The record
The Fourth Circuit affirmed the refusal to lift the automatic bankruptcy stay against DBMP, LLC, finding the bankruptcy court did not abuse its discretion and that claimants presented no evidence of bad faith — over a dissent describing the circuit as a 'safe haven' for corporations using bankruptcy to manage asbestos liability.
Claim scope
That the Fourth Circuit permits the divisional-merger-plus-Chapter-11 structure where the Third Circuit dismissed it — a genuine circuit split on the same corporate technique. Judge King's dissent states: 'Slowly but surely — and to my great regret — our Circuit has become the "safe haven" for ultra-wealthy corporations' pursuing this route. The dissent also supplies reporter citations for the Bestwall line: Bestwall LLC v. Off. Comm. of Asbestos Claimants of Bestwall, LLC, 148 F.4th 233 (4th Cir. 2025); id., 157 F.4th 579 (4th Cir. 2025) (en banc); In re Bestwall LLC, 71 F.4th 168 (4th Cir. 2023).
What this source does not establish
It does not hold that DBMP's restructuring was proper on the merits — the posture is abuse-of-discretion review of a stay-relief denial under 11 U.S.C. 362(d), the most deferential possible standard. It makes no asbestos-content or causation finding. The dissent is not law.
Limitations
REPORTER CITATION UNVERIFIED for Herlihy itself: cluster 10792806 has an EMPTY citations field and no citing opinion printing an F.4th cite was found. The three Bestwall cites above ARE printed verbatim inside this published opinion, and 71 F.4th 168 independently resolved via citation-lookup to CourtListener cluster 9408506 (Published, 2023-06-20).
Source
Case Citation — Herlihy v. DBMP, LLC, No. 24-2109 (4th Cir. Feb. 11, 2026) — reporter citation UNVERIFIED