Monday, May 28, 2018
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Asbestos fund news helps elevate OC stock prices

Stock in Toledo's Owens Corning had another strong day yesterday, rising to close above $5 a share, amid encouraging signs that an asbestos-liability compensation fund would be established by Congress.

The stock, which is expected to be canceled when OC exits bankruptcy, rose 16 cents to close at $5.08 a share, on 4.1 million shares traded, about four times normal volume. OC filed for bankruptcy protection in 2000 because of its multibillion-dollar liability from asbestos claims. OC shares began the week trading below $3 a share, but rose steadily - at one point yesterday over $5.50 a share - because of talk in Congress that a fund would be set up to pay asbestos victims, alleviating liability by individual companies.

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