Porter Hayden Asbestos Trust Annual Reports, 2010–2025

Porter Hayden’s net claimants’ equity after income taxes increased by $814,637 in 2025 to $32.44 million. Investment results comprised $846,279 of interest and dividends, $168,072 of realized gains and $2.45 million of unrealized appreciation. The audited Trust statement reported $982,050 in claims paid, $620,677 in operating expenses and a $181,524 reduction in the Company investment. An $861,983 deferred income tax provision reduced the pre-tax increase of $1.68 million; no current tax expense was reported.

The claims narrative reports $968,957 paid and 263 claims paid for the first time, while the claims exhibit reports $968,958 and 268 paid claims. These figures differ from each other and from the audited payment amount, so no blended average payment is inferred. The Trust also advanced a net $193,971 to support the Company’s operations. Overall, investment appreciation and lower reported claims payments supported the increase in equity; the Company’s separate assets are not added to the Trust’s balances.

Porter Hayden ended 2024 with $31.62 million in net claimants’ equity after income taxes, an increase of $678,867. Unrealized investment appreciation of $3.47 million and interest and dividends of $888,881 outweighed a small realized loss of $5,212. The audited Trust statement reported $1.35 million in claims paid, approximately $675,626 of operating expenses and a $177,583 decrease in the carrying value of Porter Hayden Company.

Income tax expense of $1.47 million, entirely deferred, reduced the pre-tax increase of $2.15 million. The claims schedule reports $1,302,637 paid, compared with $1,353,959 in the audited statement, and the report does not reconcile those totals. The Trust’s equity nevertheless increased because investment gains exceeded the year’s distributions and other deductions. Most of that investment support was unrealized appreciation, so the increase in equity does not represent an equivalent amount of newly received cash.

Porter Hayden’s net claimants’ equity after income taxes increased by $984,942 in 2023 to $30.94 million. A recovery in portfolio values supplied most of the improvement: unrealized appreciation was $3.83 million, alongside $854,573 of interest and dividends and $87,221 of realized gains. The audited statement reported $1.27 million in claims paid, approximately $778,701 of operating expenses and a $162,215 decline in the Company investment.

The pre-tax increase of $2.56 million was reduced by a $1.57 million income tax provision, entirely deferred. The claims schedule’s payment total of $1,269,488 differs slightly from the audited statement’s $1,267,435. The Company’s separate statements also restate prior payroll amounts; this summary uses the Trust’s own reported balances and does not add the Company’s assets to them. The year’s improvement chiefly reflects unrealized investment appreciation rather than new funding.

Porter Hayden ended 2022 with $29.96 million in net claimants’ equity after income taxes, down $4.93 million. Portfolio losses were the main pressure: $5.84 million of unrealized depreciation and $239,067 of realized losses substantially exceeded $884,879 of interest and dividends. The audited Trust statement reported $1.16 million in claims paid, approximately $908,860 of operating expenses and a $212,068 decrease in the Company investment.

The $7.47 million pre-tax decline was partly offset by a $2.54 million net income tax benefit, chiefly a deferred-tax adjustment rather than a cash receipt. The claims schedule reports approximately $1.25 million paid, differing from the audited statement’s amount. Although distributions were far below the prior year’s supplemental-payment period, investment losses drove a substantial reduction in reported resources; the tax benefit reduced the accounting impact without reversing those market losses.

Porter Hayden’s net claimants’ equity after income taxes fell by $10.31 million in 2021, ending at $34.89 million. The audited statement reported $12.70 million in claims paid during a year when the payment percentage increased from 3.0% to 4.0% and supplemental payments were made to earlier claimants. The narrative and claims schedule report $11.79 million including supplements, a different total from the audited statement; those figures should not be treated as interchangeable or divided by the first-time paid-claim count to infer an average payment.

Interest and dividends were $970,728, and $5.96 million of realized gains more than offset $1.34 million of unrealized losses. Operating expenses totaled approximately $977,861, the Company investment declined by $193,988, and income tax expense was $2.03 million. Positive net portfolio results softened, but did not offset, the large claims distributions and other deductions.

Porter Hayden ended 2020 with $45.20 million in net claimants’ equity after income taxes, an increase of $2.28 million from the $42.92 million comparative opening balance used in this report. Investment results included $881,803 of interest and dividends, $2.21 million of realized gains and $3.64 million of unrealized appreciation. The audited statement reported $951,024 in claims paid, approximately $785,510 of operating expenses and a $180,731 decline in the Company investment.

Income tax expense of $2.54 million reduced the pre-tax increase of $4.82 million; approximately $1.53 million of that tax provision was deferred rather than current. The report’s 2019 comparative closing balance differs from the $47.01 million originally published for 2019, so the annual increase here uses the comparative figures within the 2020 statements. Positive investment results drove the improvement, with unrealized gains accounting for a substantial portion.

Porter Hayden’s original 2019 report showed net claimants’ equity rising by $4.57 million to $47.01 million. Strong investment results included $902,021 of interest and dividends, $1.12 million of realized gains and $4.74 million of unrealized appreciation. These additions exceeded $1.24 million in claims paid, approximately $752,935 of Trust operating expenses and a $201,964 reduction in the Company investment.

The original reported improvement was largely supported by unrealized gains. It also requires a comparison caveat: the 2020 report subsequently presented 2019 closing equity as $42.92 million after income taxes, using a lower opening balance and recognizing $2.51 million of 2019 tax expense. The original $47.01 million figure should therefore not be compared directly with later after-tax balances without accounting for that revised presentation.

Porter Hayden’s original 2018 financial statements reported year-end net claimants’ equity of $42.44 million, down $3.33 million. Unrealized investment depreciation of $1.76 million outweighed $882,044 of interest and dividends and $202,864 of realized gains before investment fees. The Trust also recorded a $171,253 reduction in the carrying value of Porter Hayden Company.

The audited statement reported $1.69 million in claims paid and approximately $794,143 in operating expenses. Market losses therefore compounded the reduction associated with distributions and administration. For historical comparisons, the original $42.44 million closing figure should be distinguished from the $40.86 million beginning-2019 balance presented in the 2020 report, which also introduced current and deferred tax amounts into its comparative presentation. The figures above describe the original 2018 report rather than silently substituting the later presentation.

Porter Hayden ended 2017 with $45.77 million in net claimants’ equity, up $2.67 million. Investment performance supplied the main support: interest and dividends were $865,437, realized gains were $316,760, and unrealized appreciation was $3.32 million. A $167,259 decline in the carrying value of Porter Hayden Company partly offset those gains.

The audited Trust statement reported $889,980 in claims paid and approximately $784,909 in operating expenses, substantially below the preceding year’s total deductions during its supplemental-payment program. Investment appreciation therefore exceeded the year’s claims and other costs. Much of the gain was unrealized, so the increase in net claimants’ equity should not be interpreted as an equivalent cash surplus; it principally reflects improved market values within the portfolio.

Porter Hayden’s net claimants’ equity declined by $13.08 million in 2016 to $43.11 million, primarily because of a large year of claims distributions. The audited Trust statement reported $13.48 million in claims paid, compared with $1.07 million in 2015. The payment percentage increased from 1.8% to 3.0%, and the Trust issued supplemental payments to previously paid claimants. The narrative reports $12.50 million of payments, including supplements, which differs from the audited statement; these totals are retained as distinct reported measures.

Interest and dividends of $884,096 and unrealized appreciation of $995,397 were partly offset by $236,028 of realized losses. Trust operating expenses totaled approximately $1.08 million, and the Company investment declined by $158,758. No new Company funding payment was reported. The year’s reduction in equity thus chiefly reflects distributions, including the supplemental-payment program, rather than a net portfolio loss.

Porter Hayden’s net claimants’ equity rose by $13.27 million in 2015, ending at $56.18 million. A $15.0 million payment from Porter Hayden Company was the principal driver. Portfolio results were much smaller: $1.09 million of interest and dividends was partly offset by $176,287 of realized losses and $384,274 of unrealized depreciation. The carrying value of the Company investment also decreased by $162,017.

Claims paid were $1.07 million and Trust operating expenses totaled approximately $1.03 million. The Company payment more than covered those outflows and the investment-related reductions, substantially strengthening the reported resources available for claims. This increase should be understood as funding-driven growth, not a comparable investment return. The Company’s separate financial statements are not combined with the Trust’s figures in this summary.

Porter Hayden ended 2014 with $42.92 million in net claimants’ equity, essentially unchanged from $42.83 million a year earlier. The Trust earned $828,593 of interest and dividends, recognized $774,021 of realized investment gains and reported $73,655 of unrealized appreciation. A $113,094 decline in the carrying value of Porter Hayden Company partly offset those returns. No indemnity proceeds comparable to the large 2013 recovery were recorded.

The Trust reported $372,989 in claims paid and approximately $1.11 million in operating expenses, including professional fees, investment fees, salaries and benefits, insurance and other administration. Investment results covered those deductions and the Company valuation decline with only an $85,506 net increase in equity. The year therefore reflects preservation of the asset base during relatively low reported claims payments, rather than another major funding event.

Porter Hayden’s net claimants’ equity increased by $19.58 million in 2013, reaching $42.83 million. The main source of the increase was $20.50 million in indemnity claim proceeds recorded by the Trust, rather than portfolio performance. Interest and dividends contributed $432,219, realized investment gains added $875,306, and unrealized appreciation added $34,767. The Trust also recorded a $923,177 increase in the carrying value of its investment in Porter Hayden Company.

Claims paid were $1.61 million, and Trust operating expenses totaled approximately $1.58 million, including $1.08 million of professional fees. The large recovery substantially replenished the resources available for claims despite these outflows. The filing also contains the Company’s separate statements; its insurance proceeds and assets should not be added to the Trust’s figures, because the Trust already reports its funding receipts and its investment in the Company.

Porter Hayden ended 2012 with $23.25 million in net claimants’ equity, a decrease of $2.31 million. Interest and dividends were $820,371, unrealized investment appreciation was $779,858, and realized investment losses were $99,453. The carrying value of the Trust’s investment in Porter Hayden Company increased by $115,383, but no Company funding payment was recorded during the year.

The Trust’s financial statements reported $2.48 million in claims paid and approximately $1.45 million in operating expenses, including professional fees, salaries and benefits, insurance, investment fees and other administration. Unlike the preceding year’s presentation of transfers through a separate settlement fund, the 2012 Trust statement reports claims payments directly. Investment results and the Company valuation increase provided only a partial offset to those payments and expenses, resulting in a further draw on accumulated resources.

Porter Hayden’s net claimants’ equity fell by $6.65 million in 2011, ending at $25.55 million. The Trust received $1.10 million of Company funding, $1.10 million of interest and dividends and $1.36 million of realized investment gains. Those additions were offset by $2.12 million of unrealized investment losses, a $1.21 million decrease in the carrying value of Porter Hayden Company, and approximately $1.39 million of Trust operating expenses.

The Trust transferred $5.60 million to the separate Qualified Settlement Fund, which reported the same amount in claims paid. These transfers and payments should be counted once when describing distributions. The settlement fund also returned its remaining $80,828 to the Trust as a liquidating dividend and ended the year with no net claimants’ equity. The Trust’s decline consequently reflected substantial claims distributions alongside investment losses and administrative costs.

Porter Hayden’s Bodily Injury Trust ended 2010 with $32.20 million in net claimants’ equity, down $2.60 million. Interest and dividends of $1.01 million, realized investment gains of $310,362 and unrealized appreciation of $1.09 million provided investment support. The Trust also received $895,000 of funding from Porter Hayden Company and $70,601 of indemnity proceeds, while recording a $964,830 decrease in the carrying value of its investment in the Company.

The Trust transferred $3.80 million to the separate Porter Hayden Qualified Settlement Fund, which reported $3.82 million of claims paid. Those amounts describe successive stages of the payment process and should not be added together as separate claimant distributions. The Trust’s own professional fees, insurance, investment fees, rent and U.S. Trustee fees totaled approximately $1.22 million. Funding and investment gains were insufficient to offset the transfers, operating costs and decline in the Company investment.