A.P. Green Asbestos Trust Annual Reports, 2014–2025

APG ended 2025 with $186.43 million in net claimants' equity, an increase of $7.35 million. Interest and dividends of $9.45 million and net investment gains of $7.59 million outweighed $9.68 million in total deductions, including $5.10 million in income-tax expense. Year-end assets were concentrated in $187.21 million of marketable investments, with $8.04 million in unrestricted cash and $2.10 million still receivable from the HWI sale.

The claims schedule reported 36,860 claims filed, 4,737 approved for payment, and 5,888 approved claims paid, totaling $10.97 million. Category A claims received $9.85 million of those distributions. The financial statements' $3.12 million claimant-related deduction is materially lower than cash distributions: accrued payments to claimants fell from $10.97 million to $3.79 million, and offers outstanding more than one year declined from $5.65 million to $299,079. These changes are important when interpreting the increase in equity.

APG's net claimants' equity declined by $2.67 million in 2024 to $179.08 million. Investment income and net gains provided $12.90 million, while the financial statements recognized $10.13 million in claimant-related deductions, $3.97 million in income-tax expense, and additional administrative expenses. Year-end assets included $146.15 million in marketable investments, $44.48 million in cash, and $3.13 million receivable from the HWI sale.

The claims schedule reported 17,999 claims filed and 4,236 approved for payment. Its distribution tables totaled $11.30 million, including approximately $3.78 million in supplemental payments across the regular and pre-petition categories. Those supplemental payments are a significant part of the year's activity and mean the schedule's payment counts should not be interpreted as a count of newly resolved claims alone. Accrued payments to claimants ended the year at $10.97 million.

APG ended 2023 with $181.75 million in net claimants' equity, a decrease of $26.33 million. Investment income and gains, insurance settlements, and HWI dividends generated $29.57 million in additions. Recognized claimant-related deductions of $45.81 million, a $5.59 million loss on HWI, taxes, and administrative expenses exceeded those additions. Following the sale of HWI, the trust held $58.96 million in cash, $130.95 million in marketable investments, and $4.57 million receivable from the sale at year-end.

The trust increased its payment percentage from 4.5% to 5.3% effective September 22, 2023, and reported additional payments to previously paid claimants in December. The claims schedule listed 16,488 claims filed and 8,014 approved claims paid for $12.65 million. That schedule should not be read as the full claimant-related deduction in the financial statements, particularly given the year's supplemental-payment activity and accrued obligations.

APG's net claimants' equity fell by $25.03 million in 2022 to $208.08 million. Losses of $18.34 million on HWI and $18.08 million on marketable investments were the largest reductions, alongside $11.62 million in recognized claimant-related deductions. HWI dividends, other investment income, and an $8.97 million income-tax benefit partially offset those losses. The claims schedule reported 16,861 claims filed and 7,624 approved claims paid, with distributions totaling $10.62 million.

The report also disclosed HWI's February 2023 sale. APG valued its year-end HWI interest at approximately $90.22 million using the subsequent sale proceeds, and received approximately $78.70 million in initial cash proceeds after year-end, with further amounts subject to escrow and post-closing adjustments. This transaction converted a substantial closely held investment into cash and receivables, materially changing the composition of the trust's resources after the reporting date.

APG ended 2021 with $233.11 million in net claimants' equity, an increase of $14.99 million. A $28.80 million unrealized gain on HWI and $7.68 million in HWI dividends were the principal additions, supplemented by investment income and marketable-investment gains. Recognized claimant-related deductions were $12.12 million and income-tax expense was $14.83 million. The positive result therefore depended heavily on the HWI investment, which represented $108.15 million of year-end assets; marketable investments totaled $136.94 million and cash was $16.42 million.

The claims schedule reported 14,213 claims filed and 9,076 approved claims paid, with distributions totaling $12.04 million. Category A claims accounted for $10.61 million of those payments. The schedule also reported substantial withdrawals or rejections, including 22,444 Category A claims and 42,160 Category B claims, reflecting activity across claims filed in different years.

APG's net claimants' equity declined by $8.00 million in 2019 to $221.61 million. Marketable-investment gains of $7.43 million, investment income of $4.45 million, and a $2.29 million increase in HWI's reported value supplied $14.17 million in additions. These covered much of the year's $16.85 million in recognized claimant-related deductions, but income-tax expense of $3.83 million and administrative expenses contributed to the remaining decline. The trust held $118.52 million in marketable investments, $37.60 million in insurance receivables, and a $78.80 million HWI investment at year-end.

The claims schedule reported 21,034 claims filed and 21,797 approved claims paid, totaling $18.36 million. Category A claims received $14.34 million, accounting for most of the distributions. Accrued claimant payments fell to $10.10 million from $11.55 million, while favorable investment results helped offset the continued use of assets for claims.

APG ended 2018 with $229.62 million in net claimants' equity, down $25.14 million. Claimant-related deductions of $25.41 million and net marketable-investment losses of $7.18 million were the largest reductions. Interest and dividends of $5.23 million, a $2.90 million increase in HWI's reported value, and a $1.27 million tax benefit provided a partial offset. Year-end assets included $116.64 million in marketable investments and a certificate of deposit, $51.70 million in insurance receivables, and a $76.50 million HWI holding.

The claims schedule reported 24,613 claims filed and 31,882 approved claims paid, with distributions of $27.09 million. Category A payments totaled $21.28 million, while Category B payments were $5.41 million. Accrued payments to claimants declined from $13.22 million to $11.55 million as the trust continued to pay previously approved claims.

APG's net claimants' equity fell by $33.39 million in 2017 to $254.75 million. The financial statements recognized $28.43 million in claimant-related deductions and an $18.40 million loss in the reported value of the HWI investment. Interest and dividends, marketable-investment gains, and a $5.94 million income-tax benefit partially offset those reductions. The HWI holding ended the year at $73.60 million, while marketable investments and a certificate of deposit totaled $133.78 million and insurance receivables were $65.80 million.

The claims schedule reported 167,926 claims filed and 33,711 approved claims paid, totaling $28.84 million. Category A claims accounted for $22.73 million of the payments, with Category B receiving $5.84 million. The combination of substantial distributions and the HWI valuation loss was the main pressure on the year's financial position.

APG ended 2016 with $288.14 million in net claimants' equity, a decrease of $24.11 million. Investment income, HWI dividends, and a gain in HWI's reported value contributed $13.64 million, but claimant-related deductions of $30.57 million, marketable-investment losses of $2.88 million, taxes, and administrative expenses reduced equity. Year-end assets included $141.16 million in marketable investments, $79.90 million in insurance receivables, and a $92.00 million HWI investment.

The claims schedule reported 79,438 claims filed and 37,169 approved claims paid, with distributions totaling $35.05 million. Category A claims accounted for $28.75 million of those payments, compared with $5.77 million for Category B and $532,032 for pre-petition claims. Accrued payments to claimants fell to $13.63 million from $18.11 million, while cash distributions exceeded the claimant-related deductions recognized for the year.

APG's net claimants' equity declined by $20.11 million in 2015 to $312.25 million. A $24.99 million increase in the reported value of its HWI investment and $6.30 million in HWI dividends supported the year's results, alongside $7.02 million in other investment income. These additions were outweighed by claimant-related deductions of $40.93 million, $11.61 million in income-tax expense, $3.99 million in marketable-investment losses, and administrative expenses. The trust retained $157.82 million in marketable investments, $94.00 million in insurance receivables, and an $87.70 million HWI investment.

The claims schedule reported 39,473 claims filed and 43,252 approved claims paid, totaling $49.14 million. Category A claims accounted for $41.01 million of those distributions. Accrued payments to claimants declined from $26.35 million to $18.11 million, accompanying cash payments that exceeded the year's recognized claimant-related deductions.

APG ended 2014 with $332.36 million in net claimants' equity, down $43.79 million as the trust began its first full year of claims activity. Its assets included $185.49 million in marketable investments and a certificate of deposit, $108.10 million in insurance receivables, and a $62.71 million interest in ANH Refractories. Interest, dividends, and net investment gains provided $11.78 million, while the financial statements recognized $50.74 million in claimant-related deductions and $2.41 million in deferred income-tax expense.

The claims schedule reported 164,774 claims filed and 20,982 approved claims paid, totaling $24.28 million after application of the payment percentage. The financial statements also carried $26.35 million in accrued payments to claimants at year-end, making the distinction between cash distributions and recognized claim obligations particularly significant in this initial operating year.