Christy Refractories Asbestos Trust Annual Reports, 2012–2025

Christy Refractories ended 2025 with $10.7 million in net claimants’ equity, a decrease of $1.7 million. Interest and dividends of $681,000 and net investment gains of $229,000 produced most of the $910,000 in additions. Claimant-related deductions reached $2.25 million, while other deductions totaled approximately $354,000, including $60,000 in income tax expense. Positive investment results were outweighed by the year’s recorded claims obligations and costs.

The claims-activity schedule reports approximately $1.29 million paid on 51 claims, while accrued claimant payments rose from $230,000 to $1.19 million. That increase in unpaid obligations explains why the accounting deduction was substantially larger than cash paid. The report continues to describe a 55% payment percentage. Investments and certificates of deposit totaled $11.4 million at year-end, with approximately $398,000 in unrestricted cash.

Christy Refractories’ net claimants’ equity decreased by approximately $433,000 in 2024, ending the year at $12.4 million. Interest and dividends of $710,000 were partly offset by a $136,000 net investment loss after fees and bond amortization. The financial statements recorded approximately $706,000 in claimant-related deductions and $302,000 in other operating costs. Investment income was insufficient to cover the combined claims and expenses.

Accrued claimant payments increased from approximately $6,400 to $230,000, so the claimant deduction includes obligations that had not yet been paid. Under the separate claims resolution agreement, $28,710 was disbursed to claimants and the remaining $37,360 was returned to the Trust, closing that segregated balance. Year-end investments and certificates of deposit totaled $12.0 million, with approximately $504,000 in unrestricted cash.

Christy Refractories ended 2023 with $12.8 million in net claimants’ equity, an increase of approximately $178,000. Interest and dividends of $552,000 and net investment gains of $416,000 provided nearly all of the $969,000 in additions. Claimant-related deductions were approximately $478,000, and other operating deductions totaled $313,000. Investment results were sufficient to cover the year’s recorded claims and costs and produce a modest increase in resources.

At year-end, the Trust held $12.0 million in investments and certificates of deposit, $604,000 in unrestricted cash and approximately $83,000 in restricted cash. Accrued claimant payments were approximately $6,400. Restricted cash included $66,070 remaining under the claims resolution agreement, distinguishing funds already set aside for that arrangement from unrestricted operating cash.

Christy Refractories’ net claimants’ equity fell by $6.5 million in 2022, ending the year at $12.6 million. Claimant-related deductions of $5.0 million and net investment losses of $2.4 million were the principal reductions. Interest and dividends of $712,000 and an income tax benefit of $606,000 partly offset those amounts. The investment-loss line included approximately $1.7 million in unrealized losses, $501,000 in realized losses, and fees and bond amortization; it was not entirely a cash outflow.

Effective October 31, 2022, the Trust increased its payment percentage from 40% to 55%, with supplemental payments to previously paid claimants in December. The claims-activity schedule reports approximately $5.0 million paid across 559 claims, including those additional payments. The larger distributions therefore reflect both the payment-percentage adjustment and ongoing claims administration, while market losses independently reduced the remaining resources.

Christy Refractories’ net claimants’ equity declined by approximately $91,000 in 2021 to $19.1 million. Interest and dividends of $786,000 and net investment gains of $70,000 accounted for most of the $860,000 in additions. Claimant-related deductions were approximately $569,000, and other deductions totaled $382,000, including $117,000 in income tax expense. The year’s investment additions came close to covering the recorded claims and operating costs.

Accrued claimant payments fell from approximately $369,000 to $112,000, underscoring the distinction between claims recognized in the financial statements and cash distributions. The claims resolution account disbursed approximately $355,000 to claimants and retained $267,000 at year-end as restricted cash. The Trust also held $257,000 in unrestricted cash and $19.1 million in investments and certificates of deposit.

Christy Refractories ended 2020 with $19.2 million in net claimants’ equity, down $2.6 million. Total additions were approximately $928,000, principally $730,000 in interest and dividends and $197,000 in net investment gains. Claimant-related deductions of $3.1 million and other deductions of approximately $430,000, including taxes, exceeded those additions. The year’s decline was driven primarily by claims obligations rather than investment losses.

Under a new claims resolution agreement, the Trust transferred $3.0 million to a segregated account administered by a law firm. Of that amount, $2.378 million was disbursed to claimants during 2020 and $622,000 remained in the account as restricted cash at year-end. The transfer itself was therefore not equivalent to $3.0 million reaching claimants. The balance sheet separately reported approximately $369,000 in accrued claimant payments.

Christy Refractories’ net claimants’ equity increased by approximately $601,000 in 2019, ending the year at $21.8 million. Interest and dividends of $781,000 and net investment gains of $1.2 million supported total additions of $2.0 million. Claimant-related deductions totaled approximately $672,000, while other deductions were $687,000, including $398,000 in income tax expense. Investment results more than covered the year’s recorded claims and costs.

The final installment of the earlier insurance settlement was collected in 2019, eliminating the $800,000 receivable outstanding at the beginning of the year. That collection converted an existing asset into cash rather than generating new settlement income. Year-end investments and deposits totaled $21.5 million, unrestricted cash was approximately $484,000, and accrued claimant payments had declined to approximately $80,000.

Christy Refractories ended 2017 with $22.7 million in net claimants’ equity, a decline of $2.0 million. Interest and dividends of $882,000 and net investment gains of $713,000 provided most of the $1.6 million in additions. Claimant-related deductions were $3.0 million, and other deductions totaled approximately $529,000, including $230,000 in income tax expense. Positive investment results did not fully offset the year’s claims and costs.

Accrued claimant payments increased from approximately $53,000 to $1.6 million, so the financial statements’ claimant deduction should not be read as cash paid during the year. Investments and deposits totaled $22.6 million, unrestricted cash was approximately $430,000, and $1.6 million remained receivable under the insurance settlement. The rise in unpaid claimant obligations was an important component of the decline in equity.

Christy Refractories’ net claimants’ equity increased by $3.0 million in 2015 to $27.4 million, primarily because it recognized a $4.0 million insurance settlement. Interest and dividends of approximately $864,000 were nearly offset by $873,000 in net investment losses after fees and bond amortization. The Trust also recorded a $175,000 income tax benefit. Legal fees totaled $866,000, and claimant-related deductions were approximately $125,000.

The insurance settlement was payable in five annual installments of $800,000, with $3.2 million still receivable at year-end. The reported increase in equity therefore included funding to be collected in later years. Investments and deposits totaled $23.8 million, while unrestricted cash was approximately $848,000. The year’s growth in resources chiefly reflected the new insurance recovery, with little net contribution from interest, dividends and investment gains or losses combined.

Christy Refractories ended 2014 with $24.5 million in net claimants’ equity, up approximately $389,000. A $700,000 insurance settlement and $731,000 in interest and dividends more than offset a $72,000 net investment loss and the year’s claims and operating costs. The statements recorded approximately $415,000 in claimant-related deductions, $289,000 in legal fees and $106,000 in income tax expense. Insurance recovery was important to the positive result because investment income alone did not cover the year’s deductions.

The $4.25 million insurance settlement receivable carried into the year was no longer outstanding at December 31. Unrestricted cash increased to $3.7 million and investments and certificates of deposit reached $20.8 million. Accrued claimant payments were only $4,400 at year-end. Collection of a previously recognized receivable increased available cash without creating a second addition to net claimants’ equity.

Christy Refractories’ net claimants’ equity rose by $7.5 million in 2013, reaching $24.1 million. The principal addition was an $8.5 million insurance settlement, supplemented by approximately $570,000 in interest, dividends and net investment gains. Total deductions were $1.6 million, including $1.3 million in legal fees, approximately $71,000 in claimant-related deductions and $69,000 in deferred income tax expense. The increase in resources was driven primarily by insurance recovery rather than investment performance.

The Trust began paying claims in 2013 under its initial 11% payment percentage. At year-end, $4.25 million of the insurance settlement remained receivable, so the full settlement recognized during the year was not yet cash in hand. Investments and certificates of deposit totaled $18.1 million, while unrestricted cash was $1.6 million. These balances show both the expanded funding base and the continuing collection of settlement proceeds.

Christy Refractories ended 2012 with $16.6 million in net claimants’ equity, an increase of approximately $138,000. Interest and dividends of $362,000 and net investment gains of $18,000 exceeded operating deductions of $242,000. Trustee compensation and expenses, legal fees, insurance and administrative services were the principal costs. No claimant-payment deduction was recorded, making this an early operating year before distributions began.

The Trust began accepting claims in 2012 and expected to start payments in 2013 at an initial payment percentage of 11%. At year-end it held $15.5 million in investments and certificates of deposit and approximately $930,000 in unrestricted cash. The accompanying statements were compiled by the accountants, not audited or reviewed; the compilation report provides no assurance on the financial statements.