Banner Settlement Offer of $ 54,475,558.00 fails to fully compensate victims, claimants, or consumers with 1,400,000 tainted corrosive Chinese drywall boards, supplied by Banner Supply and installed.
Settlement Offer, as some would say ... has been run up the flag pole, to see if it flies ... requires FINAL approval and endorsement from Judge Fallon, who oversees all MDL and litigation case settlements concerning tainted corrosive Chinese drywall.
All Settlement dollars or actual total Settlement amounts, will be paid by several Insurance entities, with NO actual dollars from Banner Supply or Banner Supply entities.
Actual potential class or group of individual claimants or parties representing claimants exceeds 7,000, based on simple math and general construction knowledge.
Lennar, Taylor-Morrison, KB Homes, DR Horton, and other Builder / Developers that have abated and reconstructed client homes, by contract details with the homeowner, have assumed or been assigned their claim rights, and are also entitled to their share of Settlement Funds, further expanding the potential known claimants.
Per existing Banner Settlement Offer documents, Lawyers or Attorneys will receive 32 percent of disbursed amounts, and PSC (Plaintiffs Steering Committee) receives 10 percent of that 32 percent.
Actual disbursement, handling, oversight, or management fees or direct cost required to administer the Settlement are undetermined, at this time, but also are paid directly from $ 54,475,558.00 settlement amount, and who will handle, also undetermined, at this time. Potentially PSC (Plaintiff Steering Committee) could handle administration, further increasing, existing known 10% off the top.
Banner Supply and Knauf-Tianjin (manufacturer)
Secret document draft date, December 2006, clearly documents and confirms Banner Supply and Knauf-Tianjin both knew about the obvious problems and issues, long before December 2006, clearly explaining one reason Insurers, have offered FULL PAYMENT of policy coverage, without not only a costly trial, but also potential additional liability and financial risk.
Knauf-Tianjin continued to sell, ship, and distribute tainted corrosive Chinese drywall, long after secret settlement to other US suppliers or even potentially to US manufacturers (still in litigation, at this time).
Knauf-Tianjin and Banner Supply have not disclosed what happened or became of the 47,000 +/- tainted corrosive boards warehoused and covered by the secret settlement. (Speculation is boards where sold at a discount, donated and tax benefits received, or maybe both ... who knows ???)
Actual cost to properly re-mediate, treat, test, and re-construct a typical house, per established and documented Judge Fallon Guidelines ... $70.00 - $ 75.00 per square foot ... not including personal property, relocation, and moving expenses.
Actual Attorneys and Lawyers representing claimants, victims, and consumers have not only voiced opposition, disdain, and distrust but have also gone on the record they are against the current Settlement, further confirming the existing Settlement Offer fails to resolve financial issues of their clients, but also fails to pay them what they feel is a fair amount, based on existing Settlement Terms.
Now some current facts and information, 30 days after original settlement offer announcement.
Consumers, victims, and claimants ...
After over five (5) plus years of known problems associated with tainted corrosive drywall
Over three (3) years of litigation cases, and no known settlement disbursements
Untold promises and guidance from their Lawyers or Attorneys ...
Wait, do not do anything ... you may damage your potential future claim settlement ...
Settlements, help, answers, and a funding "Pot of Gold" to correct the problem ... are in the future ...
Class Members or Group Members are all starting to wake-up and realize, not only are the settlements, help, answers, and future funding "Pot of Gold" promised, just a small fraction of the actual cost to correct the major problem or issue, but the Attorneys and Lawyers get 32% or more of this "Pot of Gold", further adding to their funding short-fall problems, solutions or hopes.
Year after year, Attorneys and Lawyers convince consumers, victims, and claimants to joint class action or group settlements to get the attention of violators, or you will have strength in numbers, or the cost will be less as a group, but they fail to disclose the history, facts, and known information concerning these types of legal actions ...
Attorneys and Lawyers are the only FINANCIAL winners and always at the expense of the consumer, victim, or claimant ... simply because without them ...
NO SETTLEMENT, JUDGEMENT, or PAYMENT would exist.
Today, Judge Fallon has the POWER and AUTHORITY to send a message ...
Loud and clear ...
Changing how settlements or disbursements occur ... STARTS TODAY !!!
By simply limiting Attorneys, Lawyers, PSC, and Settlement Administrators share to only 10% - 15% not 32% plus, plus, plus.
I anxiously await Judge Fallon's ruling and decision on this Settlement Offer and other settlements, associated with tainted corrosive Chinese drywall.
Time to read the news and press releases ...
Thank you for your time and interest.
Michael S. Foreman
Forensic Construction Consultant
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