AIG Insurer to Pay $42.5M to Cleanup Sites of Bankrupt Underwear Company

January 10, 2008

  • January 10, 2008 at 8:22 am
    Not an AIG Guy says:
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    AIG tried to deny coverage? What’s this world coming to?

  • January 10, 2008 at 12:35 pm
    Joe Mama says:
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    Sounds like they really hit the skids!

    MWHAHAHA!!!

  • January 10, 2008 at 12:41 pm
    fred says:
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    I didn’t know they went bankrupt. I think I am wearing Fruit of the Loom right now. I wonder how old this pair I am wearing is?

  • January 10, 2008 at 12:49 pm
    Consultant says:
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    You buy insurance from AIG and then have to sue to collect for coverage afforded by their policy.
    Why did I think things might change with Hank out of the picture?

  • January 10, 2008 at 12:59 pm
    Stinky says:
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    Sounds like a lot of crap.

  • January 10, 2008 at 1:00 am
    Just checking says:
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    Just checked for grapes & a bananna…yup, they’re still there! Maybe they got their Haynes on them now.

  • January 10, 2008 at 1:05 am
    Rick says:
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    Sorry I couldn’t resist.

  • January 10, 2008 at 1:07 am
    Jacque S. Trap says:
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    I don’t know if I’d want to see the legal briefs on this one.

    It sounds like AIG didn’t get much support from them.

  • January 10, 2008 at 1:13 am
    Former AIG says:
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    I bet the bankrupt underwear company put money in an off-shore that AIG set up to handle their insurance program and the agreed to $$$’s is what remained after AIG deducted for legal fees, et al. I would bet AIG’s not giving up THEIR money.

  • January 10, 2008 at 1:25 am
    IG says:
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    Not content with the shirt off my back, now the Feds have taken my shorts too!

  • January 10, 2008 at 1:42 am
    Nobody Important says:
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    They were just trying to make their mark.

  • January 10, 2008 at 1:48 am
    Jay Leno says:
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    Let’s face it, insurance and underwear is a shi*ty business.

  • January 10, 2008 at 1:54 am
    Me says:
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    WOW – you mean it takes the EPA to get involved? You’d think AIG would want to have clean underwear in case of an accident or something…

  • January 10, 2008 at 2:05 am
    Saints Fan says:
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    What exactly needed to be cleaned up? Did all of the former employees take a collective dump at all of the closed locations? That’s so crappy!

  • January 10, 2008 at 2:09 am
    Sanits Fan II says:
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    Why don’t all you jerks get back to work and make the insurance industry better than it is.
    What dumb comments!

  • January 10, 2008 at 2:24 am
    Nobody Important says:
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    Of course they are dumb. It’s Thursday and we have been dealing with people like you with their shorts too tight all week. Lighten up. I know I need to sometimes.

  • January 10, 2008 at 2:28 am
    Jay Leno says:
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    Hey Sanits Fan II, are you a humorless actuary or something? To keep it in the same context, lighten up turd. We are making the insurance industry a better place by making some light hearted observations. Go back to your pencil pushing number crunching while we have a few jokes.

    How do you like them road apples?

  • January 10, 2008 at 2:39 am
    Stinky says:
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    Hershey Highway

  • January 10, 2008 at 3:08 am
    Saints Fan says:
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    Come on, Saints Fan II. You’re making me look bad. Speaking of turds and since we are N.O. Saints fans, they should be sued for this stinkin’ season.

    Just a thought…

  • January 10, 2008 at 3:11 am
    Insurance Advisor says:
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    Never let the smell of the premium outweigh the stench of the risk?

  • January 10, 2008 at 3:46 am
    JP says:
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    Fruit of the Loom is bankrupt? What rectum?

  • January 10, 2008 at 3:48 am
    Me says:
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    must have been polluted panties… good one JP – Happy Thursday Every One!

  • January 10, 2008 at 4:18 am
    Panties in a bunch says:
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    Sanits (sometimes spelled “Saints”) Fan II sure has his panties in a bunch. I always thought us insurance types had a sense of humor and here we are proving it! “Sanits” must have been under water a little too long.

  • January 10, 2008 at 5:12 am
    Grape says:
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    Since the info contained in this article was just crowning, I found the following info to get it all out. Sounds like the pollution actually had nothing to do with underwear, just chemical companies formerly owned by the fruits…….
    The other sites involved are Velsicol Chemical (Hardeman) site in Toone, Tenn. and the Ventron/Velsicol site in Bergen County, N.J. In 2005, the AIG subsidiary fought efforts to collect the $100 million limit on the policy by suing NWI-I Inc., a bankrupt conglomerate that was formerly known as Fruit of the Loom Inc. that previously owned Velsicol. Velsicol took over the Michigan Chemical Company in 1963. In 1971 Velsicol began producing the fire retardant PBB. Following a mishap with PBB getting packaged into bags marketed for animal feed in the state, the company ultimately closed down in 1978. Velsicol in the next decade was bought out by the owner of Northwest Industries, which then was bought by Fruit of the Loom. By 1999, both entities were in bankruptcy. In its 2005 suit, AISLIC charged that NWI breached the terms of its policy when it agreed to transfer its coverage rights to the bankruptcy trusts. Le Petomane II Inc. and Le Petomane III Inc. became the trustee corporations of the Velsicol properties. Wednesday’s news release says the settlement “resolves a lawsuit that began in 2005 over environmental insurance coverage between AISLIC and the two bankruptcy trusts, and concludes litigation in which the Department of Justice intervened on behalf of the EPA, the Department of Interior, the Nuclear Regulatory Commission, and the National Oceanic and Atmospheric Administration. The states of New Jersey, Tennessee, Illinois and Michigan have also joined the settlement.”

  • January 11, 2008 at 11:11 am
    Catte says:
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    This stuff is great. Really.



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