It wasn’t quite the same shock thousands of Mid County residents received the day before Thanksgiving in 2019, but it was just as unwelcome. The TPC Group has declared bankruptcy and 5,000 unresolved damages claims could be settled for far less money than is warranted – or not at all. Once again, loopholes in state legislation have left consumers vulnerable for something where they need the utmost protection.
For starters, large factories like this should be required to carry much larger insurance. The TPC Group had about $100 million in insurance, according to attorney Brent Coon, which seems like a lot of money. But with an industrial accident like this, that might not be enough.