It seems like Chemour knew they would lose in arbitration, so they sought court approval to ignore the arb agreement. The court didn’t, because it is valid.
The most likely concern of Chemour is their inadequate due diligence in regard to estimating the environmental liabilities. Actuarial firms were available to provide an estimate independent of that done by DuPont. Arbitration administrators are aware of that fact.
DuPont knew that the first 2 quarters P&L of the new Chemours could not support $3.9 Billion borrowing, dividends and PFAS liability. In my opinion, DuPont owes Chemours a $3.9 Billion repayment or executives could go to jail for investment fraud. The DuPont/Chemours arbitration agreement is invalid quite simply because the Chemours spin-off offering is illegal in the eyes of full disclosure to the investment community. Due to a previous out-of-court liability settlement, DuPont had its PFAS hands tied when all subsequent PFAS liability cases could not be appealed nor could they argue the Bilott settlement scientific data was invalid (Read Rob Bilott’s new “Exposure : Poisoned Water, Corporate Greed, and One Lawyer’s Twenty-Year Battle Against Dupont” book). In 2020, Congress is trying to help with a $20 Billion water cleanup bill! The spread of where the PFAS “forever chemical” is found the United States looks like a Coronavirus epidemic map. The more testing we do, the bigger the spread. When news of the connection between immune suppression and blood contamination hits, Pandora’s box is wide open.
It seems like Chemour knew they would lose in arbitration, so they sought court approval to ignore the arb agreement. The court didn’t, because it is valid.
The most likely concern of Chemour is their inadequate due diligence in regard to estimating the environmental liabilities. Actuarial firms were available to provide an estimate independent of that done by DuPont. Arbitration administrators are aware of that fact.
DuPont knew that the first 2 quarters P&L of the new Chemours could not support $3.9 Billion borrowing, dividends and PFAS liability. In my opinion, DuPont owes Chemours a $3.9 Billion repayment or executives could go to jail for investment fraud. The DuPont/Chemours arbitration agreement is invalid quite simply because the Chemours spin-off offering is illegal in the eyes of full disclosure to the investment community. Due to a previous out-of-court liability settlement, DuPont had its PFAS hands tied when all subsequent PFAS liability cases could not be appealed nor could they argue the Bilott settlement scientific data was invalid (Read Rob Bilott’s new “Exposure : Poisoned Water, Corporate Greed, and One Lawyer’s Twenty-Year Battle Against Dupont” book). In 2020, Congress is trying to help with a $20 Billion water cleanup bill! The spread of where the PFAS “forever chemical” is found the United States looks like a Coronavirus epidemic map. The more testing we do, the bigger the spread. When news of the connection between immune suppression and blood contamination hits, Pandora’s box is wide open.