First: Actual Settlement Offer is $61,000,000.00 not $54,475,558.00
Second: Settlement covers 1,400,000 documented tainted corrosive "Chinese" boards Banner bought and sold.
Third: Banner Insurers are paying 100% of the $61,000,000.00 without a court fight ???
Fourth: Banner is NOT paying any of the $61,000,000.00
Fifth: Included in Settlement Offer are two (2) payments (IN FULL) for either an Existing Judgement or a Pending Judgement, for seven (7) claimants to receive $747,903.00 EACH and five (5) claimants to receive $1,257,823.00 EACH.
Sixth: Class Actions or MDL type litigation or settlements NEVER favor the claimants or victims financially, but do end up with BIG pay-days for the Attorneys involved.
Seventh: Last ... and I feel the most important DETAIL or FACT concerning this proposed Banner Settlement Offer by their Insurers ... WITHOUT GOING TO COURT ... is the Insurer and Banner potential exposure to a much larger JUDGEMENT in an actual court case, clearly documented by existing and pending judgements would be major possibility.
Eighth: Why would Insurers pony-up payments ($61,000,000.00)
These FACTS are clearly documented on Page five (5) Sections 1.13 and 1.14 of the actual Banner Settlement Offer, dated June 14th, 2011 and available for your review on the link below.
Now my question to ALL potential claimants or litigants ...
Why would anyone participate in this farce of a settlement or anyone listen to an Attorney recommending participating or accepting this Settlement Offer knowing these FACTS ???
My next question or fact concerns why specific Attorneys are pushing so hard for this Settlement Offer to be approved ???
MONEY and a lot of it based on HOW many clients each Attorney can convince to participate !!!
Also clearly defined in the Settlement Offer ... 32% of the $54,475,558.00 remaining settlement offer balance, after PAYMENT-IN-FULL of pending and existing judgements!!! ($17,432,178.00)
But wait ... there's more
Settlement Offer funds need to be disbursed, and actual DISBURSEMENT cost also come from the $54,475,558.00 before claimants or victims get any MONEY !!!
Please also note ... PSC (Plaintiff Steering Committee) NOT the Public Service Commission will receive 10% off the top ($5,447,555.00)
With 1,000 Attorneys ... that translates into ... $11,984.00 EACH ... pay-out obviously varies based on actual number of clients each can convince to participate.
Based on news, media numbers, and simple math ... several Attorneys have over 100 clients each, and potential claimants could be 7,000 - 10,000, with as many as 2,000 claims from Developer / Builders with assigned rights from homeowners, based on their abatement contracts or agreements.
For more information concerning actual potential claimant pay-outs concerning this Settlement Offer ... read my previous Press Release Dated June 22nd, 2011 ...
Thank you for your interest,
Michael S. Foreman
Foreman and Associates, Inc.
Forensic Construction Consultants
Tainted Corrosive "Chinese" Drywall Experts
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Foreman and Associates, knowledge and expertise of Tainted Corrosive Drywall (TCDW) or "Chinese" drywall (CDW) continues leading the Industry with:
First 100% Accurate NDE Diagnostic Protocol (January 2009)
First Environmental Insurance backed abatement and treatment Protocol
First to publish and share NDE Analysis Protocol (January 2010)
First to promote and endorse SNiPER® Treatment System
First to acknowledge and endorse personal property SNiPER® Treatment System
First Cost Effective abatement Protocol requiring ALL electrical wiring / fixtures, HVAC equipment / duct work, drywall, cabinets, interior doors / hardware, carpet and pad, plumbing fixtures, removal and replacement or SNiPER® Treatment of specific components.
Our firms Treatment Protocol for Tainted Corrosive Drywall or Chinese Drywall has been documented as 100% successful.
Our SNiPER® Treatment affords Clients a CDW Specific Insurance Policy, covering any future issues associated with Chinese Drywall.