Pfizer’s fourth attempt at passing a bankruptcy plan for former asbestos unit backfires

Asbestos exposure can generally cause many types of fatal diseases, including lung cancer, asbestosis and mesothelioma, which is a rare type of cancer of the lining of the abdominal cavities, chest and the all organs which are contained within it. The common treatment of mesothelioma is largely composed of radiotherapy, chemotherapy and surgery or any combination of the given three. The general treatment can only perfectly extend the life expectancy slightly longer than 18 months. A recent research study report indicated that Pfizer Inc.’s Quigley unit, which is a former asbestos maker, has failed to succeed its ongoing mesothelioma lawsuit attempt to largely benefit itself from highly manipulating the bankruptcy process. It was founded in 1916, it is to be noted that Quigley was in the manufacture open market of three products largely containing the asbestos from the period of 1940s to the end of 1970s. In 1968, the company was purchased in public interest by Pfizer.

It is to be highly noted that all types of Mesothelioma treatment composed of commonly surgery; radiotherapy, chemotherapy and any combination of the given three are rarely life-saving. In another way, it also means, any type of treatment largely only buys a patient given time, and the normal life expectancy is rarely much longer than 18 months. With all efforts, Pfizer has greatly tried to get rid itself of all the liability of the ongoing Mesothelioma settlement for an estimated figure of $900 million worth of asbestos created all type of damages since bankruptcy was initially filed through a given Chapter 11 plan. It also largely claimed in the general plan that the said company will be largely bankrupt after five years of paying off all type of claims for all asbestos-related injuries. It was the fourth plan of Quigley at passing a reorganization plan that prompted the judge to propose discussion on the dismissal of the case. Judge Bernstein dismissed the case in the citation that the world’s largest drug company could total $4.45 billion over the next 42 years.