Keene Asbestos Trust Annual Reports, 2020–2025

Keene Creditors Trust reported $16.4 million in total net claimants’ equity at the end of 2025, down approximately $604,000 from $17.0 million. Investment-related additions before unrealized gains totaled $319,000, against $554,000 in administrative, legal, claims processing, investment advisory and accounting expenses. Unrealized gains of $859,000 and a small class-action distribution brought comprehensive income to $626,000, below the $1.23 million in claim payments recorded in the audited statements. Total assets were $16.5 million, including $137,401 offset by a claimant fee deposit liability; those refundable deposits were not additional claimants’ equity.

The trust received 2,071 claim filings and reported paying 1,560 claims for $1,236,999 in its claims narrative, compared with $1,230,239 in the audited statements. The report does not reconcile those totals. The payment percentage remained 1.05%, and the refundable $75 filing fee applied throughout the year, with $5,775 refunded. Claim payments exceeded comprehensive income despite positive investment gains, reversing the modest increase in equity reported for 2024.

Keene Creditors Trust ended 2024 with $17.0 million in total net claimants’ equity, up approximately $128,000 from $16.9 million. Investment-related additions before unrealized gains were $355,000, while administrative, legal, claims processing, investment advisory and accounting expenses totaled $556,000. Unrealized investment gains of $1.19 million produced comprehensive income of $989,000. After $860,700 in claim payments recorded in the audited statements, the trust retained a modest increase in equity.

The trust received 4,204 claim filings and reported paying 1,266 claims for $861,379 in its claims narrative, a slightly different total from the audited financial statements. The payment percentage increased from 0.84% to 0.90% effective August 1, 2024, and then to 1.05% effective October 24. The report also disclosed adoption of a refundable $75 filing fee effective January 1, 2025, with a full refund for claimants who receive and accept a settlement offer.

Keene Creditors Trust reported $20.9 million in total net claimants’ equity at the end of 2021, down approximately $92,000 from $21.0 million. Investment-related additions before unrealized gains totaled $668,000, compared with $541,000 in administrative, legal, claims processing, investment advisory and accounting expenses. Unrealized gains of $1.03 million helped produce comprehensive income of $1.16 million, which funded most of the $1.25 million paid to claimants. Positive investment results again limited the annual drawdown in equity.

The trust received 3,753 claim filings and paid 1,948 claims totaling $1,247,590. Following its periodic review of projected claims, payments and assets, the trust increased the payment percentage from 0.80% to 0.84% effective August 6, 2021. The report describes an 8.05% investment return for the year, with fixed income and principal-protected variable annuities making up most of the portfolio.

Keene Creditors Trust ended 2020 with $21.0 million in total net claimants’ equity, a decrease of approximately $70,000 from the prior year. Investment-related additions before unrealized gains totaled $648,000, while administrative, legal, claims processing, investment advisory and accounting expenses totaled $559,000. Unrealized investment gains of $901,000 brought comprehensive income to approximately $991,000, nearly offsetting the $1.06 million in claim payments recorded in the audited statements. The small net decline therefore reflected positive investment results largely funding the year’s distributions and operating costs.

The trust received 4,483 claim filings and reported paying 1,658 claims. Its claims narrative gives payments of $1,060,995, slightly above the audited financial statement figure of $1,060,824; these are distinct reported totals. The payment percentage remained 0.8% during the year. The investment portfolio included substantial allocations to fixed income and principal-protected variable annuities, with smaller equity and alternative investment holdings.