General Motors Asbestos Trust Annual Reports, 2011–2025

MLC ended 2025 with $130.1 million in net assets available for claims, up approximately $617,000 from $129.5 million. Investment appreciation increased to $14.6 million, supplemented by $2.4 million in net interest and dividends. These earnings covered $13.6 million in recorded claimant expense, $1.5 million in operating expenses, approximately $998,000 in income-tax expense, and approximately $217,000 in claims-processing costs. Stronger investment gains enabled modest growth in net assets despite higher claims and administrative expenses.

The annual narrative reports 3,482 incoming unliquidated claims and 2,778 claims paid, including 1,430 malignancy claims and 1,348 non-malignancy claims, with approximately $11.4 million in cash distributions. Settled but unpaid claims rose to approximately $2.8 million, helping explain why recognized claimant expense exceeded cash payments. The payment percentage changed to 10.3% in December. The annual counts are used as reported; cumulative totals do not fully reconcile, and the cumulative disease breakdown repeats the preceding year’s figures.

MLC ended 2024 with $129.5 million in net assets available for claims, down $1.4 million from $130.8 million. Investment appreciation of $9.2 million and net interest and dividends of $2.5 million generated $11.7 million in additions. Recorded claimant expense increased to $11.2 million, while operating expenses were $1.4 million, income-tax expense was approximately $298,000, and claims-processing costs were approximately $191,000. Lower investment gains and higher claimant expense moved the annual result from a modest increase to a modest decline.

The annual narrative reports 3,498 incoming unliquidated claims and 2,895 claims paid, including 1,301 malignancy claims and 1,594 non-malignancy claims, with approximately $10.8 million in cash distributions. These are the expressly stated annual figures: the report’s cumulative totals do not fully reconcile with its annual counts and the preceding year’s totals. Cash distributions also differ from the $11.2 million in claimant expense because settlements and payments are recognized at different times.

MLC ended 2023 with $130.8 million in net assets available for claims, up $1.3 million from $129.5 million. Investment appreciation of $11.1 million and net interest and dividends of $2.3 million generated $13.4 million in additions. Recorded claimant expense declined to $10.2 million from $14.4 million. Operating expenses were $1.3 million and income-tax expense was approximately $254,000. Claims-processing costs increased to approximately $386,000 from $139,000, but the investment recovery and lower claimant expense allowed net assets to grow.

The trust reported 3,662 incoming unliquidated claims and 2,339 claims paid, including 1,261 malignancy claims and 1,078 non-malignancy claims. Annual cash distributions were approximately $10.4 million, compared with approximately $17.9 million in 2022. Claims processing transferred from MFR to Claims Resolution Management Corporation on February 15, 2023. The report thus reflects both an administrative transition and a return to positive investment performance following the previous year’s losses.

MLC ended 2022 with $129.5 million in net assets available for claims, down $26.1 million from $155.7 million. Investment depreciation of $13.1 million reversed the preceding year’s gains. Net interest and dividends of $2.1 million and a roughly $730,000 income-tax benefit provided only limited offsets. Recorded claimant expense was $14.4 million, operating expenses were $1.3 million, and claims-processing costs were approximately $139,000. Investment losses and continuing claims costs combined to produce a substantially larger decline than in 2021.

The trust reported 5,181 incoming unliquidated claims and 3,393 claims paid during the year, including 1,807 malignancy claims and 1,586 non-malignancy claims. The narrative reports approximately $17.9 million in annual cash distributions, distinct from recognized claimant expense. Effective August 1, 2022, the payment percentage was reduced to 12.2%. The report also notes the subsequent transfer of claims processing to Claims Resolution Management Corporation in February 2023.

MLC ended 2021 with $155.7 million in net assets available for claims, down $4.4 million from $160.0 million. Investment securities and alternative investments together gained $7.2 million, supplemented by $2.8 million in net interest and dividends, $1.3 million in reorganization-plan funding, and approximately $88,000 in settlement proceeds. Recorded claimant expense declined to $14.1 million, while operating expenses fell to $1.3 million. Income-tax expense was approximately $285,000 and claims-processing costs were approximately $88,000.

The annual narrative reports 5,134 incoming unliquidated claims and 2,267 claims paid, comprising 1,273 malignancy claims and 994 non-malignancy claims. Cash distributions were approximately $10.9 million, below recorded claimant expense as settled but unpaid claims increased. The annual paid-claim count is reported directly; it differs slightly from the change in cumulative paid claims. Improved investment performance and lower expenses moderated the decline in net assets, despite reduced bankruptcy-related funding.

MLC ended 2020 with $160.0 million in net assets available for claims, down $4.9 million from $164.9 million. The trust received $5.8 million in reorganization-plan funding and $2.0 million in settlement income. Investment securities and alternative investments together gained $3.4 million, while net interest and dividends added $2.9 million. These additions and a roughly $149,000 income-tax refund were insufficient to cover $17.1 million in claimant expense, $1.9 million in operating expenses, and approximately $115,000 in claims-processing costs.

The trust reported 6,003 incoming unliquidated claims and 3,179 claims paid during the year, including 1,965 malignancy claims and 1,214 non-malignancy claims. Annual cash distributions were approximately $17.7 million, compared with approximately $12.6 million in 2019. Cash distributions differ from recognized claimant expense because of settlement and payment timing. Additional bankruptcy-related funding helped support payments, but higher claims costs and lower investment gains contributed to the decline in net assets.

MLC ended 2019 with $164.9 million in net assets available for claims, a decline of approximately $137,000 from $165.0 million. Investment securities appreciated by $9.5 million and alternative investments gained $2.2 million, with $3.4 million in net interest and dividends bringing total additions to approximately $15.1 million. These earnings nearly covered $13.1 million in claimant expense, $1.8 million in operating expenses, approximately $194,000 in income-tax expense, and approximately $158,000 in claims-processing costs.

The trust reported receiving 19,282 unliquidated claims, substantially above the 4,876 reported in 2018. It paid 2,946 claims, including 1,725 malignancy claims and 1,221 non-malignancy claims, with approximately $12.6 million in annual cash distributions. Incoming filings and paid claims represent separate stages of processing. Investment gains kept net assets nearly stable despite increased claim activity and the continuing cost of administering and paying claims.

MLC ended 2018 with $165.0 million in net assets available for claims, down $16.1 million from $181.1 million. Investment securities depreciated by $4.2 million and alternative investments lost approximately $356,000, reversing the preceding year’s gains. Interest and dividend income of $3.3 million provided only a partial offset. Recorded claimant expense increased to $12.8 million, while operating expenses were $1.4 million, income-tax expense was approximately $499,000, and claims-processing costs were approximately $82,000.

The trust reported 4,876 incoming unliquidated claims and 1,474 claims paid during the year, including 1,098 malignancy claims and 376 non-malignancy claims. The annual narrative puts cash distributions at approximately $12 million, distinct from the $12.8 million in recognized claimant expense. Higher claims costs and negative investment performance both contributed to the reduction in net assets, following the increase reported in 2017.

MLC ended 2017 with $181.1 million in net assets available for claims, up $4.9 million from $176.2 million. Investment securities appreciated by $11.5 million and alternative investments gained $1.7 million, supplemented by $2.9 million in interest and dividends. Recorded claimant expense declined to $8.8 million from $17.8 million in 2016, when supplemental distributions had increased payments. Operating expenses were $1.9 million, income-tax expense was approximately $417,000, and claims-processing costs were approximately $106,000.

The annual narrative reports 3,567 incoming unliquidated claims and 1,432 claims paid, comprising 731 malignancy claims and 701 non-malignancy claims. Cash distributions were approximately $8.8 million, bringing reported cumulative distributions to approximately $31.9 million. The combination of positive investment results and lower claimant expense allowed net assets to grow even as the trust continued paying claims.

MLC ended 2016 with $176.2 million in net assets available for claims, down $16.5 million from $192.7 million. Recorded claimant expense rose to $17.8 million. Investment securities depreciated by $3.0 million, partly offset by approximately $495,000 in hedge-fund gains and $2.5 million in interest and dividends. Additional reorganization-plan funding of $2.2 million and a roughly $718,000 income-tax refund also supported the result. Operating expenses were $1.5 million, with approximately $83,000 in claims-processing costs.

A payment-percentage increase applied to both prior and future claims generated $13.7 million in supplemental payments to earlier recipients. The financial-statement notes report $17.74 million in total cash claim payments, compared with the narrative’s approximately $17.6 million. The narrative separately reports 9,173 incoming claims and 1,074 claims paid during the year. The supplemental distributions explain most of the increase in payment dollars, so that increase should not be interpreted simply as growth in newly paid claim volume.

MLC ended 2015 with $192.7 million in net assets available for claims, down $4.4 million from $197.1 million. Investment securities depreciated by $2.7 million and hedge-fund values declined by approximately $975,000. Additional reorganization-plan funding of $2.5 million and interest and dividends of another $2.5 million partly offset those losses and expenses. Recorded claimant expense rose to $3.9 million, alongside $1.4 million in operating expenses, $400,000 in income taxes, and approximately $52,000 in claims-processing costs.

The trust reported receiving 3,304 unliquidated claims and paying 1,069 claims during the year, including 805 malignancy claims and 264 non-malignancy claims. Cash distributions were approximately $3.9 million, bringing reported cumulative payments to approximately $5.4 million. Claims payments increased substantially as operations expanded, although the much smaller investment losses helped limit the decline in net assets compared with 2014.

MLC ended 2014 with $197.1 million in net assets available for claims, down $31.7 million from $228.8 million. Investment securities lost $33.3 million in value, far outweighing approximately $194,000 in hedge-fund gains, $1.6 million in interest and dividends, and $4.7 million in additional reorganization-plan funding. The report recorded $3.5 million in operating expenses, including income taxes, plus $1.4 million in claimant expense and approximately $67,000 in claims-processing costs. Investment losses were the principal cause of the decline.

The annual narrative reports 3,268 incoming unliquidated claims and 409 claims paid during 2014, including 216 malignancy claims and 193 non-malignancy claims. The financial-statement notes identify $1.09 million in cash claim payments and approximately $547,000 in settled but unpaid claims at year-end. Claims activity expanded from 2013, but the cash paid remained substantially smaller than the investment losses affecting the trust’s asset base.

MLC ended 2013 with $228.8 million in net assets available for claims, up $67.3 million from $161.5 million. Investment securities appreciated by $56.4 million, hedge-fund values increased by approximately $725,000, and the trust received $12.0 million in additional reorganization-plan funding. Interest and dividends added approximately $574,000. These additions substantially exceeded $1.6 million in operating expenses, approximately $717,000 in claimant expense, and approximately $56,000 in claims-processing costs.

Claim payments began during the year. By December 31, the trust had received 9,516 unliquidated claims since opening and paid 49 claims, comprising 48 malignancy claims and one non-malignancy claim. Cash payments totaled $430,587; the higher claimant expense included approximately $287,000 in settled claims awaiting payment. Strong investment appreciation and additional funding therefore drove the growth in net assets while claims distributions remained at an early stage.

MLC ended 2012 with $161.5 million in net assets available for claims, an increase of $41.4 million from $120.1 million. Investment appreciation of $34.7 million was the main source of growth, supplemented by $7.9 million in additional reorganization-plan funding and approximately $463,000 in interest and dividends. Operating expenses totaled $1.6 million. The investment recovery and additional funding substantially strengthened the reported asset base following the losses in the trust’s initial reporting period.

The trust began accepting and processing unliquidated claims on April 30, 2012, but had not established a payment percentage by year-end. The financial statements report no claimant expense or claim payments for 2012. Consequently, the increase in net assets occurred before regular claimant distributions began; it principally reflects investment performance and funding rather than the ongoing balance between investment earnings and claim payments.

The MLC Asbestos PI Trust, established for General Motors’ asbestos liabilities, ended its initial reporting period from March 31 through December 31, 2011 with $120.1 million in net assets available for claims. The trust recognized $163.4 million in funding under the reorganization plan, but investment values declined by $41.6 million. Operating expenses were $1.7 million, while interest and dividend income was only approximately $9,400. The closing balance therefore reflected initial funding reduced primarily by investment depreciation, rather than a full year of established claims operations.

At year-end, the trust was still preparing to operate and had not begun accepting claims for processing. No claimant distributions were reported for the period. This inaugural report provides a starting point for the trust’s assets and administrative structure; later years’ claims payments and processing costs relate to a different stage of operations and should not be read as directly comparable to this startup period.