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Corporations Keyed to O’Kelley
Craig v. Lake Asbestos
Citation:
843 F.2d 145 (1988)Facts
Charter is a publicly held investment holding and finance company; Cape also is a publicly owned holding company. Through its subsidiaries, Cape engaged until 1970 in the mining of asbestos in South Africa. Charter, through its subsidiary, acquired a 16% interest in Cape in 1965. In 1973, Cape and its wholly-owned subsidiary NAAC were named as defendants in two asbestos injury suits filed in Texas. Cape unsuccessfully challenged jurisdiction. Ultimately, these cases were settled for $20 million, with Cape and NAAC responsible for $5.2 million. NAAC was dissolved in 1978; in its place was formed the Continental Products Corporation (CPC), which ostensibly had no ties to Cape. However, Charles G. Morgan, NCCA’s former president, was the president and sole shareholder of CPC, which had received its start-up funds through Cape’s payment of termination compensation to Morgan. CPC, which received its shipments of asbestos from Cape through a newly formed corporation in Liechtenstein. As a result of these actions, Cape had apparently been able to avoid paying nothing toward the injury claims of asbestos victims.
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