12-4-2009 - Release of National’s Warranted Remediation Class Action Settlement Draft - Chinese Drywall Warranty - Chinese Drywall

12-4-2009 - Release of National’s Warranted Remediation Class Action Settlement Draft

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National Warranted Class Action Repair Settlement for the Inspection, Remediation, and Warranty of Defective Chinese Drywall Properties (proposed)

Draft by

Christopher A. Burton, CEO

National Construction Warranty Corporation

Overview

Homeowner victims with defective Chinese drywall desperately need a turn-key solution to the financial disaster they are facing. The timely benefits that could mitigate the crisis are possible within the context of a voluntary national settlement based on the repair and long-term warranty of these embattled homes. This paper provides descriptions of a practical working model of a settlement that could be implemented in a matter of months, with the cooperation of the primary domestic defendants, their insurers, and the lead government research agencies (Consumer Products Safety Council and EPA).

Executive Summary

Defendants and plaintiffs in this crisis are both victims of the foreign-based parties who created the drywall products that have led to this crisis. Those responsible parties are unlikely to contribute to any settlement until exhaustive legal, political, and public relations pressures have been amassed to generate the sufficient level of inducement necessary to produce actual cash contributions to the victims. This is likely to take years, which the majority of the affected homeowners simply can’t survive financially.

For many of those homeowners with defective drywall, bankruptcy, foreclosure, and financial ruin will be the final result of this crisis. Many homeowners have already experienced this very fate. Both the current national recession and the depressed real estate market have accelerated the pace of the crisis, further burdening these homeowners.

Builders, developers, installers, retailers, distributors, and other parties are also exposed to potential ruin by this defective product, once considered a viable commodity in the building industry. With the foreign manufacturers absent, the domestic defendants, primarily the builders, are at risk of being burdened with the full cost of the disaster. A dormant building market, restricted credit lines, severely devalued assets, and weak balance sheets already have taken their toll on builders both large and small. Forcing the builders and other defendants into financial ruin will accomplish nothing for the homeowners. Further unemployment and destabilization in the building sector will follow.

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