Different Strokes, Different Folks Most corporations have dealt with their asbestos liabilities like Johns Manville did in 1982: Declare bankruptcy, set up a trust for claims segregated from the company, and don't make waves. Now, corporations are bucking that convention and challenging claims in different ways. The Manville strategy The Babcock & Wilcox strategy The Honeywell strategy The railroad strategy Enter Chapter 11, create a trust, segregate the claims and give control of company to claimants for a number of years Challenge in bankruptcy court the validity and value of a majority of claims Attempt consolidate claims against you with those filed against companies already in bankruptcy Challenge lawsuits and claims based on the potential of sickness, versus those people who actually are ill, outside of bankruptcy court Companies using this strategy: Companies using this strategy: Companies using or trying to use this strategy: Companies using this strategy: Owens Corning, Pittsburgh Corning Corp. Babcock & Wilcox, W.R. Grace, USG Corp. Honeywell International Co., Halliburton Co., DaimlerChrysler AG, General Motors Corp., Ford Motor Corp. CSX Transportation, Norfolk Southern Railway, Conrail Source: The Deal