Kentile Floors (Metex) Asbestos Trust Annual Reports, 2015–2025

Metex’s net claimants’ equity increased $620,501 in 2025 to $99.64 million. No insurance recoveries were received, and none were due at year-end. Interest and dividend income of $3.66 million, realized gains of $2.44 million, unrealized gains of $2.47 million, and alternative-investment appreciation of $137,682 supported $8.71 million in additions. Deductions included $5.94 million in claims settled, approximately $1.28 million in administration, professional services, and statutory costs, $265,757 in investment advisory fees, and $604,000 in federal income tax expense.

The trust received 3,716 new filings, settled 802 claims, and paid 863 claims totaling $6.38 million—more than twice 2024’s cash payments. Settled claims payable fell to $162,525, and cash declined to $3.14 million. The payment percentage remained 7.25%. Cash taxes paid were $1.02 million, exceeding tax expense and leaving $416,000 prepaid. With insurance receipts exhausted, positive investment results enabled equity to grow modestly despite increased claim payments and tax outflows.

Metex’s net claimants’ equity increased $2.66 million in 2024 to $99.02 million. Insurance recoveries declined to $1.45 million, but $3.66 million in interest and dividend income, $615,300 in realized gains, $2.08 million in unrealized gains, and $208,478 in alternative-investment appreciation supported growth. Claims settled were $3.59 million. Administration, professional services, and statutory costs totaled approximately $1.49 million, with $266,804 in investment advisory fees.

The trust received 3,211 new filings, settled 463 claims, and paid 395 claims totaling $3.05 million. Settled claims payable increased to $603,548, while cash rose to $6.05 million. The reported payment percentage remained 7.25%. The notes state that no further insurance recoveries were due at year-end, making investment returns and the existing asset pool increasingly important for future distributions.

Metex’s net claimants’ equity increased $8.99 million in 2023 to $96.36 million, recovering much of the prior year’s decline. Insurance recoveries of $7.70 million, interest and dividend income of $2.97 million, and unrealized investment gains of $5.56 million drove the increase, partly offset by $506,716 in realized losses. Claims settled totaled $5.02 million; administration, professional services, and statutory costs were approximately $1.48 million, with $234,126 in investment advisory fees.

The trust received 3,560 new filings, settled 687 claims, and paid 731 claims totaling $5.40 million at a reported 7.25% payment percentage. Only $62,561 in settled claims remained unpaid at year-end. Although equity grew, cash declined to $3.29 million as funds were invested. The improvement depended substantially on insurance receipts and investment appreciation rather than a comparable increase in immediately available cash.

Metex’s net claimants’ equity fell $12.21 million in 2022 to $87.37 million. Unrealized investment losses of $12.04 million and realized losses of $1.27 million outweighed $6.70 million in insurance recoveries and $2.29 million in interest and dividend income. Claims settled totaled $6.56 million. Administration, professional services, and statutory costs were approximately $1.08 million, with $278,477 in investment advisory fees.

The trust received 3,047 new filings and retained a 7.25% payment percentage. The audited notes report 914 claims settled and 859 claims paid totaling $6,135,946, with $435,363 still payable at year-end. The narrative instead lists 858 paid claims totaling $6,126,158.02; this summary uses the audited figures, which are repeated in the 2023 comparative notes. Cash increased to $7.56 million despite the equity decline, highlighting the difference between liquidity movements and unrealized investment losses.

Metex’s net claimants’ equity increased $6.00 million in 2021 to $99.58 million. Insurance recoveries of $6.70 million and positive investment results supported $12.57 million in additions. Claims settled were $5.04 million, with approximately $1.20 million in administration, professional services, and statutory costs, $316,735 in investment advisory fees, and $2,341 in investment cost adjustments.

The trust received 3,012 new filings and settled 702 claims, but paid 1,304 claims totaling $9.79 million as it cleared previously accrued obligations. Settled claims payable fell from $4.75 million to just $9,788, and cash declined to $1.08 million. The payment percentage remained 7.25%, while the annual payment limit was raised by $2 million in September. The large excess of cash payments over current-year settlements reflects payment of prior obligations, not additional current-year settlement expense.

Metex’s net claimants’ equity increased $1.67 million in 2020 to $93.58 million. Insurance recoveries of $6.70 million, interest and dividend income of $1.99 million, and combined realized and unrealized gains of $4.88 million supported the increase. Claims settled totaled $10.36 million; administration, professional services, and statutory costs were approximately $1.30 million, with $245,630 in investment advisory fees. Cash increased to $8.29 million.

The trust received 3,271 new filings. Its audited notes report 894 claims paid totaling $7.93 million, while $4.75 million remained accrued for 603 settled but unpaid claims at year-end. The payment percentage decreased from 8.3% to 7.25% effective June 9, 2020. The substantial unpaid balance explains why recognized settlements and cash distributions differed materially; the higher year-end equity did not eliminate those already approved payment obligations.

Metex’s net claimants’ equity declined $678,772 in 2019 to $91.91 million. Insurance recoveries of $6.70 million, interest and dividend income of $2.27 million, realized gains of $807,956, and unrealized gains of $6.79 million nearly offset $15.51 million in claims settled and associated costs. Administration, professional services, and statutory costs were approximately $1.51 million, with $238,663 in investment advisory fees. Investment recovery substantially cushioned the year’s claim distributions.

The trust received 5,222 new filings and paid 1,680 claims totaling $14.69 million. Settled claims payable reached $2.27 million, so the cash paid should not be added to that balance to calculate the current year’s settlements without accounting for opening payables. With TAC and FCR consent, the payment percentage decreased from 11.13% to 8.3% effective August 9, 2019. Cash declined to $2.63 million despite the relatively small reduction in equity.

Metex’s net claimants’ equity declined $13.99 million in 2018 to $92.59 million. Insurance recoveries of $6.70 million and $2.09 million in interest and dividend income were outweighed by $17.48 million in claims settled, $2.93 million in unrealized investment losses, $284,326 in realized losses, and approximately $1.84 million in administration, professional services, and statutory costs. Investment advisory fees were an additional $249,948.

Filings surged to 48,478, although many were deferred or deficient and should not be treated as approved claims. The audited notes report 1,111 claims paid for $17.37 million and $1.43 million of settled claims unpaid at year-end. Payments began using 11.13% on June 1, down from the initial 18%. At year-end the TAC and FCR had not consented to the proposed adjustment, but the trust reported continuing payments at 11.13% under the TDP’s interim mechanism.

Metex’s net claimants’ equity increased $21.43 million in 2017 to $106.59 million. Insurance recoveries of $33.37 million were the main driver, supported by $5.87 million in net investment income, including $3.82 million in unrealized gains. Claims settled totaled $16.41 million, while administration, professional services, and statutory costs were approximately $1.40 million. Cash increased to $14.92 million.

The trust received 4,290 new filings and paid 767 claims totaling $16.25 million; another $1.32 million was accrued for settled but unpaid claims. The report continued to use an 18% payment percentage. Its annual-payment planning included a lower-funding scenario using 10%, but that scenario was not an adopted payment-percentage reduction. Approximately $41 million in future insurance recoveries remained disclosed outside recorded equity, underscoring the importance of insurance collections to the year’s improvement.

Metex’s net claimants’ equity declined $9.43 million in 2016, from $94.59 million to $85.16 million. Insurance recoveries of $8.37 million and net investment income of $1.97 million did not cover $18.66 million in claims settled and approximately $1.12 million in administration, professional services, and statutory costs. Cash ended the year at $7.03 million. The notes disclosed approximately $92 million in future insurance recoveries, which were not recognized in equity before receipt.

The trust received 2,980 new filings and paid 807 claims totaling $18.25 million, with $1.16 million of settled claims unpaid at year-end. The reported payment percentage remained 18%. The decline in recorded equity therefore reflected claims exceeding the insurance receipts and investment income recognized that year; it did not include the full value of scheduled future insurance payments.

Metex ended 2015 with $94.59 million in net claimants’ equity. The audited statements cover inception in September 2014 through December 2015, rather than 2015 alone. Initial funding of $1 million and insurance recoveries of $104.39 million established the trust’s resources, while net investment income added $1.17 million. Claims settled totaled $9.81 million, and administration, professional services, and statutory costs totaled approximately $2.17 million. Year-end assets included $87.48 million in investments and $7.37 million in cash.

Claim intake began March 9, 2015, at an initial payment percentage of 18%. The trust paid 395 claims totaling $9.05 million and accrued another $753,300 for settled but unpaid claims. The narrative reports 4,507 submitted claims, whereas the audited filing note says 1,886; the 2016 report subsequently gives 4,507 as the 2015 filing count. That inconsistency should be resolved before using the original report’s filing figures in detailed comparisons.