United Gilsonite Laboratories Asbestos Trust Annual Reports, 2015–2025

United Gilsonite ended 2025 with $12.9 million in net claimants’ equity, down approximately $537,000. Interest and dividends of $783,000 and net investment gains of $256,000 supplied most of the $1.1 million in additions. The financial statements recorded $1,107,400 in claimant-related deductions and $481,167 in other operating expenses. Positive investment results did not fully offset claims and administration. The report describes the 3.35% payment percentage adopted in April 2024.

The narrative reports $1,012,754 paid on 136 claims. The statements use an accrual-based special-purpose framework, not cash-basis accounting. Accrued claimant payments increased by $94,647, from $194,563 to $289,210, nearly matching the $94,646 difference between the claimant deduction and narrative cash payments. This supports an accrual explanation, with a $1 residual not expressly reconciled in the report. Year-end investments totaled $12.7 million and unrestricted cash was approximately $373,000.

United Gilsonite’s net claimants’ equity decreased by approximately $777,000 in 2024, ending the year at $13.4 million. Interest and dividends of $822,000 were partly offset by a $225,000 net investment loss. Claimant-related deductions were $852,000 and other operating expenses totaled approximately $529,000. The year’s investment income was insufficient to cover claims and costs.

Effective April 11, 2024, the Trust reduced its payment percentage from 11% to 3.35%. The narrative reports $849,171 paid on 116 claims, compared with the financial statements’ $852,052 claimant deduction; the $2,881 difference matches the increase in accrued claimant payments. Year-end investments totaled $13.1 million, unrestricted cash was approximately $430,000 and accrued claimant payments were approximately $195,000.

United Gilsonite ended 2023 with $14.2 million in net claimants’ equity, a decrease of $1.9 million. Interest and dividends of $665,000 and net investment gains of $462,000 provided almost all of the $1.1 million in additions. Claimant-related deductions totaled $2.5 million and other operating deductions were approximately $477,000. Positive investment results did not replenish the resources consumed by claims and administration.

The Trust held $13.8 million in investments and approximately $561,000 in unrestricted cash at year-end. Accrued claimant payments were approximately $192,000, down modestly from $216,000. Although unrestricted cash increased, total net claimants’ equity declined, illustrating why the cash balance alone is not a measure of improvement in the Trust’s overall financial position.

United Gilsonite’s net claimants’ equity fell by $3.7 million in 2022 to $16.0 million. Net investment losses of $2.6 million and claimant-related deductions of $2.1 million were the principal reductions, alongside approximately $474,000 in operating expenses. Interest and dividends of $723,000 and an income tax benefit of $687,000 partly offset those amounts. The tax benefit coincided with elimination of the prior year’s deferred tax liability and did not represent new trust funding.

Year-end investments were $15.8 million, with approximately $391,000 in unrestricted cash. Accrued claimant payments declined from $554,000 to $216,000. The decline in equity thus reflected both investment losses and continuing claims obligations; the financial statements’ claimant deduction is distinct from distributions that also paid down previously accrued claims.

United Gilsonite ended 2021 with $19.8 million in net claimants’ equity, down $1.9 million. Interest and dividends of $901,000 and net investment gains of $349,000 provided most of the $1.3 million in additions. Claimant-related deductions were $2.5 million and other deductions totaled approximately $687,000, including $174,000 in income tax expense. Investment additions covered only part of the year’s claims and costs.

Investments totaled $20.7 million and unrestricted cash was approximately $226,000 at year-end. Accrued claimant payments declined to approximately $554,000 from $784,000, while the deferred tax liability increased to $687,000. These balance-sheet movements help distinguish cash payments and tax liabilities from the amounts recognized in the statement of changes in equity.

United Gilsonite’s net claimants’ equity declined by $2.0 million in 2020 to $21.7 million. Interest and dividends of $831,000 and net investment gains of $667,000 supplied most of the $1.5 million in additions. Claimant-related deductions totaled $2.8 million, while other deductions were approximately $766,000, including $229,000 in income tax expense. Claims and operating costs exceeded investment additions despite a positive investment result.

Accrued claimant payments increased from approximately $200,000 to $784,000, making unpaid obligations a material part of the year’s claims accounting. The Trust held $22.1 million in investments, approximately $223,000 in unrestricted cash and a $383,000 receivable on pending investment sales at year-end. The claimant deduction should therefore be distinguished from cash actually distributed during 2020.

United Gilsonite ended 2019 with $23.7 million in net claimants’ equity, a decrease of $1.6 million. Interest and dividends of $958,000 and net investment gains of $1.6 million provided most of the additions, supplemented by $300,000 received from the company’s litigation reserve. Claimant-related deductions were $3.6 million and other deductions totaled approximately $926,000, including $284,000 in income tax expense. Positive investment results and the reserve distribution did not fully offset claims and costs.

Year-end investments totaled $23.3 million and unrestricted cash was approximately $678,000. Accrued claimant payments declined from $445,000 to $200,000. That reduction is relevant when distinguishing the year’s accounting deduction for claims from cash distributions that also discharge previously accrued obligations.

United Gilsonite’s net claimants’ equity fell by $3.8 million in 2018, ending the year at $25.4 million. Interest and dividends of $1.2 million were outweighed by $1.6 million in net investment losses and $2.9 million in claimant-related deductions. Other operating deductions totaled approximately $521,000, while a $79,000 income tax benefit partly offset the decline. Both claims obligations and investment losses reduced the Trust’s resources.

At year-end, investments totaled $24.4 million and unrestricted cash was $1.1 million. Accrued claimant payments increased from approximately $373,000 to $445,000, reflecting obligations included in the financial statements but not yet paid. The year’s negative investment result compounded the draw on resources from claims and administration.

United Gilsonite ended 2016 with $30.1 million in net claimants’ equity, down $4.5 million. Interest and dividends on investments and the company note generated approximately $1.4 million, but claimant-related deductions were $4.8 million, net investment losses were $553,000 and other expenses totaled approximately $574,000. The start of claims payments was the principal use of resources during the year.

The Trust began paying claims in June 2016 at an initial payment percentage of 11%. Accrued claimant payments were approximately $548,000 at year-end, so the financial statements’ claimant deduction includes unpaid obligations and should not be treated entirely as cash distributed. Investments totaled $21.5 million, unrestricted cash was $1.6 million, and the $7.25 million company note remained receivable.

United Gilsonite’s initial report covers its formation on December 31, 2014 through December 31, 2015. It recorded $35.0 million in initial contributions and insurance settlements, including $17.0 million in company and shareholder cash and $7.625 million in promissory notes. Interest and dividends added approximately $1.2 million, while deductions totaled $1.7 million, including $546,000 in net investment losses and $712,000 in legal fees. Net claimants’ equity ended the period at $34.6 million.

The Trust began accepting paper claims in December 2015, with payments commencing in June 2016. No claimant-payment deduction was recorded for this initial period. Year-end assets included $24.5 million in investments, $2.6 million in unrestricted cash and the $7.25 million company note receivable. The initial funding total therefore included a substantial amount not yet collected in cash.