Select Case Studies
In 2002, Pfizer, Inc determined that their wholly owned subsidiary, Quigley Company, Inc., required independent review and oversight of its long term litigation and operating strategy. Paul Street was appointed CEO with the mandate to recommend a strategy to Quigley and Pfizer.
Quigley, which was acquired by Pfizer in 1968, has been a major defendant in the ongoing asbestos litigation saga since the late 1970s. Since that time, Quigley has shed all its operations and its primary focus has been managing, litigating and settling plaintiff claims, and also recovering payments due from Quigley’s insurers, either through negotiation or litigation.
Impala Partners recommended the creation of an independent Board of Directors, as CEO Paul Street would serve on this board. After evaluating the various options, the Board determined that a Chapter 11 filing was the lowest cost, most efficient way to resolve the numerous outstanding claims. The case was commenced in September, 2004 with 200,000 claims awaiting resolution as of the filing date.
Impala supervised and worked closely with the various attorneys involved in the Chapter 11 case as well as the numerous claims against various insurers which have resulted in settlements of close to $600 million.
In late 2009 Quigley’s creditors accepted the reorganization plan by an overwhelming margin (84%).