Fw: Welcome to the Tort Claimants Committee website, last updated onFebruary 5, 2002.

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Sent: Thursday, February 07, 2002 6:59 PM

Subject: Welcome to the Tort Claimants Committee website, last updated

onFebruary 5, 2002.

> http://www.tortcomm.org/

>

> Welcome to the Tort Claimants Committee website, last updated on February

> 5, 2002.

>

> Current Events

> Updated February 5, 2002:

>

> Judge Page Hood, the U.S. District Judge overseeing the Dow Corning

> bankruptcy case, will hold a status conference on Monday, February 11,

> 2002 at 4 p.m. in Detroit. The Tort Claimants' Committee anticipates that

> the Court may discuss how the issues on remand to her from the 6th Circuit

> Court of Appeals decision will be handled. It is not necessary for

> claimants or attorneys to attend, although the hearing is open to

> interested parties. The Tort Claimants' Committee will attend the status

> conference. We will report and post an update on Tuesday, February 12,

> 2002. Please check back to the TCC website at that time.

>

> The 6th Circuit Court of Appeals issued an opinion on January 29, 2002

> affirming (approving) the Amended Joint Plan of Reorganization of Dow

> Corning. To read a copy of the opinion, click here.

>

> The first issue on appeal was whether a bankruptcy court may enjoin

> (prevent) objectors from suing a non-debtor corporation (i.e., Dow

> Corning's shareholders -- Dow Chemical and Corning) as part of a

> reorganization plan in bankruptcy. The 6th Circuit Court of Appeals ruled

> that the bankruptcy court may do so, and they affirmed (approved) the

> earlier rulings of the bankruptcy and district courts. However, they sent

> the case back to the lower court for findings of facts that demonstrate

> that an injunction was appropriate in this reorganization plan. This means

> that the district court must issue an order that specifically lists the

> facts that support her earlier finding that objectors cannot sue a

> non-debtor (i.e., Dow Chemical and Corning).

> As part of this decision, the appeals court found that the reorganization

> plan did not provide adequate protection to ensure that the claims of the

> U.S. Government (Class 15) would be paid in full. Specifically, they

> determined that a procedural mechanism was needed to allow the U.S.

> Government to assert claims for subrogation under Medicare and other

> federal programs.

>

> The second issue on appeal was whether the reorganization plan classified

> foreign claimants appropriately. The court ruled that the plan did treat

> foreign claimants appropriately and equally with non-foreign claimants

> under the bankruptcy code, and affirmed (approved) the earlier rulings of

> the bankruptcy and district courts.

> The Tort Claimants' Committee will post additional information on the

> ruling and other developments as they become available. In the meantime,

> Dow Corning has paid the Initial Payment of approximately $1 billion to

> the claimants' trust. This money is being invested by the Interim

> Financial Advisor and is earning interest dedicated solely for claimants.

> Dow Corning does not get any of the interest earned by the claimants'

> trust. The Settlement Facility offices are also operational, and a Claims

> Assistance Program is available to answer your questions (call toll free

> within the U.S. and Canada to 1-866-874-6099). While the ruling by the 6th

> Circuit Court of Appeals will undoubtedly cause additional, unexpected

> delay in making payments to claimants, the Tort Claimants' Committee will

> continue to urge the courts to expedite the appeals and rule quickly.

> Unfortunately, we do not control the timing of the court system.

>

> Please continue to check back to the TCC website for updates.

>

>