Celotex Asbestos Trust Annual Reports, 2010–2025

Celotex ended 2025 with $369.57 million in net assets, down $6.23 million from $375.80 million. Interest and dividend income of $8.18 million and investment gains of $29.84 million produced $38.02 million in total additions, compared with $37.84 million in personal-injury claim payments and expenses and $6.41 million in operating expenses. The managed portfolio returned 10.7% net of investment-manager fees and excluding cash, but gains did not fully cover claims and operating costs. Professional fees totaled $2.22 million. The tax notes identify approximately $1.081 million in pre-2018 and $4.242 million in post-2018 net operating loss carryforwards.

The claims schedule reports 12,280 personal-injury claims paid for $37.72 million, comprising $5.18 million in discounted cash payments and $32.54 million in individually reviewed claim payments. The payment percentage remained at 7.0%. A proposed change from the Delaware Claims Processing Facility remained under Legal Representative consideration; the report does not establish a completed transition. The report was filed April 28, 2026, as Document 14439 in Case 8:90-bk-10016-CED. Its narrative repeats the prior year's cumulative payment total, so this summary relies on the annual payment schedule instead.

Celotex's net assets declined by $5.80 million in 2024, from $381.60 million to $375.80 million. Interest and dividend income of $8.76 million and investment gains of $28.52 million provided most of the year's $37.30 million in additions. Personal-injury claim payments and expenses totaled $37.65 million, with another $5.44 million in operating expenses. Investment returns helped finance distributions but did not fully offset claims and administrative costs.

The claims schedule reports 13,101 personal-injury claims paid for $38.05 million, including $3.93 million in discounted cash payments and $34.12 million in individually reviewed claim payments. That payment total is distinct from the financial-statement claims expense. The payment percentage remained at 7.0%, and discounted cash values were unchanged during the year. The report also describes a claim-deferral amendment effective January 1, 2025, limiting a claimant's elected deferral period to one year.

Celotex ended 2023 with $381.60 million in net assets, down $1.02 million from $382.62 million. Interest and dividend income of $8.63 million and investment gains of $32.98 million nearly covered $37.20 million in personal-injury claim payments and expenses and $5.44 million in operating expenses. The investment recovery substantially narrowed the annual decline, but net assets still finished slightly below their opening level.

The claims schedule reports 11,403 personal-injury claims paid for $36.82 million, comprising $5.68 million in discounted cash payments and $31.13 million in individually reviewed claim payments. These payments differ from the claims expense recognized in the financial statements. Following its review, the trust reduced the payment percentage from 8.0% to 7.0%, effective June 23, 2023, and revised discounted cash values. The stronger investment year therefore coincided with a downward adjustment in payment terms.

Celotex's net assets fell by $71.90 million in 2022, from $454.53 million to $382.62 million. Investment losses of $45.85 million substantially exceeded $8.02 million in interest and dividend income. Personal-injury claim payments and expenses of $28.70 million and operating expenses of $5.44 million further reduced the asset pool. Investment losses were the largest individual component of the year's decline.

The claims schedule reports 8,802 personal-injury claims paid for $29.51 million, distinct from the $28.70 million claims deduction in the financial statements. The payment percentage remained at 8.0% during the year. The report states that the trustee and advisers recommended a full payment-percentage analysis in 2023, making that planned review a significant follow-up to the year's investment losses.

Celotex ended 2021 with $454.53 million in net assets available for claims, a decline of $14.35 million from $468.88 million. Interest and dividend income of $9.46 million and investment gains of $16.87 million did not cover $34.94 million in personal-injury claim payments and expenses and $5.74 million in operating expenses. Positive investment results moderated the decline, but additions remained below the year's recognized costs.

The claims schedule reports $40.69 million in personal-injury payments, including $6.82 million in additional payments associated with increased payment tables. It lists 11,337 paid claims, whereas the narrative lists 14,293; the schedule count is used here, with that discrepancy noted. On May 25, 2021, the trustee increased the payment percentage from 7.7% to 8.0% and adjusted discounted cash values. The supplemental distributions and the distinction between cash payments and recognized claims expense are important to understanding the year's activity.

Celotex's net assets available for claims declined by $6.18 million in 2020, from $475.06 million to $468.88 million. The trust recorded $10.08 million in interest and dividend income and $32.12 million in investment gains. These positive results were insufficient to cover $43.07 million in personal-injury claim payments and expenses and $5.41 million in operating expenses. Investment performance substantially offset the year's costs but did not fully replenish the asset pool.

The annual report lists 14,293 personal-injury claims paid for $35.83 million. That cash-payment figure is lower than the $43.07 million claims deduction in the financial statements and should not be treated as interchangeable with it. The payment percentage remained at 7.7%, with no adjustment recommended during the reporting period.

Celotex ended 2019 with $475.06 million in net assets available for claims, up $21.25 million from $453.81 million. Interest and dividend income of $11.92 million and investment gains of $45.93 million generated most of the year's $57.86 million in additions. Those additions exceeded $31.70 million in personal-injury claim payments and expenses and $4.92 million in operating expenses, allowing the asset pool to grow while continuing to pay claims.

The report lists 12,215 personal-injury claims paid for $32.02 million, which is separate from the claims expense recognized in the financial statements. The payment percentage remained at 7.7%. The improvement in net assets was principally investment-driven, reversing part of the previous year's decline; operating expenses also decreased from $5.48 million in 2018.

Celotex's net assets available for claims fell by $42.53 million in 2018, from $496.34 million to $453.81 million. Interest and dividend income of $12.03 million was more than offset by $15.75 million in investment losses. The trust also recorded a $0.74 million reduction in the carrying value of CX LLC, $32.60 million in personal-injury claim payments and expenses and $5.48 million in operating expenses. Investment losses added to the reduction caused by ongoing claims and administrative costs.

The report lists 12,769 personal-injury claims paid for $33.03 million during the year, distinct from the financial-statement claims expense. The payment percentage remained at 7.7%, with no adjustment recommended during the reporting period. The year's decline therefore reflected both distributions and adverse investment results, rather than a change in the percentage applied to claims.

Celotex ended 2017 with $496.34 million in net assets available for claims, an increase of $9.58 million from the $486.76 million opening balance presented in this report. Interest and dividend income of $12.31 million and investment gains of $38.82 million outweighed a $2.22 million loss on CX LLC, $35.46 million in personal-injury claim payments and expenses and $3.93 million in operating expenses. Investment performance supported the increase despite continued claim distributions.

The report lists 14,052 personal-injury claims paid for $35.54 million, and the payment percentage remained at 7.7%. Its comparative 2016 closing balance is $6.13 million lower than the $492.90 million reported in the original 2016 filing, with a corresponding difference in the 2016 CX LLC gain. Accordingly, the $9.58 million increase is measured against this report's comparative opening balance, rather than the earlier filing's closing figure.

The 2016 Celotex report shows year-end net assets available for claims of $492.90 million, an increase of $13.73 million from $479.17 million. It recorded $11.85 million in interest and dividend income, $1.93 million in investment gains, $12.52 million in insurance recoveries and a $23.26 million gain on the investment in CX LLC. These additions exceeded $29.76 million in personal-injury claim payments and expenses and $6.08 million in operating expenses. Insurance proceeds and the CX LLC gain were central to the reported increase.

The report lists 12,886 personal-injury claims paid for $29.68 million, and the payment percentage remained at 7.7%. A comparison issue deserves attention: the following year's report presents 2016 closing net assets of $486.76 million and a CX LLC gain of $17.12 million, both $6.13 million below the figures in this report. The figures above describe the original 2016 filing; the later comparative amounts should be used when following the movement shown in the 2017 statements.

Celotex's net assets available for claims declined by $29.01 million in 2015, from $508.18 million to $479.17 million. Interest and dividend income of $12.41 million was partly offset by $5.82 million in investment losses, while insurance recoveries contributed $1.01 million. Total additions of $7.60 million fell well short of $30.59 million in personal-injury claim payments and expenses and $6.03 million in operating expenses. The combination of weaker investment results and continued distributions reduced the asset pool despite lower operating costs.

The report lists 14,404 personal-injury claims paid for $31.16 million during the year, distinct from the claims expense recorded in the financial statements. The trustees increased the payment percentage from 6.5% to 7.7% after reviewing filing trends, asset values and projected income and expenses. That increase concerned the trust's longer-term payment assessment; it did not mean that annual investment income covered the year's claims and administrative costs.

Celotex ended 2014 with $508.18 million in net assets available for claims, down $18.60 million from $526.78 million. Interest and dividend income of $12.67 million, investment gains of $7.70 million and insurance recoveries of $5.04 million provided $25.45 million in total additions. Personal-injury claim payments and expenses of $36.65 million and operating expenses of $7.40 million exceeded those additions, producing the decline.

The claims schedule reports 20,430 paid-claim entries and $42.66 million in personal-injury payments, including $13.25 million through discounted cash payments and $29.40 million through full payments on individually reviewed claims. This cash-payment total differs from the claims expense recognized in the financial statements. The payment percentage remained at 6.5% during the year. Although operating expenses were lower than the $10.09 million reported for 2013, investment gains and insurance recoveries were also substantially lower, leaving less income to offset distributions.

Celotex's net assets available for claims rose by $33.87 million in 2013, from $492.91 million to $526.78 million. Interest and dividend income of $13.50 million, investment gains of $36.21 million and insurance recoveries of $17.76 million supported the increase. The financial statements recorded $23.57 million in personal-injury claim payments and expenses and $10.09 million in operating expenses.

The report lists $66.09 million in personal-injury payments and 33,324 paid-claim entries. The large difference between payments and recognized claims expense reflects the installment-payment structure and reserve changes: the report identifies a $38.5 million reduction in the second-payment reserve. On July 23, 2013, the trustees approved a reduction in the payment percentage from 9.4% to 6.5%, together with revised discounted cash values. The trust also ended installment payments for newly settled individually reviewed claims. Those changes make the year's payment and expense figures particularly important to distinguish.

Celotex ended 2012 with $492.91 million in net assets available for claims, up $7.04 million from $485.87 million. The report recorded $14.88 million in interest and dividend income, $29.77 million in investment gains, $12.53 million in insurance recoveries and a $3.60 million gain on the investment in Celotex Corporation. These additions exceeded $45.54 million in personal-injury claim payments and expenses and $8.21 million in operating expenses.

The claims schedule lists $35.62 million in payments and 18,998 paid-claim entries, including first and second installments. Recognized claims expense was higher than cash payments, and the report notes a $4.6 million increase in the second-payment reserve. Rising malignancy filings exceeded forecasts and led the trustees to direct a suspension of claim payments in September while they considered changes to payment terms. The existing 9.4% percentage and fixed discounted-cash-payment values required coordinated review; the resulting changes were adopted the following year.

Celotex's net assets available for claims fell by $63.57 million in 2011, from $549.44 million to $485.87 million. Interest and dividend income of $14.95 million, investment gains of $0.77 million and insurance recoveries of $6.04 million were outweighed by $71.16 million in personal-injury claim payments and expenses, $7.39 million in operating expenses and a $6.79 million loss on the investment in Celotex Corporation. The substantial claims expense was the main driver of the decline.

The claims schedule reports 30,758 paid-claim entries and $58.69 million in personal-injury payments. The schedule includes first and second installment payments, so its count should not be read as a count of newly resolved, unique claims. The report also identifies a $10.2 million increase in the second-payment reserve, helping explain why recognized claims expense exceeded the year's cash payments. The payment percentage remained at 9.4% throughout the reporting period.

Celotex ended 2010 with $549.44 million in net assets available for claims, an increase of $10.34 million from $539.10 million. Interest and dividend income of $16.25 million, investment gains of $19.70 million and insurance recoveries of $24.47 million supported the increase. The financial statements recorded $37.05 million in personal-injury claim payments and expenses, $7.20 million in operating expenses and a $5.83 million loss on the investment in Celotex Corporation.

The annual report lists 25,865 personal-injury claims paid and $74.26 million in payments during the year. That payment total should be distinguished from the financial-statement claims expense: the trust's installment-payment system and changes to the second-payment reserve affected when costs were recognized. Following its annual review, the trust reduced the payment percentage from 14.1% to 9.4%, effective December 13, 2010. The year therefore combined an increase in reported net assets with a significant reduction in the percentage payable on affected claims.