ARTRA Asbestos Trust Annual Reports, 2010–2025

ARTRA ended 2025 with $16.79 million in net claimants' equity, down $1.39 million. Net investment income of $1.27 million was outweighed by $2.25 million in recognized claims-settlement expense and $413,635 in operating, claims-processing, and consulting costs. The trust reported 2,705 claims filed and $2.27 million in cash claim payments, including approximately $1.99 million in supplemental payments. Settled claims payable declined to $42,210.

Effective April 1, 2025, the payment percentage increased from 0.6% to 0.70%, and the trust introduced a $50 filing fee. Supplemental payments were made on previously paid claims in the three active disease levels when the additional amount due was at least $100. Processing in two other disease levels remained suspended pending distributions of at least $100. The supplemental distributions explain much of the year's elevated claim payments; cash payments remain distinct from recognized settlement expense.

ARTRA's net claimants' equity declined by $233,313 in 2024 to $18.18 million. Interest and dividends of $736,275 and realized gains of $252,339 were partly offset by $424,922 in unrealized losses and advisory fees, resulting in net investment income of $506,561. Recognized claims-settlement expense of $333,630 and operating, claims-processing, and consulting costs of $406,244 exceeded those returns.

The trust reported 3,901 claims filed and paid $324,480 on 318 claims. Settled claims payable increased slightly to $59,100, while the payment percentage remained 0.6%. Year-end cash rose to $852,834 and investments totaled $17.26 million. Although investment income covered recognized claim costs, it was insufficient to cover both claims and administration.

ARTRA ended 2023 with $18.41 million in net claimants' equity, an increase of $362,976. Unrealized investment gains of $804,954 helped produce net investment income of $1.17 million despite $141,968 in realized losses. These returns exceeded $405,206 in recognized claims-settlement expense, $124,426 in claims-processing and consulting costs, and $274,132 in operating expenses.

The trust reported 4,596 claims filed and paid $442,890 on 488 claims, including one prepetition claim. Cash payments exceeded the year's recognized settlement expense, while settled claims payable declined to $49,950. The payment percentage remained 0.6%. Investments totaled $18.15 million and cash $163,839 at year-end, with investment gains supporting growth in equity after distributions and expenses.

ARTRA's net claimants' equity fell by $2.28 million in 2022 to $18.05 million. Unrealized investment losses of $2.05 million were the principal driver: interest, dividends, and realized gains only partly offset them, leaving a net investment loss of $1.56 million after advisory fees. Recognized claims-settlement expense of $371,945, claims-processing and consulting costs of $93,873, and operating expenses of $253,053 added to the decline.

The trust reported 4,081 claims filed and paid $380,000 on 436 claims. Settled claims payable declined to $84,120, while the payment percentage remained 0.6%. Cash increased to $346,730, but investment holdings fell to $17.62 million. The year's reduction in equity was therefore primarily attributable to investment losses, with claim payments and administration accounting for the balance.

ARTRA ended 2021 with $20.33 million in net claimants' equity, a decrease of $1.29 million. Net investment income of $1.30 million was outweighed by $2.21 million in recognized claims-settlement expense and $380,485 in operating, claims-processing, and consulting costs. The payment percentage increased during the year from 0.5% to 0.6%, a material change in the context of the higher claim distributions.

The claims schedule reported 5,105 claims filed and approximately $2.18 million in cash payments, including prepetition claims. That cash total is distinct from the $2.21 million settlement expense recognized in the financial statements. Settled claims payable rose to $91,800. The trust ended the year with $20.20 million in investments and $52,834 in cash, leaving most of its resources invested.

ARTRA's net claimants' equity increased by $573,072 in 2020 to $21.62 million. Net investment income of $1.40 million included $881,794 in unrealized gains and $205,192 in realized gains. This more than covered $443,450 in recognized claims-settlement expense, $105,326 in claims-processing and consulting costs, and $276,097 in operating expenses.

The trust reported 4,887 claims filed and paid $526,600 on 884 claims, including prepetition claims. Cash payments exceeded recognized settlement expense as settled claims payable declined from $150,500 to $67,350. The payment percentage remained 0.5%. Year-end cash increased to $618,186, alongside $20.90 million in investments, so the trust finished the year with higher equity after funding claim payments and administration.

ARTRA ended 2019 with $21.04 million in net claimants' equity, an increase of $1.30 million. Net investment income of $2.17 million, including $1.12 million in realized gains and $642,089 in unrealized gains, exceeded the year's $862,524 in deductions. Recognized claims-settlement expense was $469,075, with an additional $121,175 in claims-processing and consulting costs and $272,274 in operating expenses.

The trust reported 7,083 claims filed and paid $394,050 on 619 claims. Settled claims payable increased to $150,500, and the payment percentage remained 0.5%. Investments rose to $20.84 million and cash to $181,233. The report also noted that the developing COVID-19 outbreak created uncertainty after year-end, with its financial effects not yet estimable when the statements were issued.

ARTRA's net claimants' equity declined by $1.20 million in 2018 to $19.74 million. Unrealized investment losses of $1.18 million outweighed interest, dividends, and realized gains, producing a net investment loss of $222,651 after advisory fees. Recognized claims-settlement expense of $502,243 and operating, claims-processing, and consulting costs of $475,714 added to the reduction in equity.

The trust reported 7,263 claims filed and paid $773,950 on 1,132 claims. Payments exceeded the year's recognized settlement expense, while settled claims payable fell from $331,150 to $75,475. The payment percentage remained 0.5%. Year-end cash was $109,955 and investments totaled $19.53 million; investment losses and continued distributions both reduced the trust's financial resources.

ARTRA ended 2017 with $20.94 million in net claimants' equity, down $247,871. Net investment income of $1.11 million, supported principally by $759,307 in unrealized gains, covered most of the year's $1.36 million in deductions. Those deductions comprised $895,625 in recognized claims-settlement expense, $149,593 in claims-processing and consulting costs, and $313,788 in operating expenses.

The trust reported 5,038 claims filed and paid $663,825 on 867 claims. Cash payments were below recognized settlement expense, while settled claims payable increased from $77,350 to $331,150. The payment percentage remained 0.5%. Year-end holdings included $20.60 million in investments and $520,334 in cash, leaving the trust's resources concentrated in its investment portfolio.

ARTRA's net claimants' equity fell by $691,638 in 2016 to $21.19 million. Net investment income of $438,188 included $301,247 in interest and dividends and $199,726 in realized and unrealized gains, less advisory fees. These returns did not cover $636,400 in recognized claims-settlement expense, $177,843 in claims-processing and consulting costs, and $315,583 in operating expenses.

The trust reported 12,271 claims filed and paid $635,025 on 737 claims, closely tracking the year's settlement expense. Settled claims payable ended at $77,350, and the payment percentage remained 0.5%. Investments totaled $19.95 million and cash $1.17 million at year-end. Positive investment results moderated, but did not prevent, the reduction in equity.

ARTRA ended 2015 with $21.88 million in net claimants' equity, a decrease of $1.20 million. Realized investment losses of $166,413 and unrealized losses of $438,624 outweighed interest and dividends, leaving a net investment loss of $229,567 after advisory fees. Recognized claims-settlement expense of $545,645, claims-processing and consulting costs of $104,382, and operating expenses of $319,311 accounted for the remaining decline.

The trust received 5,786 claims and paid $539,000 on 533 claims. Settled claims payable rose slightly to $75,975, and the payment percentage remained 0.5%. Cash increased to $2.30 million while investment holdings fell to $19.48 million; the higher cash balance should therefore be viewed alongside the reduction in the trust's overall financial resources.

ARTRA's net claimants' equity declined by $232,299 in 2014 to $23.08 million. Net investment income of $443,061 and a $395,000 litigation settlement supplied $838,061 in additions, compared with $459,775 in recognized claims-settlement expense and $610,585 in operating, claims-processing, and consulting costs. The litigation settlement resolved disputes involving the unpaid Entrade note and Comforce stock, with the trust releasing its related rights and future claims.

The trust reported 7,261 claims filed and paid $1.72 million on 2,281 claims. Cash payments substantially exceeded the year's settlement expense as settled claims payable fell from $1.33 million to $69,330. The payment percentage remained 0.5%, and year-end resources included $22.74 million in investments and $203,618 in cash.

ARTRA ended 2012 with $23.93 million in net claimants' equity, down $2.48 million. Insurance settlements of $2.50 million and net investment income of $633,213 supplied $3.13 million in additions. These were exceeded by $4.66 million in recognized claims-settlement expense, $187,389 in claims-processing and consulting costs, and $768,808 in operating expenses.

The trust reported 10,965 claims filed and 3,671 claims paid, with cash claim payments totaling approximately $3.18 million. Those payments were below recognized settlement expense as settled claims payable increased from $346,824 to $1.83 million. The payment percentage remained 0.5%. Year-end resources included $23.30 million in investments and $2.26 million in cash, with the insurance recovery partially offsetting the year's claim costs.

ARTRA's net claimants' equity increased by $10.36 million in 2011 to $26.41 million, principally reflecting the reduction of previously recorded claim obligations. Effective September 13, the payment percentage fell from 7.5% to 0.5%, and the claims-settled line became a net credit of $13.30 million. Net investment income of $667,147 and a $500,000 Entrade contribution also supported equity, while operating and claims-administration costs totaled $1.60 million. The trust reserved the entire $2.50 million Entrade note after it was not paid at its April 2012 maturity.

The claims schedule reported approximately $12.86 million in payments on 1,900 claims. Settled claims payable fell from $26.51 million to $346,824, while cash declined to $3.08 million. The reported increase in equity therefore primarily reflects the reassessment of claim obligations rather than an increase in cash resources.

ARTRA ended 2010 with $16.05 million in trust equity, a decline of $25.10 million. Recognized claims-settlement expense of $27.78 million was the principal deduction, accompanied by $1.10 million in administrative, professional, and claims-processing costs. Net investment income of $3.28 million and a $500,000 Entrade contribution partly offset those charges. Total assets were $42.58 million, but $26.51 million of claims payable accounted for most of the difference between assets and equity.

The claims-activity schedule reported approximately $6.11 million paid on 3,731 claims, substantially less than the claims expense recognized during the year. This distinction matters because much of the settlement obligation remained unpaid at year-end. Holdings included $29.03 million in investments, $7.85 million in cash, and $5.46 million in receivables from Entrade and Comforce.