Poster with seemingly lots of knowledge about inner workings at 3M and people, on Y**oo message board thinks there is a 70% change 3M goes bankrupt over next 3 years due to hearing litigation?
Is that true? I have also heard by far most of these claimants have not even proven they have any hearing issues and even if so can't prove it was related to these earplugs? And allegations the judge has done a terrible job, even maybe corrupt?
This is all very confusing.
If it did, plaintiff lawyers would have to hold off on private jet orders.
Can’t help notice the reference to Bear Sterns. Let’s not forget where Aearo came from…
https://www.irvingplacecapital.com/2004/03/11/bear-stearns-merchant-banking-to-acquire-aearo-corporation-from-vestar-capital-and-management/
Also add GE to the large co Hubris list as well as Merrill Ly--h, Wachovia, Enron, Worldcomm, Bear Stearns…
Vis-à-vis earplugs ... What amount is fair and reasonable compensation for a proven injury due to a faulty product?
Number of litigants is 230,000.
Assuming a settlement of $5 billion with a peanut butter spread, each litigant would receive approximately $21,739.
If one-half of the litigants drop out for whatever reason, using the same conditions above (a settlement of $5 billion with a peanut butter spread), each litigant would receive approximately $43,478.
FACT: Americans are awarded more than the two amounts estimated above if they sue their neighbor after their neighbors dog ki--s their cat.
FACT: The so-called Healthcare Spinoff, which should be more aptly named "sell off" is on hold, pending litigation to prevent it so that additional resources would be available to increase compensation to earplug litigants. 3M's branding was all over those earplugs and trying to hide 3M's complacency is a stupid strategy.
There is a price to pay for manufacturing unsafe products and poisoning water supplies. The sooner 3M Company employees accept reality that they are part of an unscrupulous Company, the sooner you will be able to move forward. The first step in solving a problem is admitting that you have one. 3M Company is a disgrace and the world will not end with 3M Company buried on the ash heap of history. Examples of other Fortune 500 companies who thought it could not happen to them:
Pan Am (1927 – 1991)
Borders (1971 – 2011)
Tower Records (1960 – 2004)
Compaq (1982 – 2002)
General Motors (1908 – 2009)
3M Company (1902 - )
$123.10 as of close yesterday. Pit-i-ful.
These posters, like all of us here, know very little about what’s going to happen to 3M to post with such confidence of the company’s “almost-certain” demise.
Has 3M been investing in manufacturing technology to be a low cost manufacturer of many of the products it sells? In many cases, especially in the “heartland” divisions, it has. And despite the unrealistic profit margin pressures placed on them, 3M branded products remain among the market leaders in sales.
But 3M also has a solid private label business that could increase without reliance on a huge back office presence to sustain it. There are large channel partners with their own branded products in industrial, safety, electronics, and transportation with whom 3M branded competes today for whom they could instead supply more product in the future. This would save millions annually in operating costs by eliminating in house sales, marketing and staff organizations.
I seriously doubt 3M will close shop and have a fire sale before it first considers completely changing its business model in its channel-driven businesses. But it could definitely streamline a lot of costs by not trying to compete with channel partners who clearly have been “out-marketing” 3M for years.
Varys - one of the few intelligent posts we see on the mining….
Unlikely. However, if they do, the impact a large company like this has in manufacturing, retail and construction would be huge. Not saying another can't step in but there will definitely be losses of 10s of thousands of jobs outside of 3m for a while until competition can maintain the increase in demand. It's unfortunate a large company like this controls a huge piece of society. It's also unfortunate that the boomers had little to no regulations which is why PFAS sh-t the bed for our generation amongst other things.
I don't agree with the percentage, it is too high, but I think a bankruptcy of the 'main 3M' is entirely possible. If you made me put a chance on it, I would say about a 1 in 8 (12.5%) chance in the next 3 years. I think the stock market at this point has priced in roughly that chance as well.
The earplug and PFAS issues are enough to do it. For earplugs, the stupid trillion dollar damage predictions are utter bullsh-t, but I could see $5 billion or more being possible. 3M should be able to survive that much of a hit. But add on additional damage from PFAS in both US and Europe and it might be enough to force the bankruptcy (chapter 11 re-organization).
My wild speculation of how it plays out:
Admittedly this is all speculation, but something close to this has to be being considered on the 14th floor as a possibility.
Welcome to American tort law system. Try this in Canada or UK and you have to prove via science. Here it's all about the feelings of a jury who think Isaac Newton invented fig newtons.