PORT NECHES, Texas — People in Port Neches are expressing their frustrations after realizing TPC has reached a $30 million bankruptcy settlement.
This comes three-and-a-half years after its chemical plant exploded and damaged homes all over Mid-County.
The initial explosion happened on November 27, 2019 just before 1 a.m.
Now, thousands of people will be vying for their cut of the settlement and are starting to realize there's not enough money to go around.
Lawyers spearheading this case and trustees from the bankruptcy had a series of meetings Wednesday at the KC Hall in Port Neches.
Wade Kimble lives a few miles from the TPC plant. The explosion left his home with significant damage by blowing doors off the hinges and blowing double-pane windows.
Now, Kimble is among the 8,000 people looking to get a piece of the settlement.
"That's what i'm irritated at why and how they weren't able to have adequate coverage," Kimble said. "It's just a drop in the bucket compared to the damages."
TPC filed for bankruptcy in 2021 in Delaware. A settlement was recently announced.
Mark Sparks, a partner at Ferguson Law Firm in Beaumont, is one of the lawyers leading the lawsuits. He says thousands of claims were filed.
"TPC chose to under-insure itself for its victims, so it didn't have enough insurance and ultimately filed for bankruptcy," he said.
Marks says people need to file claim forms to be considered for any of this money.
"The claim form for these funds, the bankrupt funds that needs to be filed no later than August 1. If you have attorneys and they filed in the mdl they have hopefully sued along with us in the master complainants for all the defendants and this is not the end of the road for you," Marks said.
Sparks and other lawyers vow to keep fighting for the families of Mid-County.
They also say, this isn't the end of the legal road.
"The lawyers myself and all the other firms have sued multiple new defendants that have contributed to this accident. We're seeking their entire insurance policies," Marks said.
Sparks said once they get all the claims in, they will decide what's fair and they'll come back to residents with proposals.
It may be year or so, before anyone gets any money, according to Sparks.