|Asbestos Bankruptcy Makes a BIG Comeback|
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The hottest bankruptcy right now is, ironically, the oldest. Yes, you read that right. Asbestos, the tort that basically started the mass tort industry, is preparing for another round of investments as firms across the nation are re-discovering solid revenue streams, and ultra-dependable returns, all from a tort that was supposedly over-and-done for decades. Go figure.
So I revisited the world of Asbestos Bankruptcies. I talked to the experts and not-so-quietly ran the numbers. With billions in trust funds still playing out, 30 years of experience to lean on, and new, digitally enhanced methods to market and intake, I went after the best ways to offer these long-standing advantages of an asbestos docket to my clients.
Today XSM and our project/partners OPUS and BCA Intake takes you through this journey – so you can evaluate this opportunity for yourself – and I believe you will reach the same conclusions I did. This is the XSM “bread and butter” opportunity you can’t afford not to do.
|Asbestos? Says Who?|
The first thing we did was bring-in and sit down with the nationally recognized Mesothelioma lawyer Brent Coon for his always-insightful thoughts and insights.
Take a look at the 9-minute “highlights” version here, and learn the facts like I did.
$30 Billion is Available in Trust for Mesothelioma Patients
– and Growing!
That said, remember that these funds are usually set up to pay cases that are diagnosed many years into the future. Brent Coon sits on the advisory board of a number of these BK trusts, and we have investors and other financial experts who make sure we get good earnings off the trust principal balances so that they are earning enough money every year to stay solvent. So, while there is a total of about “30 Billion” for funding claims, that is the PRESENT balance, and because it is doled out over time the number that will be paid in BK proceedings over time is much larger than that….probably closer to 100 Billion
The Reasons Lawyers Get Back into Asbestos are Multiple.
1.-Better quantification of what to look for in a qualifying case and an assurance it will get paid (MUCH less uncertainty)
First and foremost, there is still VERY GOOD VALUE in lung cancer cases in the dozens of bankruptcies that have been created over the years. With asbestos bankruptcies, we already know about how much each one usually pays each category of claims and what is required to obtain funding. Unlike a lot of the new bankruptcies – we know when they will get paid…and how much they will get paid. We know what is required from an evidentiary standpoint for payment, etc etc. Other mass torts in MDLs are uncertain to EVER fund, due to the fact the cases are subject to causation standards and other legal defenses that can cause the entire docket to fail. This does not happen with Asbestos Bankruptcies.
2.- Timely funding of claims
MDL torts these days take many years to potentially fund. Any of the “new” bankruptcies also take years to go through an approval process. These asbestos bankruptcies are all already fully funded and operating, and claims can be turned in on day one and often paid in months rather than many years. This at least gets the case acquisition costs back quickly.
3. – Future claims are allowed
Most of the cases involved these days with mass torts and bankruptcies have limited times to submit claims and cap future claims. With asbestos cases, due to the latency issues, most of the bankruptcies are designed to stay funded for decades into the future, so not only do present cases get paid, but you can set up a program to continue to get cases in the future with a likelihood if similar funding in value and time frame.
4. – Some potential for tort claim value as well as bankruptcy payments
There are literally hundreds of companies that made asbestos containing products. While many of the major manufacturers have sought bankruptcy protection over the years, some are still solvent and subject to tort liability. This requires an entirely different level of work and rarely settle without going through the individual single event workup, (with a lot of case development costs). Those cases historically have a 5, 6 and sometimes even a 7 figure settlement value, PLUS the bankruptcy recoveries.
It is critically IMPORTANT for everyone to understand that this is NOT simply a mesothelioma program. Mesothelioma is but ONE of MANY types of cancers caused from asbestos exposure. There are hundreds of times more lung cancers and they will always cover the campaign AND make a tidy profit – meanwhile, if you find a higher-end cancer ort Meso case, it is the icing on the cake.
Why Brent Coon & Associates?
Many of you remember when Brent won the Stephen A. Sharp award, AAJ’s Lawyer-of-the-Year in 2007 for his efforts against BP Oil. Brent and his wing-man Jay Jackson were the first to bring me in and show me the mass-tort ropes a few years later when we had thousands of cases together in the BP Oil Spill – which they were awarded “Litigation Department of the Year”. The facts are pretty simple, Brent Coon & Associates was founded in 2001 as an Asbestos law firm and has accomplished a lot in only 20 years, recently crossing the one billion dollars in verdicts and settlements for their clients. BCA’s awards, both local and national, are numerous, and their presence as an expert on the national news or in the courtroom is to be reckoned with. Considered the epitome of the 21st century Asbestos practice, BCA is both tenacious and highly successful for our clients AND their partners. They are the real deal!
Asbestos Intake Strongly Influences Your ROI
OPUS’s high-tech intake advancements and their low-cost, high-conversion results have been making a LOT of waves recently. One thing however that is NOT new is their 20-year track record of capturing the best Asbestos cases for Brent Coon & Associates. Asbestos can be very nuanced, and profitability can depend on your skills at screening and signing. OPUS knows just what to sign, what to filter, what to hold and what to ring the alarm on (you get a living Meso on the line, you buy airline tickets). OPUS also know both what to get to BCA for immediately review and how to do it. But knowing is good, being able to actually do it in practice and deliver results is what matter.
|Finally, What About Meso?|
Sure, Meso cases are the rainbow unicorns of Asbestos – and worth millions. But, what you want to market is for ALL lung cancers and get a nice return, all while looking for Mesos.
Mesothelioma is a cancer of the outside lining of the lung. It is most often due to asbestos exposure but not always. It does have the highest value though because it is so strongly associated to asbestos. That said, it is very rare, with only a couple thousand a year diagnosed, and they are heavily pursued by the tort litigation firms. Traditional lung cancers of ALL types are associated to asbestos, but so too are tobacco products, genetics and other factors. Nonetheless there are many, many thousands of these cases diagnosed every year, so you want to market for ALL lung cancers, not just mesothelioma. Also some bankruptcy trusts pay something to other types of cancers, like throat cancer, that could literally pay from the campaign themselves.
Moving Forward with An XSM/BCA Asbestos Campaign
Besides negotiating a great Joint Venture deal with Brent Coon for all XSM partners, XSM has a tested program already in place to pursue the 200,000 lung cancer cases diagnosed each year – and with OPUS and BCA, to run stable, comprehensive, low-risk campaigns that will easily recoup marketing and intake costs and then to go searching for greater opportunities within them.
Your own campaign can be started with as little as 25K and can be easily set-up to return your investment many times over and break even in less than a year.
This means we can generate a consistent stream of lung cancer leads – and combined with OPUS’s 20 years of working asbestos with BCA, they can screen through the leads to find exactly the cases that optimize your campaign and maximize your ROI.
Reach out directly to our executive team to get started or with your questions:
For the quickest response, please schedule yourself on our sales calendar using the button below or reach out to our Sr. VP of Business Development, David Potter at David@xsocialmedia.com
You can also always reach out to the rest of our team, including Founder, CEO, & Author of “A Lawyer’s Guide to Mass Torts: Establish Your Legacy”
Chief Revenue Officer, Paul Liebman at Paul@xsocialmedia.com
34 years on Wall Street and a history of success in Legal. Also CEO of X Social Capital (You won’t want to miss talk this at MTMP).
Over Half of X Social’s team is in the path of the Hurricane.
We ask for your patience and prayers as we deal with Ian and the aftermath.
David will also be in Vegas this week for the Legal Braintrust Summit. First come-first serve, and very limited availability.
|Camp Lejeune UPDATE|
National TV Buy Providing the Best Injury Mix in the Market and Most Consistent Price Per Contract
As you may or may not know if you have been keeping up with the latest news from X Social, we are now one of the largest TV Advertisers in the Industry!
We run both National TV Buys, as well as Local PI (pay for performance) on top of the Digital marketing we have been known for since 2015.
While looking at the trends and current numbers, we have seen the highest increase in pricing come out of the Pay per call space, with numbers tripling for calls over the last month and we expect this trend to continue through the end of the year, with Oct 15th Medicare/Medicaid adding to the inventory restraints that the networks are already under because of demand.
This demand has inflated the cost of cases from a one-time $500 a case prior to the signing of the president, to now, averages over $3k a case for those just getting into the mix.
What this means, is that you need a marketing team that is agile and can deploy your budget equally as effectively across multiple mediums without being so attached to one. Out of our total Camp Lejeune spend to date, less than 10% has been Digital Media!
Meaning while we are known for Social Media, we have yet to even really tap this side of the market, focusing first on the survivors themselves, and now moving to the families.
Cash Buy National TV is still showing over 50% of the injuries coming in as Tier 1/2 as defined on our site. Compare this to our recent trends in other channels like PI, where we are seeing closer to 75% Tier 3.
What this means, is that when you ask, What are your costs for Camp Lejeune, what you really should be asking, is, “What is your injury mix?
Have you seen our ads on TV?
Check one out below>>>
Our last email On Camp Lejeune in case you missed it!
Spend Update And Cost Per Case Prices We Are Seeing on TV and Digital
After almost $27M spent on Camp Lejeune by X Social Media and their clients we are prepared to provide an update to our clients with market prices per case on both TV and Digital Media.
The plan around Camp Lejeune Advertising
It’s pretty clear that Wave One of Camp Lejeune will be finding all the older marines and their families through TV advertising. History is a guide and as we have seen in the past with other torts, we will at one point see TV costs spike and that is when digital will in play for Wave two to educate the kids on Camp Lejeune. However we are still in the end of Wave one and we are deploying 5 million plus a week right now on average on TV cash buy ads and getting the following results.
We have established a well recognized brand using Don Marcari as our spokesperson. The story is that Don first gained national attention when his exploits as a young defense attorney with the U.S. Navy Judge Advocate General’s (JAG) Corps became one of the inspirational stories for the motion picture “A Few Good Men.”. The Marines know his story and trust him. Don is also offering Local Counsel arrangements in NC for clients of X Social Media LLC. Reach out to any XSM team member for more info.
Total Spend: 25 Million +
Cost per case signed: $1200-$1900 (Update as of 9/27, this is now closer to $1650 – $3350)
Weekly Spend: $5-7M
X Social Media set itself apart by the data X Social Media has acquired to directly identify the marines on base 1953-1987 but more importantly the kids that those Marines had as our digital strategy is focused on Wave 2 that we call the “The Kids of Camp Lejeune”. This campaigns aim is to educate the kids on the possibilities of the kids to file a claim because of their injuries that maybe connected to Camp Lejeune but also for a lost loved one that may have died decades ago.
Total Spend: 4.5 Million +
Cost per case: $900-$1650
Weekly Spend: $500,000 -$1M
Injury profile of the victims.
We work hard at tracking the injury profile of the victims. We have the intake questions setup to track 3 tiers of injuries, where Tier 1 is expected to be the worst injuries and tier 3 being the lesser injuries. You can see an injury list here on our website. Click Here.
We are seeing the following distribution of injuries among the 3 tiers right now at scale:
Tier 1: 25%
Tier 2: 30%
Tier 3: 45%
55% Tier 1 and Tier 2 Injuries!
THIS MAY BE THE BEST INJURY MIX IN THE MARKET
The X Social Media Way
When a client comes to us and are interested in Camp Lejeune we offer the following services.
- Professional Intake services to sign client up that meet your exact criteria.
- Co-Counsel introductions with a list of 6 different firms to choose from.
- Negotiated higher Co-Counsel fees splits because of our higher volume of cases we generate.
- Local Counsel introduction when needed.
- Case work-up with payment when settlement happens so no upfront cost on the case work-up.
Here is our last newsletter in case you missed it!
X Social Media has been getting ready for Camp Lejeune Advertising all year and here is what you need to know on the marketing front.
Why are so many lawyers getting involved?
First, it’s a great cause helping the Marines and supporting the military. We support the people that defend our freedom.
The claimants have to prove that “the exposure to the water (at Camp Lejeune) increased the likelihood of such harm”
All the cancers and injuries in the below image have a High likelihood of being linked to the Camp Lejeune Water contamination and there is a long list of injuries associated.
We expect Attorneys to deploy about 1 Billion Dollars in Wave 1 and Wave 2 to find and retain about 150,000-250,000 claimants.
The Value of Camp Lejeune Cases.
When passing this bill the Government estimate it will cost $23.9 Billion in settlement awards until 2031 and another $15 billion after 2031.The right to file a claim would be limited to people whose illnesses manifest before the date of enactment of this law.
Now we know that Bayer paid an average of 100k for a Non-Hodgkin’s cancer case.That same case at Camp Lejeune could be as much as $500k-1 million because of the nature of the exposure and the time that the victims have been waiting for this settlement. This is of course only my best guess and what I am hearing from other lawyer but needless to say that we hope the victims will get top dollar for their injuries.
Where the Tier 1 cases are the most valuable. We expect Tier 3 cases to pay between $50k-150k, Tier 2 cases: $300k-$500, Tier1 cases: $600k-$2 million.
X Social Media is in deep marketing for Camp Lejeune cases on both TV and Digital efforts, please reach out and use our current proven advertising for your next campaign. We are your advertising partners and we can manage and deploy your budgets across all media the most effectively when we control your entire budget.
DO NOT get into the habit of spreading your budget out, this only competes against yourself. Let us educate you on why we are the true leading experts in legal marketing.
|Camp Lejeune Here Is What You Should Know.|
|New Law to Allow Camp Lejeune Lawsuit|
From 1953 to 1987 the public water supply at Camp Lejeune Marine Corps Base in North Carolina was contaminated with toxic chemicals. So for 34 years, more than a million soldiers and their families drank and bathed in contaminated water that are now causing them terrible health problems..Thousands of Marines and their families have suffered severe illnesses and have died. There is strong scientific evidence that chronic exposure to toxic chemicals in Camp Lejeune’s water has caused increased rates of cancer and has caused injuries to children in utero.Camp Lejeune Compensation Claims Originally RejectedA new federal law – the Camp Lejeune Justice Act of 2022 – will permit victims of Camp Lejeune water contamination to seek legal compensation. The Act would permit people who lived or worked or were harmed as unborn children at Camp Lejeune between 1953 and 1987 to file a toxic water lawsuit in U.S. Federal District Court in Eastern North Carolina. Victims have a two-year deadline to file a claim.
Toxic Chemicals in Water
Specifically, the Marine Corps determined that from approximately 1953 through 1987, the water supply to Camp Lejeune had been heavily contaminated with volatile organic compounds and carcinogenic chemicals. The most troubling chemicals found were trichloroethylene (TCE) and tetrachloroethylene (PCE).
These chemicals are in a class of chemicals called “volatile organic compounds” (VOCs). These chemicals are used for dry cleaning and much of the water contamination was attributed to an off-base dry cleaner that existed before the Marine base was opened. So the water wells were likely contaminated before Camp Lejeune opened.
But there were multiple sources for this toxic water. These same chemicals are also used to clean machinery and weapons. So the contamination came from on and off the Marine base.
Chemicals in Camp Lejeune Water-Linked to Cancer
The industrial chemicals that were contaminating the Camp Lejeune water supply are known to be very toxic to the human body and have been linked to cancer, birth defects, and neurologic disorders. Scientific and medical evidence has shown that chronic exposure to the chemicals TCE and PCE can cause increased rates of certain types of cancer.The types of cancer that have been scientifically linked to the consumption of harmful chemicals contaminating the water at Camp Lejeune include:
- Bladder cancer
- Breast cancer
- Esophageal cancer
- Kidney cancer
- Liver Cancer
- Lung Cancer
- Multiple myeloma
- Myelodysplastic syndrome
- Non-Hodgkin’s Lymphoma
Exposure to these chemicals has also been linked to other health conditions including aplastic anemia (and other myelodysplastic syndromes) and neurologic disorders such as Parkinson’s disease.
Non-Cancer Camp Lejeune Injuries
The science and medical evidence continues to build linking other injuries besides cancer. They include:
- Birth Defects
- Birth Injuries
- Brain Injuries
- Cardiac Defect
- Fatty Liver Disease
- Neurobehavioral Effects
- Plastic anemia and other bone marrow conditions
- Renal Toxicity
- Hepatic Steatosis
- ALS (Lou Gerhig’s Disease)
- Parkinson’s Disease
Contaminated Water at Camp Lejeune Caused Birth Defects
Birth defects are one of the big tragedies of Camp Lejeune. Over the years, thousands of pregnant women were exposed to toxic water at Camp Lejeune. In 2013, the CDC released the results of a study that confirmed that children who were born to mothers that lived on Camp Lejeune or drank the water supply had four times the rate of birth defects such as spina bifida.
The CDC also indicated that children who were exposed to the contaminated Camp Lejeune water during fetal gestation had an increased risk of developing childhood cancers like leukemia. These same children may also end up having a higher risk of adult cancer.
Why Should Your Firm Partner With X Social?
Don’t just take our word for it, watch this quick testimonial video to hear directly from
Ben Crump, Anne Andrews and Mike Papantonio.
Your success is our success, let us share our years of expertise with you!
Introducing X Social Capital
X Social Media LLC