Banner Supply Settlement Document-What Consumers, Victims, Claimants-Need To Know NOW About $$$$$

June 22, 2011 - PRLog -- Tainted corrosive drywall (TCDW) or Chinese drywall (CDW) has been a HOT topic for well over three years, a consumer nightmare for well over six years, a legal and political HOT POTATO for over 5 years.

Numerous lawsuits, litigation, and class actions have slowly moved through the courts or legal system, with numerous announcements or judgements proclaimed, issued, and awarded over the last several years, but just how many have actually been perfected, a term that means collected or paid ?

Every single victim, claimant, litigant, or consumer with tainted corrosive drywall (TCDW) wants and needs factual and specific answers on how to correct the issue, and the most important factor, funding or money to correct TCDW problems or issues.

Past and present settlements, judgements, and court victories all sound really GREAT until specific disbursement or payment guidelines, eligibility guidelines, and time-frame guidelines are established or disclosed, after cases are finally ... 100% settled and all appeals or legal challenges completed.

Disbursement guidelines and determining how many victims or claimants, become major hurdles and very complex issues, based on information, documentation, and numerous other factors, including who has the actual documentation and information required to determine the accurate number of victims or claimants.

Our legal system has and continues ... logically, systematically, and blindly ... to include, establish, and identify, all damaged or wronged parties eligible to participate or receive their rightful fair, equal payment amount or share of disbursed funds, from settlements.  

Banner Supply Florida Settlement - June 14th, 2011, with what appears as very specific information, that allows Judge Fallon not only to approve, but also provides options concerning distribution or payment qualification guidelines and specifically how many potential claimants, claims, or victims accurately exist and should be eligible.

Banner Supply Global Florida Settlement clearly defines the specific number of boards (1,400,000) covered by the settlement amount ($54,475,558.00) and specific language that covers existing or previous judgement / settlement amounts.

Based on current litigants or represented claimants (800+/-) and Banner Settlement disclosed 1,400,000 actual boards, covered by this $54.475,558.00, each litigant or claimants residence would have to contain 1,750 tainted boards.

Houses or structures with 1,750 boards, based on standard construction guidelines:

100 -  4 foot X12 foot boards = Standard 2,000 +/- square foot home

Structures or houses covered by current known litigants or claimants (800+/-) would be 35,000 +/-  square feet each ???
Yes, 35 thousand square feet each !!!    
(175 X 2000 = 35,000)

Obviously 100's more potential claimants, victims, or litigants exist and Judge Fallon needs to include these unknown parties, at this time.

Foreman and Associates review and interpretation of the full 78 page settlement agreement or Exhibit "A" document, dated June 14th, 2011.

http://www.constructionguru.com/id77.html

Factual Partial Disbursement Options available and some obvious challenges:

1) Simply divide actual settlement amount ($54,475,558.00) by the number of boards  
    (1,400,000), clearly defined and documented, settlement amount covers.

54,475,558 divided by 1,400,000 = 38.91 or basically $38.91 per board.

Simply confirm infected properties of claimants or victims and calculate number of boards, that meet Chinese Manufacturer Brand labeling or marking guidelines, per settlement guidelines that establish tainted corrosive imported boards (1,400,000).

Judge Fallon's EPO (evidence protection or preservation order) clearly provides this information concerning current abated houses and future houses to be abated.

Sounds simple, except the victim or consumer has to demo the structure, conform and comply with EPO Guidelines, to answer or provide documented evidence supporting specifically how many qualifying Chinese boards were actually installed, and then, WHO supplied the materials, Banner Supply Florida distributors, or maybe even another supplier, other than Banner Supply, NOT covered by this specific settlement.

2) Review all Banner Supply Florida delivery tickets and determine how many boards
    delivered to each address.

Major problem: Not all boards delivered by Banner Supply Florida during time-frame were imported from China or Chinese Brand boards.

3) Review all Banner Supply Florida delivery addresses, confirm corrosion issues
    exist, structure by structure, measure all walls and ceilings, and determine basic  
    number of actual boards installed based on 4 foot X 12 foot type boards.

    Again this process fails to address non Chinese or Made in China boards, and
    provides inaccurate quantities of actual Chinese or Made in China boards eligible
    (1,400,000) or this specific settlement covers.
   
4) Current EPO Guidelines, previously abated structures with an EPO or future
    structures with documented EPO that meets Judge Fallon's EPO Guidelines, will not
    only provide actual specific number of documented tainted corrosive Chinese or
    Made in China boards, but will also confirm specific installation location within the
    structure, clearly allowing accurate and factual quantities to be determined.

Again, just one small flaw: Who supplied the boards ? Banner Supply Florida distributors are not the only suppliers of drywall in Florida, or for that fact, Chinese or Made in China tainted corrosive imported drywall.

Judge Fallon will have to evaluate, these options, and numerous other options to formulate a clear and equitable plan, disbursing these settlement funds. ($54,475,558.00)

Remember each lawyer or law firms contract agreement with their CDW or TCDW client, may require a percentage of settlement disbursement goes to the attorney or their firm, further reducing the claimant, victim, or consumers FINAL settlement amount.  

Another major Banner Supply Settlement disbursement factor, detailed, and disclosed at this time in Sections 14.6 and 14.7, specifically covers lawyers or attorney fees, and PSC (Plaintiff Steering Committee) fees ...

Total fees per Sections 14.6 and 14.7, can not exceed 32% of the settlement amount, each victim, claimant, or consumer receives.    

Below are some known rule of thumb facts or factors, to help put this actual potential settlement amount, per approved claimant into perspective, or as Paul Harvey would say ... "the rest of the story"

Current known cost to correctly remediate and re-construct a typical 2,500 - 2,700 square foot house = $ 100,000.00

Typical conservative total number of 4 foot  X 12 foot boards to complete a typical 2,500 - 2,700 square foot house  = 150

Even with, 100% of the 150 boards meeting the established Chinese or Made in China settlement guidelines, we are only talking about $ 5,836.50 (150 X 38.91= $5,836.50) per typical structure, at best, further reduced by legal fees of approx. 30% or $ 1,750.95.
(5,836.5 X .30 = 1,750.95)

Consumers, claimants, or victims after all is said and done, receive $ 4,085.55 or approximately 4% of actual construction related cost, not including relocation, moving, temporary housing during re-construction, and other misc. expenses.

Please visit our website, for factual answers to your questions.

http://www.ConstructionGuru.com

Consumer advocates, educating and empowering consumers for over 10 years.

Michael S. Foreman
Forensic Construction Consultant
Foreman and Associates, Inc.
941-955-8111

# # #

Foreman and Associates, a FULL service forensic construction consulting firm.
Our firms Treatment Protocol for Tainted Corrosive Drywall commonly called Chinese Drywall has been validated, confirmed, tested, and documented as 100% successful.

Our firms SNiPER® Treatment Application Protocol affords Consumers the option of a Chinese Drywall Specific Insurance Policy, covering any future issues associated with not only Chinese Drywall or Tainted Corrosive Drywall, but also the future unknown out-gassing vapor residual issues