To limit the liability of a company that had acquired another company which may have produced or sold asbestos in the past. The bill would prohibit a court from imposing asbestos damage judgments that exceed the value of the acquired company. Under current law a court can order damages up to the value of the entire enterprise, even if the acquired subsidiary represents only a small part of the overall firm's value.   Official Text and Analysis.

With the recommendation that the amendment be adopted and that the bill then pass.

To allow higher damage judgments if the new company (the combination of the acquiring firm and one it bought) is still in the asbestos business.

To still allow higher damage judgments if the merger with the former asbestos producing firm happened any time from 1968 on. The bill's liability limits only apply if the merger happened before 1972.

To only allow the lower liability if the acquiring firm did not know about the potential asbestos claim after making a diligent inquiry at the time of the merger.

To allow higher interest on damages.

To only apply the bill's liability cap to damage claims filed after the bill becomes law.

To only allow the liability cap on lawsuits filed after the bill becomes law.

To make asbestos lawsuit defendants "jointly and severally" liable for damages, which means a plaintiff can force a company with "deep pockets" to pay the full amount even if it was only a little bit responsible compared to other defendants.

With the recommendation that the substitute (S-1) be adopted and that the bill then pass.

To establish that the proposed liability limits do not apply if the firm employs fewer than 1,000 people in Michigan.

To not include any liability of the company to repay government Medicare or Medicaid for medical assistance.

To clarify that a exception to the proposed liability for a firm that remained in the asbestos business after a merger also applies if the was part of an "acquisition".