Durabla Asbestos Trust Annual Reports, 2012–2025

Durabla’s net assets increased by approximately $958,000 in 2025 to $18.12 million. Net interest and dividend income of approximately $650,000 and net investment appreciation of $734,000 generated total additions of $1.38 million. Operating expenses declined to approximately $426,000 from $526,000 in 2024, including a reduction in claims-administrator fees from $138,650 to $66,465. Stronger investment results and lower operating costs together produced a much larger increase in net assets than in 2024.

The trust reported 4,955 claims received during the year and 91,010 cumulative claims, with no claimant distributions reported in the financial statements. The cumulative count is 338 below the sum of the 86,393 reported at year-end 2024 and the 2025 intake. The report does not explain that difference, so it should not be attributed to withdrawals, duplicate removal, or corrections without further evidence. Growth in net assets reflects investment and operating results rather than payment activity.

Durabla ended 2024 with net assets of $17.16 million, an increase of approximately $154,000. Net interest and dividend income of approximately $396,000 and net investment appreciation of $284,000 generated total additions of $680,000. Operating expenses rose to approximately $526,000 from $385,000 in 2023, driven largely by claims-administrator fees increasing from $17,270 to $138,650. Lower investment appreciation and higher expenses substantially reduced the year’s asset growth.

The trust reported receiving 53,877 claims during 2024 and a cumulative total of 86,393 claims, while its financial statements report no claimant distributions. The cumulative total is 130 below the sum of the 32,646 reported at year-end 2023 and the 2024 intake; the report does not explain the difference. The filing counts are therefore presented as reported, without assuming that the discrepancy represents withdrawals, duplicates, or another adjustment.

Durabla’s 2023 net assets increased by approximately $783,000 to $17.00 million. Total additions of $1.17 million comprised approximately $367,000 in net interest and dividend income and $800,000 in net investment appreciation, compared with operating expenses of approximately $385,000. The available 2023 attachment contains the annual narrative but not its financial exhibits; these financial figures come from the audited 2023 comparative statements included in the 2024 report.

The 2023 narrative reports 17,619 claims received during the year and 32,646 cumulative claims received since inception. The comparative financial statements report no claimant distributions. Investment appreciation was the largest contributor to the increase in net assets, while the growing filing inventory represented claims awaiting resolution rather than payments already made.

Durabla ended 2021 with net assets of $17.86 million, an increase of approximately $517,000. Net interest and dividend income of approximately $336,000 and net investment appreciation of $523,000 produced total additions of $859,000. Operating expenses declined to approximately $342,000 from $381,000 in 2020. Lower expenses helped preserve resources, although weaker investment results meant the increase in net assets was smaller than in 2020.

The trust received 3,784 claims during the year, following the opening of claims intake in September 2020. Its financial statements report no claimant distributions. The report therefore reflects continued claims intake alongside investment and administrative activity, rather than an established pattern of cash payments to claimants.

Durabla’s net assets increased by approximately $686,000 in 2020 to $17.35 million. Total additions of $1.07 million comprised approximately $347,000 in net interest and dividend income and $720,000 in net investment appreciation. Operating expenses were approximately $381,000, down from $408,000 in 2019. Investment results comfortably covered those expenses, although the increase in net assets was smaller than in the preceding year.

The trust began accepting claims on September 8, 2020, and received 7,268 claims during the year. This marked the transition from preparation to claims intake, but the financial statements report no claimant distributions. The filing count measures claims submitted, rather than claims approved or paid; the year’s financial growth continued to come from investment results exceeding operating costs.

Durabla ended 2019 with net assets of $16.66 million, an increase of $1.07 million. Net interest and dividend income of approximately $374,000 and $1.10 million in net investment appreciation generated total additions of $1.48 million. These exceeded operating expenses of approximately $408,000, which rose from $321,000 in 2018. The recovery in investment values was the principal source of the year’s financial improvement.

No claims were accepted or processed during 2019, according to the annual report. The increase therefore reflected investment results exceeding the cost of administering the trust before claims intake began. It did not represent additional claimant distributions or a reduction in the trust’s future claims obligations.

Durabla’s net assets decreased by approximately $353,000 in 2018 to $15.59 million. Interest and dividend income of approximately $351,000 and other income of $13,000 were outweighed by $396,000 in net investment depreciation and $321,000 in operating expenses. Administrative costs were lower than the approximately $451,000 reported in 2017, but investment losses reversed the prior year’s growth.

The report states that no claims were accepted or processed during 2018. Trust activities included reviewing claims-processor proposals, negotiating revisions to the Trust Distribution Procedures, and continuing communications about federal reporting requirements. The reduction in net assets arose from investment performance and operating costs, with no claimant distributions reported.

Durabla ended 2017 with net assets of $15.95 million, an increase of approximately $566,000. Total additions of $1.02 million comprised approximately $606,000 in interest and dividends, reduced by $294,000 in bond-premium amortization, plus $704,000 in net investment appreciation. Operating expenses rose to approximately $451,000 from $305,000 in 2016, but stronger investment results more than offset the higher costs.

The trust accepted or processed no claims during the year. It issued a request for proposals to prospective claims processors, received proposals from several facilities, and anticipated completing its selection in 2018. The financial improvement thus represented growth in resources held for future claims, while work to establish claims-processing operations continued.

Durabla’s net assets increased by approximately $30,000 in 2016 to $15.38 million. Interest and dividend income of approximately $598,000, less $303,000 in bond-premium amortization, together with $40,000 in net investment appreciation produced total additions of approximately $335,000. These narrowly exceeded operating expenses of approximately $305,000. Investment results therefore covered the year’s administrative costs, reversing the modest decreases reported in the preceding years.

No claims were accepted or processed during 2016. The report states that discussions with the Centers for Medicare & Medicaid Services and published guidance allowed the trust to estimate the potential financial impact of reporting requirements and prepare a request for proposals from claims processors. The year’s increase in net assets occurred while the trust continued preparing for claims operations, with no claimant distributions reported.

Durabla ended 2015 with net assets of $15.35 million, down approximately $223,000. Interest and dividend income of approximately $182,000 was reduced by $40,000 in bond-premium amortization and $86,000 in net investment depreciation, leaving total additions of approximately $56,000. Operating expenses of approximately $279,000 exceeded those additions and were higher than the approximately $193,000 incurred in 2014.

The trust moved much of its cash into bonds and equities during the year; cash and cash equivalents fell to approximately $270,000, primarily because of investment purchases rather than claimant payments. The report states that no claims were accepted or processed and that no claims processor had yet been engaged. It continued to identify uncertainty over federal reporting obligations and their cost as an obstacle to commencing claims processing.

Durabla’s net assets declined by approximately $193,000 in 2014 to $15.57 million. The financial statements report no additions during the year, so the decrease was entirely attributable to operating expenses. Those expenses were lower than the approximately $215,000 reported for 2013, and no separate federal tax expense was recorded for 2014. Cash and cash equivalents ended the year at $15.59 million.

The annual report states that no claims were accepted or processed during the reporting period. Accordingly, the reduction in resources reflected the cost of maintaining and administering the trust before claimant distributions began. The filing contains inconsistent dates in its introductory narrative; the financial figures summarized here come from the audited statements expressly covering 2014.

Durabla ended 2013 with net assets of $15.77 million, a decrease of approximately $221,000. Only $3,830 in insurance recoveries was recorded as an addition, compared with approximately $215,000 in operating expenses and $10,000 in federal tax expense. The trust’s initial funding remained largely intact, but ongoing expenses reduced the amount available for future claims. Year-end cash and cash equivalents totaled $15.77 million.

The report states that the trust had not yet engaged a claims processor or processed or paid any claims. It attributes the delay to uncertainty over federal reporting obligations and their potential cost, with further guidance needed before soliciting claims-processing proposals. The decline in net assets thus reflected administration and taxes during this preparatory period, rather than payments to asbestos claimants.

Durabla’s initial financial reporting period, September 12 through December 31, 2012, ended with $15.99 million in net assets available for claims. Funding and receipts totaled $16.14 million: $2.44 million under the reorganization plan, $6.36 million in insurance recoveries, $7.16 million in principal payments on promissory notes, and approximately $180,000 in interest on those notes. Operating expenses of approximately $157,000 accounted for the difference between receipts and ending net assets.

The trust remained in its startup phase and accepted or processed no claims during the period. The promissory notes were paid off during 2012 rather than remaining a source of scheduled future receipts. This first report therefore documents the establishment of the trust’s financial resources, rather than a year of claimant distributions.