ACandS Asbestos Trust Annual Reports, 2010–2025

ACandS ended 2025 with $123.35 million in net claimants' equity, down $842,215. Investment results contributed $13.60 million, including $4.45 million in interest and dividends, $3.44 million in realized gains, and a favorable $5.71 million change in unrealized investment values. These additions nearly covered $14.44 million in deductions, comprising $11.08 million in claims expense, $2.04 million in operating expenses, $230,494 in investment advisory fees, and $1.09 million in federal income taxes.

The trust received 29,392 claims, approved 16,248 with a combined liquidated value of $318.44 million, and paid 15,086 claims totaling $10.69 million. Category A claims received $8.69 million and Category B claims $1.99 million. Settled but unpaid claims increased to $2.16 million. The audited report records a 3.2% payment percentage at December 31, 2025; that historical figure should not be read as the rate applicable to later claims.

ACandS's net claimants' equity declined by $8.00 million in 2024 to $124.19 million. Investment results contributed $9.76 million after a $2.03 million unrealized loss, with realized gains of $7.07 million providing the largest positive component. Deductions totaled $17.76 million, including $12.67 million in claims expense, $2.32 million in operating expenses, $228,742 in investment advisory fees, and $2.53 million in federal income taxes.

The trust received 26,082 claims, approved 15,483 with a combined liquidated value of $312.65 million, and paid 17,484 claims totaling $15.33 million. Cash distributions exceeded recognized claims expense as settled but unpaid claims declined from $4.40 million to $1.76 million. The audited report states that the payment percentage was 3.2% on December 31, 2024; this is the historical year-end rate, rather than a statement of the rate applicable to later claims.

ACandS ended 2023 with $132.19 million in net claimants' equity, a decline of $3.86 million. Investment income and gains contributed $15.74 million, including $6.18 million in unrealized appreciation, but did not fully cover $19.59 million in deductions. Those deductions included $15.61 million in claims expense, $1.97 million in operating expenses, $238,983 in investment advisory fees, and $1.78 million in federal income taxes.

The trust reported 28,327 claims filed, 18,232 approved, and 13,574 paid for $15.87 million. Category A claims received $13.50 million and Category B claims $2.37 million. Following a formal review of the factors affecting projected assets and claims, the trustee reduced the payment percentage from 4.9% to 4.0%, effective October 30, 2023.

ACandS's net claimants' equity fell by $40.04 million in 2022 to $136.05 million. A $24.47 million unrealized investment loss overwhelmed interest, dividends, and realized gains, producing a reported net investment loss of $18.62 million before separately reported advisory fees. The trust also recorded $18.99 million in claims expense, $1.59 million in operating expenses, $258,382 in investment advisory fees, and $574,700 in federal income taxes. Investment losses and claim costs both contributed substantially to the year's decline.

The trust received 20,776 claims and approved 15,695 for payment. The claims schedule reported $17.67 million distributed, including $15.19 million on Category A claims, $2.47 million on Category B claims, and $13,200 in supplemental payments. Settled but unpaid claims increased from $3.32 million to $4.66 million, while total assets ended the year at $140.84 million.

ACandS ended 2021 with $176.09 million in net claimants' equity, down $4.68 million. Investment income and gains contributed $14.73 million, including $6.08 million in realized gains and $2.72 million in unrealized appreciation. These additions were outweighed by $14.83 million in claims expense, $1.41 million in operating expenses, $288,934 in investment advisory fees, and $2.88 million in federal income taxes. Total year-end assets were $179.52 million, with $3.32 million in settled but unpaid claims.

The trust reported 16,605 claims filed and 9,994 approved. Its claims schedule showed $14.68 million in distributions, including $12.02 million on Category A claims, $1.62 million on Category B claims, and $1.04 million in supplemental payments. The payment percentage was 4.9% at year-end, following the reduction effective January 1, 2021.

ACandS's net claimants' equity declined by $3.31 million in 2020 to $180.77 million. Investment results and miscellaneous income supplied $18.09 million, including $8.05 million in unrealized gains. Deductions totaled $21.40 million, comprising $17.42 million in claims expense, $1.89 million in operating expenses, $293,086 in investment advisory fees, and $1.79 million in federal income taxes. Positive investment results covered much of the year's recognized expense.

The trust received 22,344 claims, approved 14,616, and paid 17,787 claims totaling $25.71 million. Cash distributions exceeded claims expense as settled but unpaid claims fell from $11.46 million to $3.17 million. Following a formal review during 2020, the trustee approved a reduction in the payment percentage from 7.2% to 4.9%, effective January 1, 2021, together with amended and restated distribution procedures.

ACandS ended 2019 with $184.08 million in net claimants' equity, down $4.23 million. Investment results and miscellaneous income contributed $22.94 million, including $12.00 million in unrealized investment gains, while insurance contributions added $1.15 million. Total additions of $24.08 million fell short of $28.31 million in deductions, including $24.16 million in claims expense, $2.01 million in operating expenses, and $2.13 million in combined investment advisory fees and federal income taxes.

The trust reported 25,828 claims filed, 16,399 approved, and 12,074 paid for $18.08 million. Settled but unpaid claims increased from $5.47 million to $11.46 million, contributing to the gap between recognized claims expense and cash distributions. The payment percentage remained 7.2% during the year, with a formal review identified as underway in 2020.

ACandS's net claimants' equity declined by $29.21 million in 2018 to $188.31 million. A $12.70 million unrealized investment loss more than offset interest, dividends, and realized gains, leaving a $1.67 million net investment loss before separately reported advisory fees. Insurance contributions of $153,867 provided a modest offset. Claims expense of $23.99 million, operating expenses of $1.79 million, advisory fees of $339,717, and federal income taxes of $1.57 million further reduced equity.

The trust received 27,654 claims, approved 14,471, and paid 13,848 claims totaling $24.14 million. Category A claims accounted for $20.46 million of those distributions. The periodic payment-percentage review recommended no adjustment to the 7.2% rate during the reporting year. The year's financial decline thus reflected both ongoing claim costs and unfavorable investment valuations.

ACandS ended 2017 with $217.52 million in net claimants' equity, a decrease of $3.00 million. Investment income and gains totaled $21.24 million, including $11.60 million in unrealized appreciation, and nearly offset $24.24 million in deductions. Those deductions included $21.15 million in claims expense, $1.78 million in operating expenses, $350,034 in investment advisory fees, and $951,000 in federal income taxes. Investment appreciation was the largest contributor to limiting the year's reduction in equity.

The claims schedule reported 21,211 filings and approximately $26.50 million in distributions, including $22.21 million on Category A claims and $4.28 million on Category B claims. Settled but unpaid claims declined from $10.76 million to $5.43 million, helping explain why cash distributions exceeded claims expense. The report also recorded completion of ACandS, Inc.'s dissolution and distribution of its remaining assets to the trust.

ACandS's net claimants' equity fell by $17.70 million in 2016 to $220.51 million. Interest and dividends of $7.05 million and realized investment gains of $2.52 million supplied most of the year's $9.57 million in additions. Deductions totaled $27.27 million, including $23.50 million in claims expense, $1.83 million in operating expenses, a $712,512 unrealized investment loss, $388,940 in investment advisory fees, and $833,514 in federal income taxes.

The trust reported 33,594 claims filed, 17,558 approved, and 12,176 paid for $17.79 million. Category A claims received $14.66 million and Category B claims $3.13 million. Recognized claims expense exceeded cash distributions as settled but unpaid claims increased from $5.05 million to $10.76 million, a material distinction when interpreting the year's decline in equity.

ACandS ended 2015 with $238.21 million in net claimants' equity, down $32.53 million. Net investment income and realized gains, together with $900,000 in insurance contributions, produced $13.61 million in additions. These were outweighed by $35.56 million in claims expense, a $6.88 million unrealized investment loss, $1.45 million in operating expenses, and $2.25 million in federal income taxes. Both claims activity and investment valuation losses contributed to the decline.

The claims schedule reported 16,034 new filings and approximately $33.22 million in payments across its Category A and Category B rows. A significant policy change increased the payment percentage from 5.78% to 7.2%, effective November 15, 2015; the report also provided for supplemental payments to eligible claimants previously paid at a lower percentage. Related amendments introduced annual inflation adjustments to scheduled, average, and maximum claim values.

ACandS's net claimants' equity declined by $12.07 million in 2014 to $270.74 million. Investment income and gains supplied nearly all of the year's $24.35 million in additions, including $9.72 million in unrealized appreciation. Deductions totaled $36.42 million, led by $31.88 million in claims expense, with $1.64 million in operating expenses and $2.90 million in federal income taxes. Strong investment results therefore softened, but did not eliminate, the reduction in equity.

The trust received 35,964 claims, approved 18,814, and paid 19,251 claims totaling $32.19 million. Category A claims accounted for $28.57 million of distributions and Category B claims for $3.63 million. At year-end, total assets were $273.63 million and settled but unpaid claims were $2.73 million.

ACandS ended 2013 with $282.81 million in net claimants' equity, an increase of $401,186. Insurance settlement contributions of $5.02 million and investment income and realized gains supported $17.95 million in total additions, after a $601,027 unrealized investment loss. Those additions slightly exceeded $17.55 million in deductions, comprising $13.23 million in claims expense, $1.93 million in operating expenses, and $2.38 million in federal income taxes. The positive result depended in part on the insurance contribution.

The trust reported 24,336 claims filed, 7,935 approved, and 7,426 paid for $11.69 million. It also reported 56,887 withdrawn or rejected claims, reflecting substantial activity involving previously filed claims. Following the end of the initial filing period, the trust's consultant recommended no payment-percentage change in May 2013 and began another review in November.

ACandS's net claimants' equity increased by $12.82 million in 2012 to $282.41 million. Investment results drove the improvement: $8.99 million in net investment income, $4.69 million in realized gains, and $14.50 million in unrealized gains supplied most of the year's $28.32 million in additions. Deductions totaled $15.49 million, including $11.31 million in claims expense, $2.40 million in operating expenses, and $1.77 million in federal income taxes.

The trust received 118,816 claims, approved 13,567, and paid 13,661 claims totaling $17.73 million. Cash distributions exceeded recognized claims expense as settled but unpaid claims declined from $7.65 million to $1.27 million. The initial claims-filing period ended on November 24, 2012; the report identified that milestone as the basis for an updated claims forecast and payment-percentage review.

ACandS ended 2011 with $269.59 million in net claimants' equity, a decline of $5.89 million. Net investment income and gains contributed $20.68 million, including $9.55 million in unrealized gains, and insurance contributions added $160,303. These additions fell short of $24.34 million in claims expense and approximately $2.39 million in other deductions. Total assets were $277.28 million, including $8.50 million in insurance settlements receivable, while settled but unpaid claims stood at $7.65 million.

The trust received 47,862 claims and approved 11,703 for payment. Its claims schedule reported $16.21 million distributed on 9,734 approved claims, with Category A claims accounting for $13.83 million of those payments. The report also described a planned payment-percentage review that was deferred until the initial claims-filing period ended, allowing the updated forecast to incorporate more complete filing data.

ACandS ended 2010 with $275.48 million in trust equity, down $12.82 million from the beginning of the year. Net investment income and gains of $10.42 million, together with $563,228 in insurance contributions, were outweighed by $20.84 million in claims expense and approximately $2.97 million in administrative, professional, and tax expenses. Year-end assets totaled $283.56 million, including $10.50 million in insurance settlements receivable; settled but unpaid claims totaled $6.52 million.

The claims schedule reported 40,532 filings and approximately $14.49 million paid on 7,690 claims. Payments included $6.06 million on pre-petition liquidated claims, $7.34 million on Category A claims, and $1.09 million on Category B claims. Investment earnings helped support distributions, but did not offset the year's recognized claims expense and other costs.