API, Inc. Asbestos Trust Annual Reports, 2007–2025

API, Inc. ended 2025 with $7.73 million in net claimants' equity, an increase of $67,905. Interest, dividends, and investment gains contributed $524,775, exceeding operating expenses of $305,136 by $219,639. Recognized claimant distributions of $151,734 were deducted separately from equity, leaving the modest annual increase without any new insurance-settlement contribution. Year-end assets included $5.78 million in investments, $506,009 in cash, and $1.63 million remaining on the API promissory note, which matures in March 2027.

The cash-flow statement reported $69,576 paid to claimants, while the claims schedule listed one mesothelioma payment of $69,575. These cash figures are distinct from the $151,734 in accrual-basis distributions: claims payable increased from $28,463 to $110,621. The report recorded a 22% payment percentage through year-end. Investment gains and limited cash distributions supported the year's increase in equity.

API, Inc.'s net claimants' equity increased by $168,258 in 2024 to $7.67 million. Investment gains of $342,970 helped bring total additions to $443,537, exceeding operating expenses of $290,844 by $152,693. An insurance-settlement contribution of $1.07 million then slightly exceeded the $1.06 million in claimant distributions charged directly against equity. Both the operating surplus and the insurance recovery contributed to the increase.

Cash paid to claimants totaled $1.23 million, exceeding recognized distributions as claims payable declined from $197,764 to $28,463. The report recorded a 22% payment percentage during the year. Assets totaled $7.75 million, including $4.60 million in investments, $2.93 million remaining on the API promissory note, and $224,808 in cash. The note continued to provide $1.30 million in annual principal collections.

API, Inc. ended 2023 with $7.50 million in net claimants' equity, an increase of $866,189 driven by a $2.15 million insurance-settlement contribution. Investment income and other additions totaled $230,157, slightly below $248,708 in operating expenses. Recognized claimant distributions of $1.27 million were charged directly against equity. Without the insurance recovery, the year's operating result and claimant distributions would have reduced equity.

The trust paid $1.62 million in cash to claimants, exceeding recognized distributions as claims payable declined from $548,949 to $197,764. The report states that the payment percentage decreased from 44% to 22% after July 1, 2023. Year-end assets included $4.23 million remaining on the API promissory note, $3.02 million in investments, and $513,387 in cash.

API, Inc.'s net claimants' equity fell by $2.02 million in 2022 to $6.63 million. An investment loss of $147,458 exceeded interest, dividends, and miscellaneous income, producing negative additions of $108,560. Operating expenses of $262,703 increased the operating shortfall to $371,263, and recognized claimant distributions of $1.65 million were deducted separately from equity. Both investment losses and claimant obligations contributed to the decline.

Cash paid to claimants totaled $1.13 million, while approved but unpaid claims increased from $32,467 to $548,949. The report recorded a 44% payment percentage. Year-end assets were $7.23 million, dominated by $5.53 million remaining on the API promissory note, with $1.53 million in investments and $175,351 in cash. The large receivable balance distinguishes reported equity from resources already held as cash or investments.

API, Inc. ended 2021 with $8.65 million in net claimants' equity, a decline of $5.82 million. Investment gains of $829,540 helped produce $908,505 in additions, exceeding operating expenses and other deductions of $334,183. The resulting $574,322 surplus was outweighed by $6.40 million in claimant distributions recognized directly against equity. No new insurance-settlement contributions were recorded.

The trust paid $6.39 million in cash to claimants. Its schedules separated approximately $1.45 million in new-claim payments from $4.95 million in supplemental payments, making supplemental distributions the largest component of the year's payout. The reported year-end payment percentage increased from 37% to 44%. Assets included $6.83 million remaining on the API promissory note, $1.65 million in investments, and $264,535 in cash.

API, Inc.'s net claimants' equity declined by $1.74 million in 2020 to $14.47 million. Investment gains of $702,746 supplied most of the year's $854,068 in additions. After $254,370 in operating expenses, the trust had a $599,698 operating surplus, but separately charged $2.34 million against equity for claimant distributions and related legal fees. No new insurance-settlement contributions were recognized.

Cash paid to claimants totaled $2.76 million, exceeding recognized claimant distributions of $2.33 million as claims payable fell from $453,303 to $27,489. The report recorded an increase in the year-end payment percentage from 35% to 37%. Assets included $8.13 million remaining on the API promissory note, $5.79 million in investments, and $632,641 in cash. Positive investment results funded part of the year's distributions but did not preserve the opening equity balance.

API, Inc. ended 2019 with $16.21 million in net claimants' equity, down $455,126. Investment gains of $648,827 supported $822,795 in total additions, exceeding operating expenses of $280,697. The resulting $542,098 operating surplus and a $1.08 million insurance-settlement contribution substantially offset $2.07 million charged directly against equity for claimant distributions and related legal fees.

Cash paid to claimants totaled $1.60 million, compared with $2.05 million in recognized claimant distributions; $453,303 in approved but unpaid claims remained at year-end. The payment percentage was 35%. Assets included $9.43 million remaining on the API promissory note, $6.82 million in investments, and $573,993 in cash. The relatively modest equity decline depended on both investment gains and the insurance recovery.

API, Inc.'s net claimants' equity declined by $3.06 million in 2018 to $16.67 million. A $170,795 investment loss offset most interest and dividend income, leaving only $30,701 in total additions against $279,946 in operating expenses and other deductions. The trust also charged $2.81 million directly against equity, comprising $2.68 million in claimant distributions and $133,373 in related legal fees. No new insurance-settlement contributions were recognized.

Cash paid to claimants totaled $2.68 million, and the reported payment percentage remained 35%. At year-end, the trust held $699,072 in cash and $5.39 million in investments, with $10.73 million still receivable on the API promissory note. Both weak investment results and continuing claimant payments contributed to the year's decline in equity.

API, Inc. ended 2017 with $19.73 million in net claimants' equity, a decline of $2.30 million. Investment gains of $279,876 helped generate $485,339 in total additions, exceeding operating expenses of $272,541. That $212,798 operating surplus partly offset $2.51 million charged directly against equity, consisting of $2.46 million in claimant distributions and $51,168 in related legal fees. No new insurance-settlement contributions were recorded.

The claims schedules showed approximately $2.45 million paid on new claims and $9,495 on second-injury claims, consistent with the financial statements' $2.46 million in cash distributions. The reported year-end payment percentage was 35%. Assets included $12.03 million remaining on the API promissory note and $7.06 million in investments; cash declined to $713,411 as distributions continued to draw on the trust's resources.

API, Inc.'s net claimants' equity fell by $1.70 million in 2016 to $22.03 million. Insurance-settlement contributions of $2.15 million provided a significant offset to $3.68 million charged directly against equity for claimant distributions and related legal fees. Separately, $194,078 in additions fell short of $363,917 in operating expenses by $169,839. The insurance recovery softened the decline but did not fully cover distributions and expenses.

The trust paid $3.83 million in cash to claimants, compared with $3.55 million in recognized claimant distributions, as the prior year's $286,503 claims-payable balance was paid down to zero. Related legal fees charged against equity were $127,179. The year-end payment percentage remained 35%. Assets included $13.33 million remaining on the API promissory note, $6.34 million in investments, and $2.32 million in cash.

API, Inc. ended 2015 with $23.72 million in net claimants' equity, down $3.39 million. Interest and dividends were partly offset by a $126,656 investment loss, leaving $178,253 in additions against $481,140 in operating expenses. A further $3.08 million was charged directly against equity, consisting of $3.05 million in recognized claimant distributions and $37,921 in related legal fees. The operating shortfall and claim distributions both reduced equity.

Cash paid to claimants totaled $2.76 million; the higher recognized distributions included $286,503 in claims payable at year-end. The report recorded a payment-percentage increase from 30% to 35%. Assets totaled $24.08 million, including $14.63 million remaining on the API promissory note and $8.98 million in investments, with $436,180 in cash and $30,017 in money market funds.

API, Inc.'s net claimants' equity declined by $1.50 million in 2014 to $27.11 million. Investment gains of $611,605 helped bring total additions to $847,003, exceeding operating expenses of $413,882. The resulting $433,121 operating surplus funded part of the year's $1.93 million in claimant distributions, but was insufficient to prevent a reduction in equity. No new contributions to equity were recognized.

The trust paid $1.93 million to claimants and collected the $3.23 million insurance settlement receivable recorded in earlier years. That collection strengthened cash resources without being a new contribution to the year's equity. At year-end, the trust held $997,791 in cash, $2.19 million in money market funds, and $8.06 million in investments, with $15.93 million remaining on the API promissory note. The reported payment percentage was 30%.

API, Inc. ended 2013 with $28.61 million in net claimants' equity, down $1.89 million. A $296,497 investment loss exceeded interest, dividends, and miscellaneous income, producing negative additions of $86,332. Operating expenses of $356,369 increased the operating shortfall to $442,701, and $1.44 million in claimant distributions further reduced equity. No new insurance-settlement contributions were recognized during the year.

The trust paid $1.44 million to claimants and reported a 30% payment percentage. Its $3.23 million insurance settlement receivable remained uncollected at year-end, while $17.23 million remained on the API promissory note. Cash was $21,743, with a further $179,218 in money market funds and $7.94 million in investments. Investment losses and continuing distributions both contributed to the reduction in equity.

API, Inc.'s net claimants' equity increased by $338,288 in 2012 to $30.50 million, principally because it recognized $3.43 million in insurance settlements. Revenue of $537,584 exceeded operating expenses of $474,108 by $63,476. Claimant distributions of $3.06 million and insurance-related litigation expenses of $92,708 were charged separately against equity, substantially offsetting the new settlement contributions.

Most of the settlement contribution was a $3.23 million receivable for the expected initial distribution on the trust's $21.50 million allowed Home Insurance Company claim; only the separate $200,000 Zurich settlement was received during 2012. The trust paid $3.06 million to claimants and reported a 30% payment percentage. Year-end assets also included $18.53 million remaining on the API promissory note, so the increase in reported equity should be distinguished from cash immediately available for distributions.

API, Inc. ended 2010 with $32.88 million in net claimants' equity, a decline of $4.50 million. Interest, dividends, and other investment results produced $554,924 in revenue, exceeding $441,081 in operating expenses by $113,843. The trust separately deducted $4.61 million from equity, comprising $4.19 million in claimant distributions and $420,691 in legal fees related to insurance settlements. These distributions and legal costs accounted for the overall decline despite the positive operating result.

The cash-flow statement reported $4.19 million paid to claimants and $1.30 million collected on the API promissory note. At year-end, $21.13 million remained on that note, representing most of the trust's $33.00 million in assets. Other assets included $9.60 million in investments, $947,108 in cash, $823,772 in money market funds, and a $500,000 principal-protected note.

API, Inc.'s net claimants' equity declined by $10.43 million in 2009 to $37.38 million. Revenue of $1.40 million, including $730,571 in investment gains, exceeded operating expenses of $485,899. That $914,674 operating surplus was outweighed by $11.35 million charged directly against equity, consisting of $11.33 million in recognized claimant distributions and $16,489 in insurance-settlement legal fees. No new contributions to equity were recorded.

The cash-flow statement reported $11.91 million paid to claimants, exceeding the year's recognized distributions as previously accrued claims were paid. The payment percentage was 55% at year-end, compared with 50% a year earlier. Assets remained substantially dependent on the API promissory note, with $22.43 million outstanding, alongside $14.36 million in investments and $500,000 in a principal-protected note.

API, Inc. ended 2008 with $47.81 million in net claimants' equity, down $35.13 million. The largest reduction was $34.81 million charged directly against equity for claimant distributions and insurance-settlement legal fees. Operating expenses were $488,701, while reported revenue totaled $141,775 after a $500,000 investment impairment. That impairment followed the bankruptcy of an investment bank that had issued one of the trust's principal-protected notes.

Cash paid to claimants totaled $34.19 million, and the reported year-end payment percentage increased to 50% from approximately 13.46%. The trust collected $53.14 million in insurance settlement proceeds, largely converting receivables already recognized in the preceding year into cash rather than creating new equity. Year-end assets included $20.39 million in investments, $3.50 million in principal-protected notes, and $23.73 million remaining on the API promissory note.

API, Inc.'s first annual report covers February 5, 2007, the trust's inception, through December 31, 2007. It ended that period with $82.94 million in net claimants' equity. Initial contributions of $94.11 million included a $26.00 million promissory note, $15.00 million in initial funding, and $53.11 million in insurance settlements receivable net of related legal fees. Income of $215,524 was outweighed by $3.08 million in operating expenses, including $2.54 million in legal fees.

The trust paid $7.96 million to claimants and charged a further $344,561 in insurance-settlement legal fees directly against equity. Its reported payment percentage was approximately 13.46%. Much of the year-end asset balance consisted of amounts still to be collected: $53.11 million in insurance receivables and $25.03 million remaining on the promissory note, compared with $4.70 million in investments and $172,889 in cash.