Duro Dyne Asbestos Trust Annual Reports, 2021–2025

Duro Dyne’s net claimants’ equity increased by $1.28 million in 2025 to $48.43 million. Total additions of $4.32 million included $1.92 million in interest and dividends and $2.40 million in net investment gains after management fees, custody fees, and bond amortization. Deductions rose to $3.04 million, comprising $1.52 million in accrued-basis claimant-payment deductions, $1.13 million in net income-tax expense, and approximately $388,000 in other expenses and foreign taxes. Despite stronger investment results, higher claimant and tax deductions limited the increase in equity.

The trust received 1,471 claims, up from 429 in 2024, and reported liquidating and paying 81 claims for $1.44 million. The initial payment percentage remained stated at 20%. The $1,443,089 activity-report payment total plus the $79,592 increase in accepted but unpaid offers reconciles exactly to the $1,522,681 audited claimant-payment deduction. Year-end unpaid accepted offers totaled $408,662. The increase in filings represents claims submitted, not a corresponding increase in approved or paid claims.

Duro Dyne ended 2024 with net claimants’ equity of $47.15 million, an increase of $1.86 million. Total additions of $3.13 million comprised $1.74 million in interest and dividends and $1.39 million in net investment gains after management fees, custody fees, and bond amortization. Deductions totaled $1.27 million, including approximately $770,000 in accrued-basis claimant-payment deductions, $161,000 in net income-tax expense, and $337,000 in remaining expenses and foreign taxes. Lower investment gains and higher deductions reduced asset growth compared with 2023.

The activity narrative reports 429 claims submitted and 34 claims liquidated and paid for approximately $538,000. The initial payment percentage remained stated at 20%. Accepted but unpaid obligations increased from $67,965 to $329,070. Although the narrative notes payment-timing differences, its payment total plus that increase exceeds the audited claimant-payment deduction by $28,563, leaving a difference that the report does not explain. The narrative and audited totals are therefore presented separately.

Duro Dyne’s net claimants’ equity increased by $3.07 million in 2023 to $45.30 million. Investment gains of $2.65 million, net of management fees, custody fees, and bond amortization, together with $1.39 million in interest and dividends, produced total additions of $4.04 million. Deductions totaled approximately $974,000, including $633,000 in accrued-basis claimant-payment deductions and $341,000 in other expenses and foreign taxes. Positive investment results drove a partial recovery from the prior year’s losses.

The trust received 385 claims and reported liquidating and paying 60 claims for approximately $960,000. Its initial payment percentage remained stated at 20%. The narrative payment total exceeds the audited claimant-payment deduction because accepted but unpaid obligations declined from $395,391 to $67,965; that $327,426 decrease reconciles the two reported dollar amounts. The report also identifies the transition from MFR to Verus as claims processor following Verus’s acquisition of MFR in September 2023.

Duro Dyne ended 2022 with net claimants’ equity of $42.23 million, down $6.25 million. A $6.90 million net investment loss, after management fees, custody fees, and bond amortization, was the main driver. Interest and dividend income of $1.53 million and a $447,000 net income-tax benefit partly offset that loss, approximately $986,000 in accrued-basis claimant-payment deductions, and $341,000 in remaining expenses and foreign taxes.

The trust began paying claims in May 2022. Its activity narrative reports 501 claims submitted and 32 claims liquidated and paid for approximately $581,000, with the initial payment percentage set at 20%. The audited statements also report $395,391 in accepted but unpaid claim obligations at year-end. Adding that liability to the narrative’s payment total still leaves an approximately $10,010 difference from the audited claimant-payment deduction; the report does not reconcile the remainder. The figures should therefore be read as separately reported measures rather than interchangeable cash-payment totals.

Duro Dyne’s first financial reporting period, from its formation on December 31, 2020 through December 31, 2021, ended with net claimants’ equity of $48.48 million. Initial funding totaled $47.45 million, comprising $10.50 million in company and family contributions, a $20.00 million promissory note, a $2.00 million earn-out receivable, and $14.95 million in insurance settlements. The note and earn-out receivable were collected during 2021. Investment income, gains, and note interest brought total additions to $49.67 million, against $1.19 million in deductions, including approximately $506,000 in net income-tax expense and $682,000 in other expenses.

The trust began accepting claims on September 20, 2021 and received 159 claims by year-end, including 38 mesothelioma claims. It liquidated and paid no claims during the period. The initial payment percentage was set at 20%. This report therefore principally documents collection of the trust’s initial funding and the opening of claims intake, before claimant distributions began.