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REED SMITH LLP Chrystal A. Puleo, Esq. 599 Lexington Avenue, 22nd Floor New York NY 10022 Telephone: (212) 521 5400 Facsimile: (212) 521 5450 cpuleo@reedsmith.com Paul M. Singer, Esq. 225 Fifth Avenue Pittsburgh PA 15222 Telephone: (412) 288 3131 Facsimile: (412) 288 3063 psinger@reedsmith.com Proposed Attorneys for the Debtor and Debtor-in-Possession UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK ----------------------------------------------------------------In re: RAPID-AMERICAN CORPORATION, Debtor. ----------------------------------------------------------------x : Chapter 11 : Case No. 13-______ (___) : : : : x

DECLARATION OF PAUL WEINER PURSUANT TO RULE 1007-2 OF THE LOCAL RULES FOR THE SOUTHERN DISTRICT OF NEW YORK IN SUPPORT OF CHAPTER 11 PETITION AND FIRST DAY PLEADINGS Pursuant to 28 U.S.C. 1746, under penalty of perjury, I, Paul Weiner, declare as follows: 1. I am a Director, Vice President, Secretary, and Treasurer of Rapid-

American Corporation (Rapid or Debtor). I have been in the employ of Rapid since 1975, and have been the officer of the company involved with the asbestos litigation confronting Rapid since in or about 1985. Based upon my personal knowledge, my responsibilities as Vice

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President of Rapid, and my review of Rapids business and corporate records, I am familiar with the facts set forth in this declaration. 2. I am authorized to submit this declaration in support of Rapids petition

for relief under chapter 11, title 11 of the United States Code (the Bankruptcy Code), filed as of the date hereof (the Commencement Date). 3. I submit this declaration pursuant to Rule 1007-2 of the Local Bankruptcy

Rules for the Southern District of New York (the Local Rules) in support of Rapids petition and request for relief in the form of motions and applications (collectively, the First Day Pleadings), as well as to assist the Court and other interested parties in understanding the circumstances leading up to the commencement of this chapter 11 case. 4. Except as otherwise indicated, the facts set forth in this declaration are

based on my personal knowledge, my review of relevant documents, and information supplied by others, including Rapids national co-ordinating counsel for asbestos litigation, SNR Denton US LLP. Any opinions contained herein are based upon my personal experience, knowledge, and information concerning Rapid and its handling of the asbestos bodily injury claims pending against it. If called upon to testify, I will testify completely to the facts set forth in this declaration. 5. This declaration is intended to provide a summary overview of Rapids

history and business, including the circumstances leading to the chapter 11 filing, and intended restructuring. 6. Part I of the declaration provides background on Rapids corporate history

and business, particularly as it relates to its asbestos liabilities, and summarizes the circumstances leading to the commencement of this chapter 11 case. Part II sets forth the

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relevant facts in support of the First Day Pleadings, and Part III sets forth information required by Local Rule 1007-2 to the extent not addressed in Parts I and II. I. A. THE DEBTOR 7. Rapid, which was formerly a holding company with subsidiaries primarily HISTORY OF DEBTOR AND REASONS FOR FILING

engaged in retail sales and consumer products, was never engaged in an asbestos business of any kind. Through a series of merger transactions going back more than 45 years, Rapid has nevertheless incurred successor liability for personal injury claims arising from plaintiffs exposure to asbestos-containing products sold by The Philip Carey Manufacturing Company as that entity existed prior to June 1, 1967 (sometimes referred to as Old Carey). The corporate history of Rapid and how it came to have successor liability for Old Carey is set forth below: (a) Old Carey, which was formed in Ohio in 1888, manufactured and sold building products, a number of which contained asbestos. On June 1, 1967, a merger occurred pursuant to which Old Carey merged into Glen Alden Corporation (Glen Alden). Prior to that date, an Ohio corporation named P.C. Company, Inc. was incorporated, all of whose shares were issued to Glen Alden. In April 1967, P.C. Company, Inc. changed its name to XPRU Corporation. Until June 1, 1967, that Ohio corporation did not engage in any business. On June 1, 1967, concurrent with the merger between Glen Alden and Old Carey, the entire business of Old Carey was transferred to XPRU Corporation, which changed its name to the Philip Carey Manufacturing Company (New Carey). This transfer was carried out by means of an agreement called General Assignment and Assumption of Liabilities. Pursuant to the General Assignment and Assumption of Liabilities, concurrent with the merger of Old Carey into Glen Alden: (i) Glen Alden transferred the entire business, assets, property, and rights that had been Old Carey to New Carey; (ii) New Carey assumed all of the liabilities of Old Carey to which Glen Alden became subject as a result of the June 1, 1967 merger; and (iii) New Carey agreed to indemnify Glen Alden and agreed to save it harmless from all such liabilities. From and after June 1, 1967, the business of Old Carey was continued by New Carey and not by Glen Alden. Glen Alden itself did not engage in any asbestos business before or after the June 1, 1967 merger.

(b)

(c)

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(d)

New Careys corporate history subsequent to June 1, 1967 is as follows: (1) On April 9, 1970, New Carey (which in February 1968 had changed its name to Philip Carey Corporation) merged into Briggs Manufacturing Company, a Michigan corporation, which had never engaged in an asbestos business and which was primarily a manufacturer of vitreous china fixtures. The survivor of that merger simultaneously changed its name to Panacon Corporation (Panacon). Panacon was a public company whose shares were traded on the Mid-West Stock Exchange. From April 9, 1970 to April 17, 1972, Glen Alden owned a majority of Panacons shares. On April 17, 1972, Glen Alden sold its stock in Panacon to The Celotex Corporation (Celotex), a Delaware corporation that was not -- and has never been -- related to Glen Alden or to Rapid. On June 30, 1972, Panacon (then a subsidiary of Celotex) merged into Celotex. By its merger with Panacon, Celotex acquired all of New Careys liabilities including its assumption of Old Careys liabilities and the obligation to indemnify and save harmless Glen Alden from all liabilities of Old Carey.

(2)

(e)

Rapids relationship with Glen Alden and subsequent corporate history is as follows: (1) On November 3, 1972, some six months after Glen Alden ceased to have any stock interest in Panacon, Rapid-American Corporation, an Ohio corporation, which was not anywhere engaged in an asbestos business, merged with and into Glen Alden. The survivor of the merger, Glen Alden, changed its name to Rapid-American Corporation, a Delaware corporation. On January 31, 1981, Rapid-American Corporation merged with and into Kenton Corporation and R-K Holding Corp., Delaware corporations, which were not anywhere engaged in an asbestos business, and the survivor of that merger, Kenton, changed its name to Rapid-American Corporation, the present day Rapid.

(2)

B.

HISTORY OF ASBESTOS LITIGATION AGAINST RAPID (i) 8. Overview Rapid was sued for the first time in an asbestos-related action in

November 1974. During the early 1980s, the number of asbestos claims filed against Rapid increased, but Rapid was successful in obtaining dismissals in most of those cases due, in part, to

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plaintiffs counsels pursuit of Celotex which, as noted in paragraph 7(d)(2) above, was also liable for asbestos claims of Old Carey. During the mid-1980s to late 1990, Rapid was

indemnified by Celotex, and the number of asbestos claims asserted against Rapid declined. 9. In October 1990, Celotex filed a voluntary petition for relief under chapter

11 of the Bankruptcy Code in the United States Bankruptcy Court for the Middle District of Florida. At the time Celotex filed for bankruptcy, Rapid had fewer than 40 asbestos personal injury claims pending against it. 10. After Celotexs 1990 bankruptcy filing, a significant number of asbestos

claims stemming from products of Old Carey were asserted against Rapid. The rate of new filings against Rapid reached its peak in 2000, with more than 57,000 claims being asserted against Rapid in that year alone, bringing the number of pending claims in 2000 to more than 188,500. 11. After 2000, however, due to a number of factors -- the most important, it

is believed, being the National Settlement Program which Rapid instituted late that year, the number of new filings against Rapid declined, as did the average amount paid to settle cases. 12. Notwithstanding the benefits achieved by Rapids National Settlement

Program, today Rapid is confronting approximately 275,000 asbestos personal injury claims. C. RAPIDS INSURANCE 13. Rapid is wholly dependent on insurance coverage to fund claim

settlements and the defense costs associated with the asbestos litigation pending against it. 14. Commencing in 1998, Rapid reached settlements with a number of its

excess insurers where the proceeds from those settlements were deposited in an escrow account (the Escrow Account) at The Bank of New York Mellon which serves as Escrow Agent. The

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Escrow Account is a Qualified Settlement Fund (QSF) under 468B of the Internal Revenue Code, and currently has approximately $4.5 million on deposit. 15. Rapid has $64 million of upper level excess insurance with solvent

insurers remaining. It also has a court-approved allowed claim of $5.4 million in The Home liquidation proceeding, and has entered into a Notice of Determination (NOD) in the amount of $13 million with the New York Liquation Bureau with respect to its claim in the Midland insolvency proceeding, which NOD is currently being contested by certain reinsurers. D. REASONS FOR FILING 16. Recently, Rapid has experienced an increase in the number of

mesothelioma claims being filed against it and an increase in the dollar amount sought to settle claims. Although total claims filed have declined in recent years, mesothelioma claims, which generally result in higher settlement values, now represent approximately 34% of newly filed claims against Rapid. These facts, together with Rapids dwindling insurance assets have led to this chapter 11 filing. 17. It is Rapids objective to develop a plan of reorganization in this case

pursuant to section 524(g) of the Bankruptcy Code which will equitably distribute Rapids remaining insurance to current and future asbestos claimants thereby providing the best and fairest opportunity for all asbestos claimants to recover on their claims. II. 18. SUMMARY OF FIRST DAY MOTIONS

To enable the Debtor to operate effectively in its chapter 11 case, the

Debtor has filed, or intends to file as soon as practicable after the Commencement Date, the First Day Motions described below. In connection with the preparation of this chapter 11 case, I have reviewed, or will review prior to their filing, each of the First Day Motions. The First Day Motions were prepared with my input and assistance. I believe the information contained in the -6-

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First Day Motions is accurate and correct. As set forth more fully below, I believe the entry of orders granting the relief requested in these motions and applications is critical to the Debtors ability to preserve the value of its assets and will assist in its reorganization efforts. A. NOTICE PROCEDURES

Motion to Establish Notice Procedures for Personal Injury Claimants 19. By motion filed concurrently herewith (the Personal Injury Notice

Procedures Motion), Rapid seeks entry of an order authorizing it to (i) list on Rapids creditor matrix the addresses of known counsel of record for claimants who have asserted personal injury claims against Rapid in lieu of the addresses of the claimants themselves, and (ii) implement a procedure by which Rapid (or its agent) shall send required notices, mailings and other communications related to this chapter 11 case to such known counsel of record for personal injury claimants (the Personal Injury Notice Procedures). 20. I have been informed that throughout the course of this chapter 11 case

various notices, mailings and other communications will need to be sent to the personal injury claimants that have sued Rapid. As described in Part I of this declaration, Rapid has

approximately 275,000 asbestos personal injury claims presently outstanding against it in various jurisdictions across the United States. As is customary, Rapid has engaged a national coordinating counsel that oversees local counsel in various jurisdictions that represent its interests in those actions. 21. Rapids national coordinating counsel as well as its local defense counsel

for asbestos personal injury claims historically have maintained readily accessible address information only for the respective counsel of record for personal injury claimants, and all communications regarding the claims and the various pending lawsuits, including the prepetition negotiations intended to consensually resolve Rapids asbestos-related liabilities, have been -7-

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conducted through such counsel. At this time, the addresses for each of the personal injury claimants are not available to Rapid, and gathering the individual addresses would require both a massive manual review of the files maintained by various past and present asbestos defense counsel across the nation and a time consuming attempt to ensure that such information is still accurate (and if not, to obtain updated information). 22. Accordingly, Rapid seeks to have the Personal Injury Notice Procedures

apply with respect to any notices, mailings and other communications related to this chapter 11 case that need to be sent by Rapid to personal injury claimants who have asserted personal injury claims against Rapid in order to ensure such claimants receive proper and timely notice of filings and critical events in this chapter 11 case. Motion to Establish Master Service List, Notice Procedures, and Procedures Related to Unopposed Requests for Relief 23. By motion filed contemporaneously herewith (the Case Management

Motion), Rapid seeks entry of an order (i) establishing a master service list, (ii) appropriate notice procedures for this chapter 11 case, including service of certain pleadings by electronic mail (email), (iii) limiting notice on various matters in this case to only those parties affected thereby as well as those on a master service list, and (iv) establishing certain case management procedures related to granting unopposed requests for relief without a hearing. B. BANK ACCOUNTS/FINANCING 24. By motion filed concurrently herewith (the Bank Account Motion),

Rapid seeks entry of an order authorizing Rapid to continue to utilize its existing bank accounts, checks and related business forms, notwithstanding the Operating Guidelines and Reporting Requirements for Chapter 11 Cases promulgated by the Office of the United States Trustee.

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General Bank Account 25. Historically, Rapid has maintained a bank account at JP Morgan Chase.

Rapid utilizes preprinted checks, stationery, and other forms associated (the Business Forms) with the JP Morgan Chase account. There is approximately $5,000 in this general bank account. Rapid has agreed to have its bank account designated as a debtor-in-possession account. Rapid does not operate or control any ongoing business operations, so maintenance of the General Bank Account and the use of existing checks and Business Forms (and stamping both with Debtor in Possession) will reduce costs and avoid confusion, and thus are in the best interest of the Debtors bankruptcy estate. QSF Account 26. As part of the prepetition settlements with various insurers, Rapid

deposited the settlement proceeds into the Escrow Account at the Bank of New York Mellon (BNYM). The Escrow Account is subject to an Escrow Agreement, dated November 24, 1998, as amended, between Rapid and BNYM (the Escrow Agreement). The Escrow Account has been approved as a Qualified Settlement Fund under 468B of the Internal Revenue Code. 27. The Escrow Agreement provides that funds in the Escrow Account may be

used, among other things: (i) to make indemnity payments to asbestos personal injury claimants; (ii) to pay defense fees and costs; (iii) to pay the Escrow Agents fees and costs; (iv) to pay taxes, if any, on the earnings in the Escrow Account; and (v) to pay all fees, expenses, and costs of any insolvency proceeding involving Rapid. The Escrow Account, which contains approximately $4.5 million, and is Rapids sole significant liquid asset, will be used to pay fees, expenses, and costs associated with the Debtors chapter 11 case.

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C.

RETENTION OF PROFESSIONALS

Application to Retain Claims and Noticing Agent 28. By application filed concurrently herewith (the Section 156(c)

Application), Rapid seeks entry of an order authorizing it to employ and retain Logan & Company, Inc. (Logan) as the claims and noticing agent in connection with its chapter 11 case pursuant to 28 U.S.C. 156(c), 11 U.S.C. 105(a), Loc.Bankr.R. 5075-1, this Courts General Order M-409 (the General Order), and the terms and conditions of that certain Agreement for Services dated March 5, 2013 (the Logan Agreement). 29. Logan is a data processing firm that specializes in noticing, claims

processing, and other administrative tasks in chapter 11 cases. By appointing Logan as the claims and noticing agent, the distribution of notices and the processing of claims will be expedited, and the office of the Clerk of the Bankruptcy Court for the Southern District of New York (the Clerk) will be relieved of the administrative burden of distributing notices to hundreds (and perhaps thousands) of creditors or other parties in interest. 30. Rapid seeks to employ Logan as claims and noticing agent to, among

other things: (i) serve as the Courts noticing agent to mail notices to certain of the estates creditors and other parties in interest and maintain the core mailing list of all parties described in Bankruptcy Rule 2002; (ii) maintain an official copy of the bankruptcy schedules of assets and liabilities, statement of financial affairs, and a list of all potential creditors, equity holders, and other parties in interest; (iii) process all proofs of claim received and maintain the official claims register; and (iv) perform such other duties as fully described in the Section 156(c) Application. I believe that such assistance will expedite service of Rule 2002 notices, streamline the claims administration process, and permit Rapid to focus on its reorganization efforts.

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31.

The Section 156(c) Application pertains only to the work to be performed

by Logan under the Clerks delegation of duties permitted by 28 U.S.C. 156(c) and Loc.Bankr.R. 5075-1, and any work to be performed by Logan outside of this scope is not covered by the Section 156(c) Application. 32. Logan submitted the declaration of Kathleen M. Logan representing that:

(i) neither Logan nor any employee thereof has any connection with Rapid, its creditors, or any other party in interest herein, (ii) Logan is a disinterested person as that term is defined in section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code; and (iii) Logan does not and will not hold or represent any interest adverse to Rapids estate. 33. I am advised that the selection of Logan to act as the claims and noticing

agent satisfies this Courts protocol as established under the General Order. In particular, Reed Smith LLP, Rapids proposed bankruptcy counsel, obtained and reviewed engagement proposals from at least two (2) other court-approved claims and noticing agents to ensure selection through a competitive process. Based on these submissions, it was determined that Logans rates are competitive, reasonable, and are a cost-effective alternative to serve as the noticing and claims agent for Rapid. 34. I believe that Logan is well qualified to serve in this capacity and that the

retention of Logan is in the best interests of Rapids estate and its creditors. Application to Retain Reed Smith LLP as Bankruptcy Counsel 35. By application filed or to be filed (the Reed Smith Application), Rapid

seeks entry of an order pursuant to section 327(a) authorizing it to employ and retain Reed Smith LLP (Reed Smith) as its general bankruptcy counsel for prosecution of this chapter 11 case,

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and all related matters, nunc pro tunc to the Commencement Date, to perform the legal services that will be necessary during this chapter 11 case, in accordance with Reed Smiths normal hourly rates and reimbursement policies. In addition, Reed Smith has been engaged to serve as insurance coverage counsel to Rapid. As disclosed in the declaration of Paul M. Singer of Reed Smith submitted in support of the Reed Smith Application, Reed Smith is well qualified and has substantial experience representing debtors with large numbers of asbestos personal injury claimants/creditors, and is experienced in representing policy holders in insurance coverage litigation. 36. The professional services that Reed Smith will render to Rapid may

include, but shall not be limited to, the following: (i) advising Rapid with respect to its powers and duties as debtor in possession in the continued management and operation of its business and assets; (ii) attending meetings and negotiating with representatives of creditors and other parties in interest; (iii) taking all necessary action to protect and preserve Rapids estate, including (a) prosecuting actions on Rapids behalf; (b) defending any actions commenced against Rapid; and (c) objecting to claims filed against the estate which are believed to be inaccurate; (iv) preparing, on behalf of Rapid, all motions, answers, orders, reports, and other papers necessary to the administration of the estate; (v) negotiating and preparing, on Rapids behalf, a plan of reorganization, disclosure statement, and all related agreements and/or documents, and taking any necessary action on behalf of Rapid to obtain confirmation of any plan; (vi) providing insurance coverage services; (vii) appearing before this Court, any appellate courts, and the U.S. Trustee in all matters related to the administration of this case; and (viii) performing other necessary legal services and providing all other necessary legal advice to Rapid in connection with this chapter 11 case.

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37.

Reed Smith has submitted the declaration of Paul M. Singer representing

that (i) Reed Smith does not hold or represent any interest adverse to Rapids estate, (ii) Reed Smith is a disinterested person as that phrase is defined in section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code, and (iii) Reed Smiths employment is necessary and in the best interests of Rapid and Rapids estate. 38. I believe that Reed Smith is both well qualified and uniquely able to

represent Rapid in this chapter 11 case in an efficient and timely manner, and that such representation will be in the best interests of Rapids estate, creditors and all parties in interest. Application to Retain SNR Denton US LLP as Special Counsel 39. By application filed or to be filed (the SNR Denton Application), Rapid

seeks entry of an order pursuant to section 327(e) authorizing it to employ and retain SNR Denton US LLP (SNR Denton) as counsel for general corporate matters and to provide information and services in this asbestos related chapter 11 case in connection with its role as former national co-ordinating counsel to Rapid, nunc pro tunc to the Commencement Date, in accordance with SNR Dentons hourly rates and reimbursement policies set forth in the Declaration of Stephen A. Marshall in support thereof. As disclosed in the declaration of Stephen A. Marshall of SNR Denton submitted in support of the SNR Denton Application, SNR Denton, and its predecessors, have been representing Rapid for more than forty-five years, during twenty-three of which it has served as national co-ordinating counsel and as local defense counsel in five states in connection with asbestos litigation pending against Rapid, and has a unique and extensive familiarity with Rapids corporate and asbestos related matters. 40. SNR Denton has submitted the declaration of Stephen A. Marshall

representing that SNR Denton does not hold or represent any interest adverse to Rapids estate,

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Additionally, SNR Dentons employment is necessary and in the best interests of Rapid and Rapids estate. D. INTERIM COMPENSATION 41. The Debtor filed or will file a motion seeking an order to establish

procedures for interim monthly compensation of professionals. The order sought conforms to the form provided in this Courts General Order M-412, except as modified to limit notice of the fee applications to those on the master service list. 42. Rapids sole assets available for payment of fees and expenses in this case

are in the Escrow Account. Professionals whose retention is approved by the Court will receive allowed compensation and reimbursement of expenses solely from the Escrow Account (and if insufficient, any retainer the Professionals may hold). III. INFORMATION REQUIRED BY LOCAL BANKRUPTCY RULE 1007-2

43.

As required by Bankruptcy Rule 1007(d) and Local Rule 1007-2, I include

the following information regarding Rapid. 44. As required by Local Rule 1007-2(a)(1), a description of the nature of

Rapids business and a statement of the circumstances leading to its filing under chapter 11 are set forth in Part I above. 45. This case was not originally commenced under chapter 7 or chapter 13,

and thus Local Rule 1007-2(a)(2) is inapplicable. 46. There were no committees organized prior to the Commencement Date;

therefore, Local Rule 1007-2(a)(3) does not apply. 47. I have provided with the petition a list of the names and addresses and,

where available, telephone numbers of the twenty law firms representing the largest number of

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asbestos personal injury claims against Rapid. In addition, I have provided a list of the twenty law firms that represent clients with, collectively, the largest amount of unpaid settlements against Rapid. These two lists have been filed in accordance with Local Rule 1007-2(a)(4). 48. Rapid does not have any secured creditors, and thus Local Rule 1007-

2(a)(5) is inapplicable. 49. As required by Local Rule 1007-2(a)(6), a summary of the assets and

liabilities of Rapid as of February 28, 2013 is set forth on Schedule 1 annexed hereto. 50. Rapids shares are not publicly held, and, accordingly, Local Rule 1007-

2(a)(7) is inapplicable. 51. Rapid does not have any property that is in the possession or custody of

any custodian, public officer, mortgagee, pledgee, assignee of rents, or secured creditor (other than bank accounts which may be subject to claims or setoff), or agent for any such entity. Accordingly, Local Rule 1007-2(a)(8) is inapplicable. 52. Rapid does not own or lease premises from which it operates its business.

Accordingly, Local Rule 1007-2(a)(9) is inapplicable. 53. The location of Rapids books and records are c/o SNR Denton at 1221

Avenue of the Americas, New York, New York 10020. Rapids only other assets, its bank accounts, are in New York, New York. Local Rule 1007-2(a)(10). 54. There are not actions or proceedings, pending or threatened, against Rapid

or its property, where a judgment against Rapid or a seizure of its property is imminent. Local Rule 1007-2(a)(11).

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55.

As required by Local Rule 1007-2(a)(12), the names of the individuals

who comprise Rapids existing senior management, their tenure with Rapid, and brief summary of their relevant responsibilities and experiences are as follows: Name Meshulam Riklis Title Chairman of Board of Directors and President Director, Vice President, Secretary and Treasurer Tenure with Company Responsibilities Inception Present Board of Directors

Paul Weiner

1975 Present

General Manager

56.

Rapid will continue paying Paul Weiner a monthly compensation of

$30,000 throughout the course of this chapter 11 case. Local Rules 1007-2(b)(1) and (2)(A). 57. Other than professional fees and Paul Weiners compensation noted

above, Rapid does not expect to receive or disburse cash within the thirty day period following the Commencement Date. Local Rule 1007-2(b)(3). Dated: March 8, 2013 New York, New York By: /s/ Paul Weiner Paul Weiner Vice President Rapid-American Corporation

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SCHEDULE 1 Summary of Debtors Assets and Liabilities at February 28, 2013 Assets Cash General Bank Account Escrow Account Insurance Assets1 Unexhausted Insurance for Asbestos Claims Notice of Determination in Midland Insolvency Proceeding Allowed Claim in The Home Insurance Insolvency Proceeding $5,000 $4,500,000 $64,000,000 $13,000,000 $5,400,000

Liabilities Asbestos Liabilities UNKNOWN

The Debtor makes no representation as to the amount or collectability of insurance assets.

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