David and I thank you all for joining us today and for your interest in this
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case for the last two years. We will continue to stay in touch,
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as David said, as long as we’re able to do so.
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If you have any questions about the case between now and then,
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please don’t hesitate to contact your own lawyer or submit questions to the
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email on our website or contact any of us.
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We will endeavor to respond promptly to all of your questions while we were able
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to do so. Thank you.