C.E. Thurston Asbestos Trust Annual Reports, 2010–2025

C.E. Thurston ended 2025 with $16.56 million in net claimants’ equity, down approximately $699,000 from $17.25 million. Investment income after fees and investment gains generated approximately $911,000 in additions, slightly above 2024’s $888,000. Claim settlements paid declined to $1.21 million, while administrative and processing costs increased to approximately $399,000. Lower claim payments narrowed the annual equity decline, despite the higher administrative total.

The trust received 335 unliquidated claims and paid 409 during the year, compared with 566 received and 285 paid in 2024. The number paid rose while the dollars distributed fell, reflecting differences in the value of claims paid; processing fees increased from approximately $58,000 to $106,000. The report confirms that the 50% payment percentage, effective November 21, 2017, remained in place during 2025. The annual narrative and audited statements agree on $1,209,960 in claim payments.

C.E. Thurston ended 2024 with $17.25 million in net claimants’ equity, down approximately $868,000 from $18.12 million. Investment income after fees increased to approximately $413,000, but investment gains fell to $476,000, leaving total additions of approximately $888,000. Claim settlements paid rose to $1.39 million, while administrative and processing costs totaled approximately $366,000. Lower combined investment additions and higher distributions widened the annual decline compared with 2023.

The trust received 566 unliquidated claims and paid 285 during the year, compared with 608 received and 313 paid in 2023. The payment percentage remained 50%. The amount distributed increased even though fewer claims were paid, reflecting the differing values of the claims resolved during each year. Investment additions remained positive but were insufficient to cover claim payments and administration.

C.E. Thurston ended 2023 with $18.12 million in net claimants’ equity, down approximately $592,000 from $18.71 million. Investment income after fees of approximately $323,000 and investment gains of $736,000 generated $1.06 million in additions, reversing the prior year’s net investment loss. Claim settlements paid declined to $1.30 million, and administrative and processing costs totaled approximately $347,000. The recovery in investments and lower distributions substantially narrowed the annual decline.

The trust received 608 unliquidated claims and paid 313 during the year, compared with 314 received and 287 paid in 2022. The payment percentage remained 50%. Although the number of claims paid increased, the total amount distributed decreased from $1.56 million to $1.30 million. New filings nearly doubled, but annual filing and payment counts reflect different stages of claim administration and should not be treated as one cohort.

C.E. Thurston ended 2022 with $18.71 million in net claimants’ equity, down $2.86 million from $21.58 million. Investment losses of $1.11 million outweighed approximately $168,000 in investment income after management fees, producing a net investment reduction of approximately $940,000. Claim settlements paid increased to $1.56 million, while administrative and processing costs totaled approximately $367,000. Investment losses and higher claim distributions together explain the much larger decline than in 2021.

The trust received 314 unliquidated claims and paid 287 during the year. New filings decreased from 372, while the number of claims paid increased from 224. The payment percentage remained 50%. Administrative costs were somewhat lower than in 2021, but that saving was small relative to the adverse investment results and approximately $504,000 increase in claim payments.

C.E. Thurston ended 2021 with $21.58 million in net claimants’ equity, down approximately $837,000 from $22.41 million. Investment income after management fees and investment gains totaled approximately $606,000, below the $1.00 million generated in 2020. Claim settlements paid declined to $1.05 million, while administrative and processing costs increased to approximately $392,000. The reduction in investment additions and higher costs more than offset the decline in claim payments.

The trust received 372 unliquidated claims, the same number reported in 2020, and paid 224 claims, down from 289. The payment percentage remained 50%. Claims-processing costs increased from approximately $45,000 to $71,000, and professional fees rose from approximately $196,000 to $222,000. Despite fewer claims paid and lower total distributions, the annual reduction in equity was slightly larger than in 2020.

C.E. Thurston ended 2020 with $22.41 million in net claimants’ equity, down approximately $769,000 from $23.18 million. Investment income after management fees and investment gains generated $1.00 million in additions, compared with $1.34 million in 2019. Claim settlements paid declined to $1.44 million, and administrative and processing costs totaled approximately $329,000. Lower distributions more than offset the reduction in investment additions when comparing the size of the annual equity decline.

The trust received 372 unliquidated claims and paid 289 during the year, both below the prior year’s counts. The payment percentage remained 50%. The financial statements and annual narrative report the same $1,440,550 in claim payments. Investment additions covered a substantial portion of distributions and administration, but the remaining shortfall continued to reduce the funds available for future claims.

C.E. Thurston ended 2019 with $23.18 million in net claimants’ equity, down $1.10 million from $24.28 million. Investment income after management fees and investment gains recovered to $1.34 million, including approximately $1.02 million in gains. Claim settlements paid totaled $2.11 million, while administrative and processing costs were approximately $325,000. Stronger investment results and the absence of a large supplemental-payment program reduced the decline substantially from 2018.

The trust received 447 unliquidated claims and paid 406 during the year. Only $14,798 of the $2.11 million in distributions represented supplemental payments, compared with approximately $3.68 million in supplements in 2018. The payment percentage remained 50%. Although total distributions fell, the number of claims paid increased from 298 to 406, illustrating the importance of separating supplemental distributions from ordinary annual claim activity.

C.E. Thurston ended 2018 with $24.28 million in net claimants’ equity, down $5.18 million from $29.46 million. Investment income after management fees of approximately $326,000 was partly offset by $196,000 in investment losses, leaving approximately $130,000 in additions. Claim settlements paid rose to $4.97 million, and administrative and processing costs were approximately $343,000. Increased distributions, combined with weaker investment results, drove the decline.

The trust reported 488 new unliquidated claims and 298 claims paid. Of the $4.97 million distributed, approximately $3.68 million consisted of supplemental payments following the November 2017 increase in the payment percentage from 35% to 50%. The remaining distributions were approximately $1.29 million. The large payment total therefore primarily reflected supplements on previously resolved claims, rather than an increase in the annual count of newly paid claims.

C.E. Thurston ended 2017 with $29.46 million in net claimants’ equity, down approximately $388,000 from $29.85 million. Investment income after management fees of approximately $275,000 and investment gains of $776,000 generated $1.05 million in additions. Claim settlements paid totaled $1.08 million, while administrative and processing costs were approximately $363,000. Improved investment results and lower payments narrowed the decline compared with the $1.79 million decrease reported for 2016.

The trust received 502 unliquidated claims and paid 356 during the year. Effective November 21, 2017, the payment percentage increased from 35% to 50%, with eligible claims previously paid below 50% entitled to supplemental payments. The narrative identifies $19,159 in supplemental payments within the 2017 total. The late-year increase is important context for the substantially larger supplemental distributions reported in 2018.

C.E. Thurston ended 2015 with $31.64 million in net claimants’ equity, down $1.44 million from $33.08 million. Investment income after management fees and investment gains contributed approximately $253,000. A further $663,111 contribution was recognized as a receivable for settlement funds held in escrow, bringing total additions to approximately $916,000. Claim settlements paid were approximately $1.88 million, and administrative and processing costs were approximately $473,000.

The trust reported 1,114 new unliquidated claims and 536 claims paid. In September 2015, it increased the payment percentage from 25% to 35%, making eligible previously paid claims subject to supplemental payments. The annual narrative identifies approximately $1.03 million of the year’s distributions as supplements, accounting for more than half the payment total. The newly recognized contribution helped offset those distributions, but the escrow funds were released in 2016 rather than received as cash in 2015.

C.E. Thurston ended 2014 with $33.08 million in net claimants’ equity, down $1.34 million from $34.42 million. Investment income after management fees and investment gains totaled approximately $666,000, compared with $1.40 million in 2013. Claim settlements paid were approximately $1.54 million, and administrative and processing costs totaled approximately $463,000. Weaker investment additions were the main reason the equity decline widened despite broadly similar claim payments.

The trust reported receiving 8,134 unliquidated claims and paying 1,358 during the year, with the payment percentage remaining 25%. New filings increased while the number of claims paid decreased. The narrative’s payment total differs from the audited figure by $200; the report explains that timing differences and accounting adjustments can cause small differences between claims-processing and financial records. Both sources place annual distributions at approximately $1.54 million.

C.E. Thurston ended 2013 with $34.42 million in net claimants’ equity, down approximately $570,000 from $34.99 million. Investment income after management fees of approximately $579,000 and investment gains of $822,000 generated $1.40 million in additions. Claim settlements paid totaled $1.53 million, with approximately $438,000 in administrative and processing costs. Lower payments and stronger investment additions narrowed the decline compared with 2012.

The trust received 7,317 unliquidated claims and paid 2,173 during the year. The payment percentage remained 25%, following the May 2012 reduction from 80%. Incoming claims increased substantially, while the number paid changed relatively little; the two counts describe different stages of claim administration and do not measure an acceptance rate. Cash distributions were less than half the amount paid in 2012.

C.E. Thurston ended 2012 with $34.99 million in net claimants’ equity, down $2.47 million from $37.46 million. Investment income after management fees and investment gains totaled $1.21 million. Claim settlements paid were $3.15 million, substantially below 2011’s $13.66 million, and administrative and processing costs totaled approximately $534,000. The reduced distributions limited the decline in equity, although investment additions still fell short of total deductions.

The trust reported 2,570 new unliquidated claims and 2,101 claims paid during the year. In January 2012, it suspended new payment offers while reassessing its payment percentage because claim submissions had significantly exceeded earlier estimates. In May, the percentage was reduced from 80% to 25%. This change is central to understanding the year’s much lower payment total and the shift from the large supplemental distributions made in 2011.

C.E. Thurston ended 2011 with $37.46 million in net claimants’ equity, down $12.58 million from $50.04 million. Investment income after management fees and investment gains totaled $1.48 million, while claim settlements paid rose to $13.66 million. Administrative and processing costs were approximately $394,000. The large decline in equity was principally a distribution event following the increase in the payment percentage from 40% to 80% at the start of the year.

The annual narrative reports 2,093 new unliquidated claims and 2,991 claims paid. Payments on unliquidated claims totaled $13.34 million, including $7.70 million in supplemental payments. A further $320,000 in supplemental payments on pre-petition liquidated claims brings the combined payment total to the $13.66 million shown in the audited statements. Supplemental distributions were therefore a major component of the year’s payments and should be distinguished from payments on newly resolved claims.

C.E. Thurston ended 2010 with $50.04 million in net claimants’ equity, down $2.63 million from $52.67 million. Investment income after management fees and investment gains contributed $1.69 million. Claim settlements paid totaled $3.97 million, while administrative and processing costs were approximately $486,000 before a $137,000 income-tax benefit. Positive investment results therefore covered only part of the year’s distributions and expenses.

The trust reported receiving 6,271 unliquidated claims and paying 5,731 during the year. In December 2010, it decided to increase the payment percentage from 40% to 80%, effective at the start of 2011, with supplemental payments for claims previously paid at 40%. That decision set up a significant increase in distributions in the following year; the 2010 financial results reflect payments made before the higher percentage took effect.