UP-DATED NEWS-Banner Supply/Knauf-Tianjin Secret Settlement-Dated December 2006-Details Exposed !!!
Banner Supply Settlement Offer unapproved by Judge Fallon, and after review of secret settlement documents, dated December 2006, exposed in Court May 2010, has all the drama, sinister elements, players, dialog, and intrigue of a day time soap opera.
June 30, 2011 - PRLog -- Banner Settlement Offer currently in question and under review by Judge Fallon, fails to fully cover and disclose all the facts, details, and information contained in the attached document link below, and has no silver lining for consumers, victims, or claimants at this time.
Now the rest of the story ...
After reviewing the attached document dated 12-2006, several questions come to mind ?
1) Sealed Settlement Draft was dated December 2006, and with my limited knowledge
of International Communications between Banner Supply and Knauf-Tianjin, this
could only mean, numerous letters, e-mails, phone calls, documents, complaints,
denials, and other political and friendly discussions occurred before "Draft"
document dated December 2006.
2) Corporate lack of morals and scruples are confirmed by the fact, Banner continued to
market and sell Knauf-Tianjin gypsum boards or sheet-rock, until who knows when ?
3) Banner and Knauf-Tianjin failed to disclose the major issue or out-gassing corrosive
vapors emitted by and from the tainted corrosive gypsum boards, manufactured by
Knauf-Tianjin, and Knauf-Tianjin continued to ship and sell their boards with that
clear and known fact, something was wrong or not right, causing major HVAC coil
failures, electrical appliance failures, visual corrosion issues of copper components
in general, and obvious Health or respiratory issues.
4) Banner Supply agreed to warehouse or store 47,956 sheets or boards for Knauf-
Tianjin for a fee, that appears to be $ 7,000.00 +/- per month.
My real question is what happened to these 47,956 boards or sheets, of known
tainted corrosive Chinese drywall, and when will Banner or Knauf-Tianjin disclose
these facts, secret sales, donations, or liquidation of the 47,956 sheets of inventory.
5) What is our Justice Department, Bankruptcy Courts, and other Government
Institutions doing to police and prosecute these crimes ?
Based on my simple review of the Banner Settlement Offer (June 2011) details ...
$ 54,475,558.00 amount covers 1,400,000 sheets or boards Banner admits importation and receipt of, after you subtract existing out-standing court settlements.
Based on general construction knowledge, 200 plus or minus, 4 foot by 12 foot sheet-rock boards are consumed, building a standard Florida single family residence, confirms ...
7,000 potential claimants exist or realistically could be victims.
(1,400,000 boards divided by 200 boards per structure = 7,000 )
Now, by my calculator, that translates into $ 7,782.00 per claimant and after PSC (Plaintiff Steering Committee) and attorney fees ... 32% = $ 2,490.00 off that figure, leaving the consumer, victim, or claimant ... $ 5,292.00, not including administrative and disbursement cost, that per settlement offer further reduce total settlement amount ... Further reducing the $ 5,292.00, by an additional unknown amount at this time.
Sounds like a lot of money, but just ask anyone who has had their house professionally abated, treated, and re-constructed per Judge Fallon Guidelines ... $75.00 - $85.00 per square foot average cost, NOT including relocation housing cost, moving, furniture abatement, personal property abatement, replacement of personal property (electronic devices, appliances, computers, TVs, etc.).
When you estimate a typical 1,700 square foot house, not including 420 square foot garage ... you are now looking at 2,120 square feet X $75.00 (conservative approach) = $ 159,000.00.
Now, that big settlement amount of $ 5,292.00 has perspective.
Not such a great deal after all, and again the only group that makes any money with Class Actions or MDL cases, are the attorneys, lawyers, and legal representatives.
Yes, I'm sure square foot cost estimates vary, but even if I'm 50% off ...
2120 X $ 37.50 = $ 79,500 ... and you still only get $ 5,292 potential settlement dollars.
Now, based on documented and validated Piers Reports and Charts (link below), published February 2009.
Open link below and scroll down ...
3,630,000 Tainted Corrosive Boards were imported to Florida and Banner Supply admits to importing 1,400,000 per Banner Supply Settlement Offer ...
My calculator says ... 2,230,000 boards are still unaccounted for or location unknown, at this time, or roughly 62% of the total imported Chinese boards in Florida alone are not accounted for or their location known.
Judge Fallon has FINAL approval of this HOT POTATO, but I strongly feel, after all is said and done, Fallon will approve a revised settlement offer, that favors consumers, victims, and claimants and limits PSC and attorney fees to a reasonable and fair, not to exceed 15% - 20%.
After all, remember the more clients the attorneys have, the bigger the check, or their fair and equitable share.
Educating and informing consumers for over 10 years.
Thank you for your time and interest.
Comments and questions ... welcome.
Michael S. Foreman
Forensic Construction Consultant
Chinese Drywall Expert
# # #
Foreman and Associates, a FULL service forensic construction consulting firm.
Our firms Treatment Protocol for Tainted Corrosive Drywall commonly called Chinese Drywall has been validated, confirmed, tested, and documented as 100% successful.
Our firms SNiPER® Treatment Application Protocol affords Consumers the option of a Chinese Drywall Specific Insurance Policy, covering any future issues associated with not only Chinese Drywall or Tainted Corrosive Drywall, but also the future unknown out-gassing vapor residual issues .
Page Updated Last on: Jul 02, 2011