Burns and Roe Asbestos Trust Annual Reports, 2010–2023

Burns & Roe ended 2023 with $92.25 million in net claimants’ equity, up $1.08 million from $91.18 million. Net investment additions recovered to $9.72 million, including $8.46 million in unrealized appreciation, partly offset by realized losses and advisory fees. Deductions totaled $8.64 million: $5.08 million in claims settled, $283,000 in processing and consulting costs, $399,000 in operating expenses, and $2.88 million in income-tax expense. Investment gains restored part of the prior year’s decline.

The trust reported 2,603 new claims, 472 approvals, and 473 claims paid. Cash distributions totaled $5,628,240, exceeding the $5,081,977 claims-settled deduction as previously recorded unpaid obligations were paid down. The payment percentage remained 32%. Filing, approval, rejection, and payment columns describe activity during the year rather than one cohort, so simple division of those counts would not provide a reliable acceptance or rejection rate.

Burns & Roe ended 2022 with $91.18 million in net claimants’ equity, down $11.24 million from $102.42 million. Interest and dividends of $1.83 million were outweighed by approximately $11.40 million in realized and unrealized investment losses and $230,000 in advisory fees, producing a $9.80 million net investment loss. A $4.32 million income-tax benefit partly offset that loss. The trust also recognized $4.99 million in claims settled, $114,000 in processing and consulting costs, and $658,000 in operating expenses.

The claims schedule reports 2,247 new filings, 554 approvals, and 468 claims paid, with approximately $4.37 million in cash payments. Settled claims payable increased by approximately $621,000, so recognized claims obligations exceeded cash distributions. The payment percentage remained 32%. Investment losses were the main cause of the equity decline, while the tax benefit reduced the accounting impact without representing an equivalent cash inflow.

Burns & Roe ended 2020 with $101.66 million in net claimants’ equity, up approximately $290,000 from the restated opening balance of $101.37 million. Net investment income and gains totaled $6.78 million. Deductions included $4.13 million in claims settled, $101,000 in processing and consulting costs, $510,000 in operating expenses, and $1.75 million in income-tax expense. Positive investment results narrowly exceeded those deductions.

The report restates the 2019 comparative figures to recognize deferred taxes, reducing 2019 ending equity by $3.40 million from the previously reported amount; the annual comparison above uses the restated figures. The 2020 cash-flow statement shows an approximately $807,000 reduction in settled claims payable, indicating that payments exceeded newly recognized claims obligations. The attachment’s claims-activity schedule is labeled January–December 2019, so its filing, approval, and payment counts are not presented here as 2020 activity. The reported payment percentage remained 32%.

Burns & Roe ended 2017 with $108.1 million in net claimants’ equity, a decline of $22.26 million from $130.3 million. Net investment additions were $7.13 million, including substantial unrealized appreciation. Deductions totaled $29.39 million: $28.05 million in claims settled, $184,000 in processing and consulting costs, $607,000 in operating expenses, and $544,000 in federal income-tax expense. Claims obligations were substantially higher than the $5.28 million recognized in 2016.

The report attributes approximately $21.89 million in supplemental payments to the increase in the payment percentage from 25% to 32%, effective December 2016, and the implementation of an inflation-adjustment policy. These supplements were the central feature of 2017’s distributions. The separate claims-activity schedule reports payment amounts that do not reconcile with the supplemental-payment disclosure and audited claims figures, so it should not be used as a complete annual cash-distribution total. The audited financial results show that the expanded claims distributions more than offset investment gains.

Burns & Roe ended 2015 with $132.0 million in net claimants’ equity, down $5.40 million from $137.4 million. Net investment additions improved to $1.79 million, comprising interest and dividends, advisory fees, and net valuation changes. The trust recognized $6.04 million in claims settled, $211,000 in processing and consulting costs, and $943,000 in operating expenses. Claims obligations rose from 2014, but the prior year’s $2.61 million funding-note settlement loss did not recur.

The trust reported 2,174 claims filed, 1,067 approved, and 976 paid during the year. Cash distributions were approximately $5.58 million, while settled claims payable increased by approximately $457,000, accounting for the difference from the claims-settled deduction. The payment percentage remained 25%. Investment additions covered part of annual claims and administrative costs, but were insufficient to prevent a further reduction in equity.

Burns & Roe ended 2014 with $137.4 million in net claimants’ equity, down $6.19 million from $143.5 million. Net investment additions were approximately $870,000, while deductions included $3.46 million in claims settled, $273,000 in processing and consulting costs, and $709,000 in operating expenses. A separate $2.61 million loss on settlement of the Burns & Roe funding note was also a material contributor to the decline.

In June 2014, the trust accepted $3.82 million in a lump-sum settlement of all remaining note obligations, leaving no further amount due from Burns & Roe. The activity schedule reports 2,992 claims filed, 987 approved, and 1,464 paid, with approximately $5.38 million in cash payments. Payments exceeded newly recognized claims obligations as settled claims payable declined by approximately $1.91 million. The payment percentage remained 25%; the year combined lower claims-settlement expense with a significant loss on the remaining funding receivable.

Burns & Roe ended 2013 with $143.5 million in net claimants’ equity, down $10.0 million from $153.6 million. Net investment additions were $1.23 million after advisory fees and approximately $606,000 in combined realized and unrealized losses. The trust recognized $10.19 million in claims settled, $501,000 in processing and consulting costs, and $571,000 in operating expenses. Claims deductions were lower than in 2012, but still substantially exceeded investment additions.

The trust reported 47,763 new claims, 2,296 approvals, and 2,721 claims paid. Cash payments totaled approximately $12.79 million, exceeding the year’s claims-settled deduction as the trust reduced previously recorded unpaid obligations. The report also describes an amendment deferring payments on the Burns & Roe funding note until December 2015 and extending its final repayment date to April 2024, with interest on deferred payments. The sharp rise in filings should be read separately from annual approvals and payments, which do not represent a single group of claims.

Burns & Roe ended 2012 with $153.6 million in net claimants’ equity, a decline of $16.0 million from $169.6 million. Net investment additions totaled $2.13 million after advisory fees and valuation changes. The trust recognized $17.34 million in claims settled, $266,000 in claims-processing and consulting costs, and $565,000 in operating expenses. The much larger claims deduction outweighed investment earnings and accounted for most of the decrease.

The activity schedule reports 13,717 claims filed, 3,352 approved, and 2,729 paid, with approximately $14.18 million in cash distributions. Settled claims payable increased by approximately $3.15 million, explaining most of the difference between cash paid and claims recognized. The trust also collected the final $16.0 million insurance-settlement receivable and $500,000 on its funding note. Those receipts converted previously recorded receivables into cash rather than creating new equity, helping liquidity even as net claimants’ equity declined.

Burns & Roe ended 2011 with $169.6 million in net claimants’ equity, down $6.9 million from $176.5 million. Net investment income and gains were approximately $2.44 million, while the original annual statement recorded $8.37 million in claims settled and approximately $983,000 in processing, administrative, and professional expenses. Claims obligations were the main driver of the decline, despite positive investment results.

The trust reported 12,015 new claims, 3,311 approvals, and 2,721 claims paid during the year. Cash payments reported in the activity schedule totaled approximately $8.15 million, including $6.52 million on Category A claims, $1.62 million on Category B claims, and $5,400 on Disease Level I claims. These payment figures are distinct from the claims-settled deduction, which includes the effect of obligations recognized but not yet paid. New filings were lower than in 2010, while the number of claims paid increased substantially.

Burns & Roe ended 2010 with $176.5 million in trust equity, down approximately $5.0 million from $181.5 million. Investment income and gains after advisory fees contributed approximately $1.57 million. The financial statement recorded a $5.60 million claims deduction and approximately $949,000 in administrative, processing, and professional expenses. Those deductions exceeded investment additions during the trust’s first full calendar year after its establishment in July 2009.

The activity schedule reports 19,312 claims filed, 1,066 approved for payment, and 723 paid, with approximately $3.44 million in payments after the payment percentage and sequencing adjustment. That payment total differs from the $5.60 million line labeled “Claims paid” in the financial statement, which also reports $2.14 million in settled claims payable at year-end; the two figures should not be treated as interchangeable cash-payment totals. The summary therefore preserves the distinction between the financial statement’s claims deduction and the activity schedule’s reported payments.