Quigley Asbestos Trust Annual Reports, 2014–2025

Quigley and its subsidiary ended 2025 with consolidated net assets of $516.5 million, down $30.4 million from $546.9 million. Investment appreciation of $21.7 million, net interest income of $18.3 million, and insurance recoveries of $1.8 million provided $41.7 million of additions. These were outweighed by $59.7 million of settled-claim expense, approximately $5.7 million of operating and claims-processing expenses, and $6.7 million of income taxes. Stronger investment gains helped absorb increased claims and tax costs, leaving the decline in net assets slightly smaller than in 2024.

The financial notes report $59.5 million of claims settled and paid, with $0.8 million of settled but unpaid claims at year-end. The claims exhibit lists 16,404 paid claims and a slightly different total of $59,503,083.74, compared with $59,505,490 in the financial notes. Operating activities used $49.3 million of cash; $41.9 million of net investment sales financed much of that outflow. Investments ended the year at $504.4 million, while cash and cash equivalents declined to $8.5 million.

Quigley and its subsidiary reported consolidated net assets of $546.9 million at year-end 2024, down $31.7 million from $578.6 million. Net interest income of $18.2 million and investment appreciation of $11.1 million provided $29.2 million of additions, compared with $51.9 million of settled-claim expense, approximately $5.2 million of operating and claims-processing expenses, and $3.8 million of income taxes. No insurance recoveries were reported. Investment gains continued to offset part of the cost of claims, but were insufficient to prevent a further decline in resources.

The financial notes report $52.3 million of claims settled and paid and $0.6 million of settled but unpaid claims at year-end. The claims exhibit lists 12,117 paid claims and a slightly different payment total of $52,310,216, versus $52,316,740 in the financial notes. Operating activities used $38.4 million of cash. Year-end investments were $526.9 million, and cash and cash equivalents fell from $33.4 million to $15.9 million.

Quigley and its subsidiary ended 2023 with consolidated net assets of $578.6 million, down $19.2 million from $597.8 million. Investment appreciation of $28.0 million and net interest income of $17.7 million supported the trust but fell short of $56.6 million of settled-claim expense, approximately $4.9 million of operating and claims-processing expenses, and $3.5 million of income taxes. No insurance recoveries were reported. The return to positive investment results substantially moderated the decline in resources compared with the preceding year.

The financial notes report $60.7 million of claims settled and paid, while the claims exhibit reports 13,414 paid claims totaling $60.5 million. Those disclosures differ and are also distinct from the settled-claim expense recognized in the statements. Settled but unpaid claims decreased from $4.9 million to $0.9 million. Year-end investments were $540.7 million and cash and cash equivalents were $33.4 million, compared with $587.7 million and $8.8 million, respectively, a year earlier.

Quigley and its subsidiary reported consolidated net assets of $597.8 million at year-end 2022, down $166.7 million from $764.5 million. Investment depreciation of $74.7 million, settled-claim expense of $74.9 million, and income tax expense of $28.0 million were the principal deductions. Net interest income of $16.0 million provided a partial offset, but there was no repeat of the prior year’s property-sale gain and no rental income or insurance recoveries. Trust and subsidiary operating expenses and claims processing added approximately $5.1 million of costs.

The financial notes report $74.0 million of claims settled and paid, while the claims exhibit reports 19,286 paid claims totaling $74.03 million; the source totals differ ($73,951,337 versus $74,029,869). Settled but unpaid claims increased to $4.9 million. Operating activities used $83.5 million of cash, partly financed by $74.7 million of net investment sales, and cash and cash equivalents ended at $8.8 million. The year combined investment losses with substantial claims and tax costs, producing a pronounced reduction in reported resources.

Quigley and its subsidiary ended 2021 with consolidated net assets of $764.5 million, up $50.2 million from $714.3 million. A major driver was the sale of the subsidiary’s Anaheim property for $115.0 million, generating a $77.5 million accounting gain and $114.3 million of reported cash proceeds. Investment appreciation of $28.3 million, net interest income of $14.9 million, rent of $2.3 million, and insurance recoveries of $2.3 million also contributed. Against those additions, the statements recognized $42.5 million of settled claims, $26.1 million of income tax expense, and approximately $6.4 million of operating and claims-processing expenses.

The financial notes report $42.0 million of claims settled and paid; the claims exhibit instead lists 13,727 paid claims totaling $41.9 million. Settled but unpaid claims were $4.0 million at year-end. Operating activities used $48.4 million of cash, and much of the property-sale proceeds was reinvested, leaving cash and cash equivalents of $17.5 million. The increase in net assets depended heavily on the property-sale gain, which should be distinguished from recurring income.

Quigley and its subsidiary reported consolidated net claimants’ equity of $714.3 million at year-end 2020, down $23.4 million from $737.7 million. Investment appreciation of $30.6 million and net interest income of $15.9 million, together with $2.6 million of rent and $2.3 million of insurance recoveries, did not fully cover $67.0 million of settled-claim expense and approximately $7.8 million of other operating, processing, and tax costs. The financial notes report $72.1 million of claims settled and paid, exceeding current-year settled-claim expense as unpaid claim balances declined to $3.5 million.

Operating activities used $35.5 million of cash, and cash and cash equivalents fell from $56.3 million to $22.8 million. The claims exhibit reports 20,111 paid claims totaling $72.0 million, a different total from the financial notes. The report states that no payment-percentage adjustment was recommended during 2020. Positive investment results cushioned the decline in resources, but claims and other costs continued to exceed recognized income.

Quigley and its subsidiary ended 2019 with consolidated net claimants’ equity of $737.7 million, up $18.1 million from $719.6 million. Investment appreciation of $54.6 million, net interest income of $18.4 million, and insurance recoveries of $34.4 million supported the increase, alongside $2.5 million of rent. These additions exceeded $81.6 million of settled-claim expense and approximately $10.3 million of trust and subsidiary operations, claims processing, and taxes. Insurance recoveries were recognized on an accrual basis: a $30.5 million settlement included $10.5 million not received until January 2020.

The financial notes report $76.2 million of claims settled and paid, while the claims exhibit lists 17,956 paid claims totaling $76.1 million; those totals are not identical. Settled but unpaid claims increased to $8.6 million. Despite the increase in net assets, operating activities used $33.3 million of cash. Net investment sales of $52.7 million helped raise cash and cash equivalents to $56.3 million, showing that the year’s accounting gain did not eliminate the need to draw on investments.

Quigley and its subsidiary reported consolidated net claimants’ equity of $719.6 million at year-end 2018, down $82.7 million from $802.3 million. Investment depreciation of $22.1 million compounded $68.6 million of settled-claim expense. Net interest income of $17.8 million, rental income of $2.5 million, and $1.0 million of insurance recoveries provided a partial offset. Trust and subsidiary operating expenses, claims processing, and income taxes added approximately $13.2 million of costs. Operating activities used $49.4 million of cash, while net investment sales supported year-end cash of $36.9 million.

The February claims bar date brought a substantial increase in filings: the financial notes report 129,488 new claims, and the trustees continued monitoring the implications for the payment percentage. The financial notes report approximately $67.0 million of claim payments, compared with $66.5 million across 26,074 paid claims in the claims exhibit; the two disclosures differ. Settled but unpaid claims were $3.2 million at year-end. Both market losses and claims activity contributed to the reduction in reported resources.

Quigley and its subsidiary ended 2017 with consolidated net claimants’ equity of $802.3 million, a $24.3 million decline from $826.7 million. Investment appreciation of $46.3 million and net interest income of $16.6 million substantially offset $90.4 million of settled-claim expense. Other additions included $3.1 million of insurance recoveries, $2.4 million of rent, and a $7.5 million claims-reserve adjustment; the reserve adjustment was an accounting addition, not investment earnings. Trust and subsidiary operations, claims processing, and income taxes totaled approximately $10.0 million.

Operating activities used $78.5 million of cash, and cash and cash equivalents ended at $30.3 million. Payment disclosures are inconsistent: the financial notes describe $88.8 million as settled and paid, while the claims exhibit reports 26,817 payments totaling $98.3 million. Neither figure is the same as settled-claim expense. Settled but unpaid claims fell to $1.6 million. The report also says the full payment-percentage review was deferred until after the February 2018 claims bar date.

Quigley and its subsidiary reported consolidated net claimants’ equity of $826.7 million at year-end 2016, down $58.9 million from $885.6 million. Settled-claim expense rose to $75.1 million. Net interest income of $17.8 million, investment appreciation of $3.6 million, and rental income of $2.4 million covered only part of that expense and the additional $7.5 million of trust operations, claims processing, and subsidiary expenses and taxes. No new insurance recoveries were recognized. Cash and cash equivalents fell to $48.3 million, with $45.0 million used in operating activities.

The financial notes describe $60.1 million of claims as settled and paid and show $15.0 million of settled but unpaid claims at year-end. The separate claims exhibit reports 11,252 paid claims totaling $61.0 million. Those payment disclosures differ and should not be treated as interchangeable with the $75.1 million settled-claim expense. The report describes continued monitoring of the previously established 3.6% and 14.5% payment percentages.

Quigley and its subsidiary ended 2015 with consolidated net claimants’ equity of $885.6 million, up $24.6 million from $860.9 million. Insurance recoveries of $23.8 million, net interest income of $17.2 million, and rental income of $2.4 million more than offset $1.7 million of investment depreciation, $9.5 million of settled claims, and $7.7 million of trust and subsidiary operating expenses and taxes. Cash and cash equivalents declined to $68.6 million as net investment purchases exceeded operating cash inflows.

Although the statements recognized $9.5 million of settled claims, those claims remained unpaid at year-end; the claims exhibit likewise reports no payments in 2015. Effective October 14, 2015, the trust reduced the payment percentage for releasing claimants from 7.5% to 3.6% and for non-releasing claimants from 30.5% to 14.5%. The year’s growth in reported resources thus occurred before cash distributions to claimants began, and insurance recoveries were an important contributor.

Quigley’s initial annual report covers November 4, 2013, through December 31, 2014. The trust and its subsidiary reported consolidated net claimants’ equity of $860.9 million. Initial funding of $711.6 million, insurance recoveries of $85.0 million, and contributed subsidiary net assets of $44.8 million established most of that balance. Investment appreciation of $14.4 million, net interest income of $12.2 million, and rental income of $2.4 million added to resources, while trust operating expenses and subsidiary expenses and taxes totaled $9.5 million. Cash and cash equivalents ended the period at $98.7 million.

This was a funding and startup period: no claims were settled or paid. The financial notes report 108,225 new filings, while the narrative gives a slightly different figure of 108,224. Settlement offers awaited completion of the initial payment-percentage review. The large increase in net assets therefore primarily reflects funding received at formation, rather than recurring investment earnings or a year of claim-payment activity.