BusinessWeek – Ted Weschler’s first job after college was at chemical maker W.R. Grace & Co. In 2007, six years after the company filed for bankruptcy, his hedge fund held 15 percent of the shares. That’s when he called Joe Rice.
Rice, a South Carolina lawyer, represented workers who claimed asbestos products manufactured by Grace had caused cancer and other illnesses. The 158-year-old company, which once owned shipping lines and restaurants, declared bankruptcy in 2001 under the weight of those lawsuits. Rice was at an impasse with the firm when Weschler suggested they meet.