J.T. Thorpe (California) Asbestos Trust Annual Reports, 2010–2025

The California J.T. Thorpe Settlement Trust’s net claimants’ equity increased from $114.59 million to $116.38 million in 2025. Net investment income of $3.36 million and combined realized and unrealized gains of $7.61 million supported the improvement. Claims settled declined to $5.44 million, and operating expenses fell to $696,243. A $5.20 million current tax provision was partly offset by a $1.96 million deferred tax benefit.

The trust received 293 claims, issued offers to 140 claimants and paid 119 claims. The payment percentage remained 50% after its February review, and 2025 payments included a 56.82% cumulative inflation adjustment. Despite the $1.79 million increase in equity, cash and investments declined by approximately $379,000. The report shows $12.91 million in realized gains offset partly by $5.30 million in unrealized losses, alongside $5.30 million in cash tax payments; these distinctions explain why improved net equity did not translate into a larger cash-and-investment balance.

The California J.T. Thorpe Settlement Trust ended 2024 with $114.59 million in net claimants’ equity, down from $116.20 million. Net investment income of $3.15 million and realized and unrealized gains of $4.68 million provided support, but claims settled increased to $6.78 million from $3.98 million. Operating expenses declined to $792,023, while current and deferred tax provisions totaled $2.16 million. A $286,616 decrease in outstanding claim offers partly offset the year’s deductions.

The trust received 261 claims, issued offers to 135 claimants and paid 134 claims. Payments used a 50% payment percentage and a 52.55% cumulative inflation adjustment. The increase in paid claims and settlement dollars, together with lower investment gains than in 2023, contributed to the $1.61 million decline in equity. Cash and investments declined by approximately $565,000, with unrealized gains offsetting much of the year’s cash outflow.

The California J.T. Thorpe Settlement Trust’s net claimants’ equity increased from $114.98 million to $116.20 million in 2023. Net investment income of $2.52 million and realized and unrealized gains of $8.37 million supported the recovery. These additions were largely absorbed by $3.98 million in claims settled, $929,173 in operating expenses, $3.39 million in current and deferred tax provisions, and a $1.49 million increase in outstanding claim offers.

The trust received 267 claims, issued offers to 140 claimants and paid 75 claims. Payments used a 50% payment percentage and a 47.68% cumulative inflation adjustment. Settlement dollars more than doubled from 2022, and the increase in unpaid offers created an additional liability. Consequently, strong investment results produced only a modest $1.23 million increase in equity, although cash and investments rose by $4.63 million.

The California J.T. Thorpe Settlement Trust ended 2022 with $114.98 million in net claimants’ equity, down from $125.02 million. Net realized and unrealized investment losses of $13.80 million were the main cause of the decline. Net investment income of $1.55 million and a $5.36 million deferred tax benefit partly cushioned the loss. Claims settled totaled $1.88 million, operating expenses were $1.00 million, and the current tax provision was $271,107.

The trust received 226 claims, issued offers to 52 claimants and paid 39 claims. Following its review, the payment percentage remained 50%; payments included a 38.93% cumulative inflation adjustment. Cash and investments declined by $15.33 million, predominantly because of unrealized losses. The deferred tax benefit reduced the reported equity decline to approximately $10.05 million, but did not itself supply cash for claims.

The California J.T. Thorpe Settlement Trust’s net claimants’ equity increased from $121.84 million to $125.02 million in 2021. Net investment income of $1.33 million and realized and unrealized gains of $8.60 million were supplemented by a $1.13 million reduction in outstanding claim offers. Claims settled fell to $3.85 million from $6.61 million. Operating expenses were $1.19 million, and current and deferred tax provisions totaled $2.90 million.

The trust received 533 claims, issued offers to 75 claimants and paid 79 claims. Payments used a 50% payment percentage and a 28.87% cumulative inflation adjustment. The approximately $3.18 million increase in equity reflected positive investment performance, lower claim payments and the release of outstanding-offer liabilities. The latter improved reported equity without generating a cash receipt.

The California J.T. Thorpe Settlement Trust ended 2020 with $121.84 million in net claimants’ equity, down from $123.11 million. Net investment income of $1.70 million and realized and unrealized gains of $8.48 million largely offset $6.61 million in claims settled, $1.04 million in operating expenses and $3.06 million in current and deferred tax provisions. Outstanding claim offers increased by $839,339, adding to the approximately $1.27 million decline in equity.

The trust received 808 claims, issued offers to 144 claimants and paid 116 claims. Payments used a 50% payment percentage plus a 27.09% cumulative inflation adjustment. Cash and investments increased by $2.62 million despite the decline in net equity, reflecting $7.68 million in unrealized gains offsetting net cash outflows. Deferred tax and outstanding-offer liabilities help explain the different movement in these two financial measures.

The California J.T. Thorpe Settlement Trust’s net claimants’ equity increased from $119.76 million to $123.11 million in 2019. Net investment income of $2.30 million and realized and unrealized gains of $11.13 million exceeded $4.81 million in claims settled, $1.42 million in operating expenses and $4.06 million in current and deferred tax provisions. A $171,543 decrease in outstanding claim offers also supported equity.

The trust reported receiving 762 claims, paying 150 and issuing settlement offers on 147, with the payment percentage at 50%. Settlement payments were well below 2018’s $14.91 million total, a year that included a retroactive percentage increase. The $3.36 million growth in equity was strongly supported by unrealized appreciation: the cash-flow statement reports $2.60 million in net cash outflows before $9.13 million in unrealized gains.

The California J.T. Thorpe Settlement Trust ended 2018 with $119.76 million in net claimants’ equity, down from $135.29 million. Claims settled increased to $14.91 million, while realized and unrealized investment results combined to a $3.89 million loss. Net investment income was $2.48 million, operating expenses were $1.43 million, and the current tax provision was $2.87 million. A $4.39 million deferred tax benefit and a $664,890 reduction in outstanding claim offers partly offset these deductions.

The trust received 685 claims and reported paying 129 Trust Claims, separately reporting four pre-confirmation claims paid. In May, the payment percentage increased from 45% to 50%, retroactively for claims previously paid at 45%; the large settlement total therefore needs to be read alongside this additional-payment obligation rather than attributed solely to newly paid claims. Cash and investments fell by $21.09 million, including $11.80 million in unrealized losses. Investment-management fees are netted against investment income in this report, affecting comparisons with earlier operating-expense presentations.

The California J.T. Thorpe Settlement Trust’s net claimants’ equity increased from $133.24 million to $135.29 million in 2017. Investment income of $3.08 million and realized and unrealized gains of $10.37 million were the principal sources of growth. Claims settled totaled $6.08 million, operating expenses were $1.82 million, and current and deferred tax provisions totaled $3.44 million. Outstanding claim offers increased by $180,651.

The trust reported receiving 432 claims, paying 225 and issuing settlement offers on 247, with the payment percentage remaining 45%. The $2.05 million increase in equity depended heavily on investment appreciation: the cash-flow statement reports $3.90 million in net cash outflows before $9.32 million in unrealized gains. Lower settlement payments than in 2016 also helped the trust preserve resources.

The California J.T. Thorpe Settlement Trust ended 2016 with $133.24 million in net claimants’ equity, down from $139.04 million. Investment income of $2.94 million and realized and unrealized gains of $1.75 million did not cover $7.98 million in claims settled, $1.73 million in operating expenses and $590,677 in current and deferred tax provisions. An additional $183,429 increase in outstanding claim offers also reduced equity.

The trust reported receiving 562 claims, paying 239 and issuing settlement offers on 268. The payment percentage remained 45% after review of updated forecasts. Although fewer claims were reported paid than in 2015, settlement dollars increased substantially, illustrating the effect of claim values and disease mix on annual payments. A $1 million cash tax refund supported liquidity, but cash and investments still declined by approximately $3.96 million.

The California J.T. Thorpe Settlement Trust’s net claimants’ equity declined from $142.23 million to $139.04 million in 2015. Investment income was $3.28 million, but realized and unrealized investment results combined to a $208,234 loss. Claims settled fell to $5.37 million from $9.54 million, and operating expenses declined to $1.83 million. A $3.62 million deferred tax benefit and an $812,269 reduction in outstanding claim offers softened the decrease in equity, while the current tax provision was $3.53 million.

The trust reported receiving 503 claims, paying 319 and issuing settlement offers on 311, at a 45% payment percentage. The cash-flow statement shows $4.90 million in tax payments and $9.04 million in unrealized investment losses, partly offset by realized gains. Cash and investments fell by $8.88 million, a larger decline than the $3.19 million reduction in net claimants’ equity because the latter also reflects tax and liability adjustments.

The California J.T. Thorpe Settlement Trust ended 2014 with $142.23 million in net claimants’ equity, down from $145.51 million. Investment income of $3.87 million and realized and unrealized gains of $5.91 million were supplemented by a $1.27 million reduction in outstanding claim offers. Claims settled totaled $9.54 million, operating expenses were $2.76 million, and current and deferred tax provisions totaled $2.09 million. The net result was an equity decline of approximately $3.28 million.

The trust reported receiving 494 claims, paying 410 and issuing settlement offers on 491. The payment percentage remained 45% following a September review. Cash claim payments were below 2013’s $10.77 million, but investment gains also moderated. The release of outstanding-offer liabilities supported reported equity without representing new cash received by the trust.

The California J.T. Thorpe Settlement Trust’s net claimants’ equity declined from $149.45 million to $145.51 million in 2013. The report presents $3.48 million in investment income and $10.63 million in realized and unrealized gains, compared with $10.77 million in claims settled and $2.82 million in operating expenses. Current and deferred tax provisions totaled $3.81 million, and outstanding claim offers increased by $605,833, contributing to the approximately $3.94 million decline in equity.

The trust reported receiving 493 claims, paying 452 and issuing settlement offers on 623. The payment percentage remained 45% after review in February 2013. Investment gains, predominantly unrealized appreciation, helped preserve resources, but did not fully offset claims and the other recorded deductions. The $3.65 million deferred tax provision was a noncash component of the year’s financial result.

The California J.T. Thorpe Settlement Trust ended 2012 with $149.45 million in net claimants’ equity, down from $154.65 million. Investment income of $3.90 million and realized and unrealized gains of $8.73 million substantially offset $11.77 million in claims settled. Operating expenses increased to $1.82 million from $907,724, while current and deferred tax provisions totaled $3.48 million and outstanding claim offers increased by $767,034. Together, these items produced an equity decline of approximately $5.20 million.

The trust reported receiving 714 claims, paying 554 and issuing settlement offers on 622. The payment percentage was 45%. The deferred tax provision of $3.22 million was a significant part of the reported reduction in equity and should be distinguished from taxes actually paid. Despite stronger investment results, claim settlements and the additional expense and liability provisions exceeded the year’s additions.

The California J.T. Thorpe Settlement Trust’s net claimants’ equity declined from $159.03 million to $154.65 million in 2011. Investment income of $4.13 million and realized and unrealized gains of $3.55 million generated $7.69 million in additions. Deductions included $9.23 million in claims settled, $907,724 in operating expenses, $1.49 million in current and deferred tax provisions, and a $439,990 increase in outstanding claim offers.

The annual narrative reports 770 claims received, 462 paid and settlement offers issued on 596 claims. The payment percentage remained 45%. Claim settlements were substantially lower than the 2010 total, which included retroactive payments following the percentage increase, but investment earnings still did not cover claims, administration and the reported tax provisions. Equity consequently fell by approximately $4.38 million.

The California J.T. Thorpe Settlement Trust ended 2010 with $159.03 million in net claimants’ equity, down from $167.03 million. Investment income of $5.06 million and realized and unrealized gains of $5.78 million provided substantial support, but claims settled totaled $17.29 million. Operating expenses were $892,280, and current and deferred tax provisions totaled $2.41 million. A $1.75 million reduction in outstanding claim offers partly offset these deductions.

The trust reported receiving 749 claims and paying 718 Trust Claims during the year. In November, the payment percentage increased from 40% to 45%, retroactively covering claims previously paid at 40%. The claims report separately identifies $3.40 million in additional payments on those Trust Claims, as well as payments involving pre-confirmation claims. The year’s payout total therefore reflects both ongoing claims activity and additional compensation on earlier claims.