Judge Rejects Armstrong Bankruptcy Plan

In his 41-page ruling, Robreno called the procedural history of the case "tortuous, even for a large Chapter 11 proceeding." He said the docket contains more than 7,800 entries, reflecting, among other things, "the shifting political winds buffeting the parties."

Under Armstrong's reorganization plan, an asbestos trust fund would have been established consisting of more than $234 million in cash and $519 million in notes and warrants for stock. Existing stockholders would have received warrants - valued at between $35 million and $40 million, or about $1 a share - to be used for the purchase of a new company stock.

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