Bartells Asbestos Trust Annual Reports, 2010–2015

Bartells ended 2015 with $214,035 in trust equity, down from $1.14 million at the beginning of the year. Remaining assets were $170,424 in cash and $43,611 in refundable income taxes, with no investments reported at year-end. The reviewed financial statements recorded $902,573 in claims paid and $55,566 in other expenses, producing a $922,744 net loss after income, investment losses, and the tax benefit. The claims schedule separately reported 788 dispositions, including 763 claims listed as paid, and $946,710 in checks issued; it did not reconcile the $44,137 difference from the financial statements.

The report expressly stated that available funds were insufficient to pay claims and fund operations through the trust's scheduled February 2021 termination date. It also stated that anticipated partial reimbursement from the Manville trust would not close the shortfall. The trustee intended to seek court instructions in 2016 on how to proceed, making the trust's remaining resources and future administration the central issues identified in this year's report.

Bartells' trust equity declined by $1.21 million in 2014, falling from $2.35 million to $1.14 million. The reviewed financial statements reported $1.27 million in claims paid and $74,071 in other expenses. Income of $66,244 and investment gains of $70,782 provided only a modest offset to those expenditures. Year-end assets consisted of $138,997 in cash and $1.00 million in investments, largely municipal bonds, with $4,763 in income taxes payable.

The claims schedule reported 461 dispositions, including 364 claims listed as paid, and $1.33 million in checks issued. Mesothelioma accounted for $1.09 million across 153 paid claims, followed by lung cancer at $171,225 across 124 paid claims. The schedule's checks-issued total exceeds the financial statements' claims-paid amount by $57,250. Although the schedule separately identifies two returned checks totaling $2,300, the report does not reconcile the full difference.

Bartells' trust equity fell from $3.45 million to $2.35 million in 2013, a decline of approximately 32%. The reviewed financial statements reported $990,926 in claims paid and $81,787 in other expenses against $94,163 in income. Investment losses of $72,481 and income-tax expense of $53,990 added to the reduction, producing a $1.11 million annual net loss. At year-end, the trust held $230,182 in cash and $2.12 million in investments, mostly municipal bonds.

The claims schedule recorded 333 dispositions, including 283 claims listed as paid, and $1.07 million in checks issued. Mesothelioma accounted for 125 paid claims and $886,250; lung cancer accounted for another 87 paid claims and $131,625. These two categories represented most of the payment dollars. The schedule's checks-issued total is $83,599 higher than the financial statements' claims-paid figure, and the report provides no reconciliation.

Bartells ended 2012 with $3.45 million in trust equity, down $247,721 from the beginning of the year. Its assets included $222,948 in cash and $3.16 million in investments, principally municipal bonds. The reviewed financial statements reported $406,850 in claims paid and $87,372 in other expenses. Income of $123,647, investment gains of $113,127, and a $9,727 tax benefit reduced the annual loss but did not cover total expenses.

The claims schedule reported 74 dispositions and 67 claims listed as paid, with $477,050 in checks issued. Mesothelioma dominated the year's payments: 62 paid claims accounted for $470,000, while the remaining payments went to four lung-cancer claims and one nonmalignant claim. The checks-issued total exceeds the financial statements' claims-paid amount by $70,200; the report does not explain that difference.

Bartells' trust equity declined from $3.93 million to $3.70 million during 2011. Year-end assets included $478,480 in cash and $3.09 million in investments, predominantly municipal bonds. The reviewed financial statements reported $381,975 in claims paid and $96,206 in other expenses. Income of $107,209 and investment gains of $132,890 offset part of those expenditures, leaving a $227,495 net loss after the income-tax benefit.

The claims schedule recorded 133 dispositions, including 107 claims listed as paid, and $487,125 in checks issued. Mesothelioma accounted for 61 paid claims and $430,750, making it the principal source of claim payments. The schedule's checks-issued total is $105,150 higher than the claims-paid amount in the financial statements, with no reconciliation provided in the report.

Bartells ended 2010 with $3.93 million in trust equity, including $885,769 in cash and $2.92 million in investments. Its reviewed financial statements reported $1.40 million in claims paid and $99,068 in other expenses. Income of $166,194, investment gains of $104,691, and a tax benefit partially offset those outflows, producing a $1.20 million net loss. A separate $304,777 addition to the trust limited the decline in equity from the $4.82 million opening balance.

The claims schedule reported 609 dispositions, with 542 claims listed as paid and $1.49 million in checks issued. Mesothelioma accounted for $1.16 million of that amount, although other-cancer claims were the largest paid category by number. The checks-issued total exceeds the financial statements' claims-paid figure by $89,900; the report does not reconcile the difference.