H.K. Porter Asbestos Trust Annual Reports, 2016–2025

H.K. Porter ended 2025 with $13.3 million in net claimants’ equity, down $4.1 million from $17.5 million. Settlements paid increased to $3.68 million from approximately $626,000. Claims-processing costs rose to approximately $510,000, while professional fees were $493,000 and trustee fees were $184,000. Additions totaled approximately $839,000, consisting mainly of a $397,000 increase in the book value of the company investment and $394,000 in recognized funding from the company. These additions covered only part of the year’s payments and operating costs.

New offers resumed in January following the 2024 suspension and review, with the payment percentage remaining at 3%. The trust reported 18,414 filings and 20,533 claims paid, including 15,861 non-malignant claims. Payments included approximately $1.78 million for non-malignant claims, $884,000 for lung-cancer claims, and $768,000 for mesothelioma claims. The rebound should be read in the context of resumed offers, rather than as a direct measure of new filings. At year-end, the notes also disclosed approximately $231,000 in settled but unpaid claims and $728,000 in outstanding unaccepted offers, which were not recorded as liabilities.

H.K. Porter ended 2024 with $17.5 million in net claimants’ equity, down approximately $947,000 from $18.4 million. Recognized funding from H.K. Porter Company increased by $3.47 million, while the book value of the trust’s company investment declined by $2.48 million. These are separate accounting components, rather than a direct measure of cash investment returns. Settlements paid fell to approximately $626,000, while professional fees increased to $651,000. Claims-processing costs were approximately $287,000 and trustee fees were $195,000.

The trust suspended offers during a payment-percentage review, providing important context for the sharp reduction in annual payments. It ultimately retained the 3% percentage following a December court order stating that the trustee was not obliged to reduce it if doing so would produce payments below $100 at any disease level. Procedures were amended effective December 30, and new offers resumed in January 2025. The low 2024 payment total therefore should not be interpreted on its own as a lasting reduction in claims demand.

H.K. Porter ended 2023 with $18.4 million in net claimants’ equity, down $2.1 million from $20.5 million. The book value of its investment in H.K. Porter Company increased by approximately $620,000, and recognized funding from the company increased by $972,000. These additions partly offset $2.44 million in settlements paid and operating costs, including approximately $482,000 in professional fees and $462,000 in claims-processing costs. The improved company-related results moderated the decline in equity despite higher settlement payments.

The claims schedule reports 19,121 filings and 13,898 claims paid, substantially above the 8,038 paid in 2022. Non-malignant claims accounted for 10,951 paid claims and approximately $1.23 million in distributions. The schedule reports $2,442,926 in total payments, compared with $2,440,426 in the audited financial statements; the report notes that timing and accounting adjustments can cause differences. The payment percentage remained 3%, and the trust continued drawing on its assets as claim payments and administrative costs exceeded recognized additions.

H.K. Porter ended 2022 with $20.5 million in net claimants’ equity, down $5.4 million from $25.9 million. The book value of the trust’s investment in H.K. Porter Company declined by $2.72 million, while additional recognized funding from the company was approximately $113,000. Settlements paid increased to $1.77 million, alongside approximately $445,000 in professional fees, $330,000 in claims-processing costs, and $182,000 in trustee fees. The company-investment decline and increased payments combined to produce a much larger reduction in equity than in 2021.

The claims schedule reports 14,304 filings and 8,038 claims paid, including 5,147 non-malignant claims, 639 other-cancer claims, 1,565 lung-cancer claims, and 687 mesothelioma claims. Its $1,774,402 payment total differs by $345 from the audited $1,774,057 settlement figure, consistent with the report’s warning about timing and accounting adjustments. The payment percentage remained 3%. The investment in the company is carried at underlying book value, so its decline is not itself a cash payment from the trust.

H.K. Porter ended 2021 with $25.9 million in net claimants’ equity, down approximately $407,000 from $26.3 million. The book value of the trust’s investment in H.K. Porter Company increased by $1.45 million, and recognized funding from the company increased by approximately $301,000. Those additions nearly covered $1.24 million in settlements paid and administrative costs, including approximately $399,000 in professional fees and $264,000 in claims-processing costs. Lower settlement payments helped reduce the annual decline compared with 2020.

The claims schedule reports 9,901 filings and 5,080 claims paid, compared with 10,369 paid in 2020. Non-malignant claims accounted for 3,150 of the paid claims, while mesothelioma claims received approximately $483,000. The schedule’s $1,240,484 payment total is $345 below the audited settlement figure; the report explains that timing and accounting adjustments can produce small differences. The historical payment percentage remained 3%. Company-related funding and book-value additions should not be confused with cash investment income received directly by the trust.

In 2019, H.K. Porter ended the year with $27.6 million in net claimants’ equity, down approximately $187,000 from $27.7 million. A $2.88 million increase in the book value of the trust’s investment in H.K. Porter Company and approximately $279,000 in additional recognized funding nearly covered claims and operating costs. Audited settlements paid were $2.31 million, with approximately $355,000 in claims-processing costs and $393,000 in professional fees. The claims report lists 12,188 claims paid and $2,313,552 in payments, slightly different from the audited $2,313,424 settlement figure.

In 2020, net claimants’ equity declined by $1.24 million to $26.3 million. The company investment increased in book value by $1.67 million and recognized funding rose by approximately $135,000, providing less support than in 2019. Settlements paid were $2.10 million, claims-processing costs were approximately $285,000, and professional fees were $391,000. The trust reported 11,170 filings and 10,369 claims paid. Company investment values reflect underlying book equity rather than a consolidated investment portfolio, and recognized funding is distinct from cash transferred by the company. The payment percentage remained 3%.

In 2015, H.K. Porter ended the year with $34.8 million in net claimants’ equity, down $1.1 million from $35.9 million. A $1.57 million increase in funding recognized from H.K. Porter Company was partly offset by a $456,000 decrease in the book value of the trust’s investment in that company. The financial statements recorded $1.29 million in claim settlements paid, approximately $269,000 in claims-processing costs, and $354,000 in professional fees. The claims schedule reports 12,841 filings and 4,627 claims paid; its $1,287,192 payment total differs slightly from the audited $1,285,427 settlement figure.

In 2016, net claimants’ equity fell a further $1.8 million to $33.0 million. The book value of the company investment increased by approximately $952,000, and recognized funding increased by $513,000, but settlements paid rose to $2.12 million. Claims-processing costs increased to $455,000 and professional fees to $419,000. The schedule lists 19,381 filings and 8,649 claims paid, reflecting substantially greater activity than in 2015. These company-related funding and book-value movements are distinct from cash transfers to the trust; the company is reported separately rather than consolidated. The payment percentage remained 3%.