S.Amdt. 2787
What it does: 3 changes: inserts text, replaces text in 2 places
Sen. John Cornyn (R-TX)What it changes
3 changes to S.Amdt. 2746
Change 1: Inserts new text on page 181, between lines 21 and 22
InsertsInserted: (4) Limitation on payments by defendant participants.--
Inserted: (A) In general.--Under expedited procedures established by the Administrator, any defendant participant may apply for a limitation on its annual payment obligation to the Fund by showing that it qualifies under subparagraph (C). The Administrator shall promptly grant that application if the requirements under subparagraph (C) are satisfied.
Inserted: (B) Stay of payment.--A defendant participant who applies for a limitation on its annual payment obligation to the Fund under subparagraph (A) shall have the payment required under subsection (i)(1)(A)(iv) stayed until the Administrator has made a determination with respect to the application of that defendant participant.
Inserted: (C) Application for limitation.--A defendant participant may apply under subparagraph (A) for a limit on its annual payment obligation to the Fund if that defendant participant--
Inserted: (i) is included in Tiers II, III, IV, V, or VI under section 202; and
Inserted: (ii) has prior asbestos expenditures less than $200,000,000 and has revenues as determined under section 203 that are less than $10,000,000,000.
Inserted: (D) Limitation.--
Inserted: (i) In general.--A defendant participant that qualifies for a limitation under this paragraph may apply for only 1 of the limits under subclause (I), (II), or (III) of clause (ii). A defendant participant may not change its application once the application has been approved by the Administrator.
Inserted: (ii) Application for 1 limitation.--Subject to clause (i), a defendant participant may apply for a limit of an amount equal to--
Inserted: (I) 125 percent of the arithmetical average for fiscal years 1998 through 2002 of the annual prior asbestos expenditures of that defendant participant;
Inserted: (II) 150 percent of the arithmetical average for fiscal years 1998 through 2002 of the annual prior asbestos expenditures of that defendant participant, excluding--
Inserted: (aa) the amount of any payments by insurance carriers for the benefit of that defendant participant or on behalf of that defendant participant; and
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Inserted: (bb) any reimbursements of the amounts actually paid by that defendant participant with respect to prior asbestos expenditures for fiscal years 1998 through 2002, regardless of when such reimbursements were actually paid; or
Inserted: (III) 1.67024 percent of the revenues for the most recent fiscal year ending on or prior to December 31, 2002, of the affiliated group to which that defendant participant belongs.
Inserted: (E) Judicial review.--A defendant participant is entitled to judicial review under section 303 of a denial of an application under this paragraph. During the pendency of that review, section 223(a) shall not apply to that defendant participant. Without regard to section 305(a), the reviewing court may, in its discretion, provide such interlocutory relief to the defendant participant as may be just.
Inserted: (F) Applicability of the guarantee surcharge.--A defendant participant whose application under this paragraph is approved by the Administrator, shall not be exempt from the guaranteed payment surcharge established under subsection (l), unless otherwise provided in this Act.
Inserted: (G) Minimum payment.--Notwithstanding any other provision of this paragraph, a defendant participant that is granted a limitation by the Administrator shall pay not less than 5 percent of the amount the participant is scheduled to pay under section 202.
Original wording
On page 181, between lines 21 and 22, insert the following:
Change 2: Replaces “(5)” with “(6)”
ReplacesPage 182, line 15[struck: (5)][inserted: (6)]Original wording
On page 182, line 15, strike “(5)” and insert “(6)”.
Change 3: Replaces “(6)” with “(7)”
ReplacesPage 184, line 9[struck: (6)][inserted: (7)]Original wording
On page 184, line 9, strike “(6)” and insert “(7)”.
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 2787. Mr. CORNYN submitted an amendment intended to be proposed to amendment SA 2746 proposed by Mr. Frist (for Mr. Specter (for himself and Mr. Leahy)) to the bill S. 852, to create a fair and efficient system to resolve claims of victims for bodily injury caused by asbestos exposure, and for other purposes; which was ordered to lie on the table; as follows:
On page 181, between lines 21 and 22, insert the following:
(4) Limitation on payments by defendant participants.--
(A) In general.--Under expedited procedures established by the Administrator, any defendant participant may apply for a limitation on its annual payment obligation to the Fund by showing that it qualifies under subparagraph (C). The Administrator shall promptly grant that application if the requirements under subparagraph (C) are satisfied.
(B) Stay of payment.--A defendant participant who applies for a limitation on its annual payment obligation to the Fund under subparagraph (A) shall have the payment required under subsection (i)(1)(A)(iv) stayed until the Administrator has made a determination with respect to the application of that defendant participant.
(C) Application for limitation.--A defendant participant may apply under subparagraph (A) for a limit on its annual payment obligation to the Fund if that defendant participant--
(i) is included in Tiers II, III, IV, V, or VI under section 202; and
(ii) has prior asbestos expenditures less than $200,000,000 and has revenues as determined under section 203 that are less than $10,000,000,000.
(D) Limitation.--
(i) In general.--A defendant participant that qualifies for a limitation under this paragraph may apply for only 1 of the limits under subclause (I), (II), or (III) of clause (ii). A defendant participant may not change its application once the application has been approved by the Administrator.
(ii) Application for 1 limitation.--Subject to clause (i), a defendant participant may apply for a limit of an amount equal to--
(I) 125 percent of the arithmetical average for fiscal years 1998 through 2002 of the annual prior asbestos expenditures of that defendant participant;
(II) 150 percent of the arithmetical average for fiscal years 1998 through 2002 of the annual prior asbestos expenditures of that defendant participant, excluding--
(aa) the amount of any payments by insurance carriers for the benefit of that defendant participant or on behalf of that defendant participant; and
(bb) any reimbursements of the amounts actually paid by that defendant participant with respect to prior asbestos expenditures for fiscal years 1998 through 2002, regardless of when such reimbursements were actually paid; or
(III) 1.67024 percent of the revenues for the most recent fiscal year ending on or prior to December 31, 2002, of the affiliated group to which that defendant participant belongs.
(E) Judicial review.--A defendant participant is entitled to judicial review under section 303 of a denial of an application under this paragraph. During the pendency of that review, section 223(a) shall not apply to that defendant participant. Without regard to section 305(a), the reviewing court may, in its discretion, provide such interlocutory relief to the defendant participant as may be just.
(F) Applicability of the guarantee surcharge.--A defendant participant whose application under this paragraph is approved by the Administrator, shall not be exempt from the guaranteed payment surcharge established under subsection (l), unless otherwise provided in this Act.
(G) Minimum payment.--Notwithstanding any other provision of this paragraph, a defendant participant that is granted a limitation by the Administrator shall pay not less than 5 percent of the amount the participant is scheduled to pay under section 202.
On page 182, line 15, strike “(5)” and insert “(6)”.
On page 184, line 9, strike “(6)” and insert “(7)”.
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Senate amendment submitted
February 14, 2006