Johns-Manville Went Bankrupt in 1982 With Money in the Bank. Quebec Had Bought Into Asbestos the.

Johns-Manville filed for bankruptcy in nineteen eighty-two and it was not broke. It owned a pit two kilometres across at Asbestos, Quebec, a company town it had been enlarging for sixty years by buying the streets in front of it and moving the houses back. It owned the largest worked deposit of chrysotile on earth. It had cash, plant and a dividend record. What it could not survive was a filing cabinet of personal injury claims from men who had handled the product, and it went into Chapter Eleven to get all of those claims into one courtroom at once. Here is the ground we are going to cover. What Quebec had in the ground, who owned it, and what a town does when the mine needs the ground the town is standing on. What the strike of nineteen forty-nine was actually about, and what it started that nobody intended. When the health evidence was published, in writing, and who paid to argue with it afterwards. Why Canada went on selling a product it had stopped using itself, and what it did at a treaty table to keep selling it. And what the pile of waste rock beside the pit turned out to be worth. There is a new piece of Canadian financial history on this channel every day. Subscribe and the next one finds you. Start with the rock, because the rock is unusual and the whole industry rests on one property of it. Asbestos is not one mineral. It is a commercial name for six minerals that share a habit: they crystallise as fibres rather than as grains. The fibre is the product. It is flexible enough to be spun and woven, it does not burn, it does not rot, it resists acid, and it binds with cement. ⏱ CHAPTERS 0:00 The Filing 4:21 An American Balance Sheet 6:32 Duplessis And The Archbishop 9:28 Who Owned Things After 12:38 In Print Since Nineteen Thirty 14:56 Latency 19:04 Failure To Warn 21:54 Which Policy Pays 23:24 What Was In The Bags 25:21 The Removal Bill 27:18 Annex Three 29:35 The Customers Left 32:05 The Town Changes Its Name 33:54 The Waste Was The Ore 35:54 The Arithmetic 🔎 IN THIS VIDEO NEW YORK · BRITAIN ❓ QUICK ANSWERS • The Filing — Johns-Manville filed for bankruptcy in nineteen eighty-two and it was not broke. • The Rock — Asbestos is not one mineral. It is a commercial name for six minerals that share a habit: they crystallise as fibres rather than as grains. • The Pit Ate The Town — The Jeffrey Mine and the town grew up on the same ground at the same time, which is what happens when a workforce walks to work. • An American Balance Sheet — The ownership is the next piece. From nineteen eighteen the Jeffrey Mine belonged to the Johns-Manville Corporation, an American company … • The Dust On The List — The asbestos strike began in February nineteen forty-nine. • Duplessis And The Archbishop — Maurice Duplessis was the Premier of Quebec and he had built his position on order, on the Church, on foreign capital and on the proposit… Canadian Wealth Architect tells the stories behind Canada’s money — the booms, the frauds and the fortunes that built the country. Subscribe:    / @thecanadianwealtharchitect   ▶ WATCH NEXT: In 1982 Canada's Biggest Oil Rig Sank With All 84 Hands. Nobody Was Regulating It. —    • In 1982 Canada's Biggest Oil Rig Sank With...   🔗 MORE FROM US British Wealth Architect:    / @thebritishwealtharchitect   American Wealth Architect:    / @theamericanwealtharchitect   Australian Wealth Architect:    / @theaustralianwealtharchitect   🖼 Original illustration, including AI-assisted artwork. #History #Finance #Economics 🎙 Narration and presenter are AI-generated.