Modification to the TIST Site List
The following is a synopsis of the modification to the TIST Land Site List approved at the September 20, 2012 Trustees’ meeting.
Corrections to the TIST Land Site List:
- Olive View Hospital, Sylmar, CA – corrected the start and end date, 5-10-1948 through 12/31/1971. Corrected the site rating to very low for all years.
PLEASE TAKE NOTICE that a hearing on the motion to approve Thorpe Insulation Settlement Trust’s Second Annual Report and Accounting is scheduled for Wednesday, June 27, 2012 at 10:00 a.m. before United States Bankruptcy Court Judge, the Honorable Sheri Bluebond, at the United States Bankruptcy Court for the Central District of California, Los Angeles Division, located at 255 East Temple Street, Los Angeles, California 90012 in Courtroom 1475.
Actions by Thorpe Insulation Settlement Trust
In light of a recent decision of the Ninth Circuit Court of Appeals in the Thorpe Bankruptcy, which may affect the Plan of Reorganization, the Trust has reported to the Bankruptcy Court and Petitioned for Instructions regarding continuation of Trust operations. The Bankruptcy Court has issued an Order that provides for continued operation of the Trust, including claim submission and claim processing, but that imposes a limitation of $5 million in further aggregate claim payments. As a result, commencing immediately, and until further notice, the Trust will pay claims in installments, as they are liquidated. The Trust will pay half at the time offers are accepted and conforming releases are received. The remainder will be paid when and if further funds are available and as circumstances permit. (See TDP Section. 7.1) The Trust is implementing this program to make at least a partial payment to as many claimants as possible while conserving Trust resources consistent with the Bankruptcy Court’s recent Order. It is possible that the $5 million amount may be increased by the Bankruptcy Court based on an appropriate showing by the Trust. If the Trust exhausts the $5 million limit and the Bankruptcy Court declines to increase the amount allowed to be distributed, or if the Bankruptcy Court decides to suspend Trust operations, the Trust may be required to suspend claim payments altogether pending resolution of all issues being examined on appeal and, perhaps, on remand to the Bankruptcy Court. Copies of the Ninth Circuit decision, the Order limiting payment of Trust claims and of Thorpe’s petition for rehearing of the decision of the Ninth Circuit are posted with this notice. There will be no extension of the tolling of the statute of limitations as a result of these developments. The Trust will post further notices at this site reporting any changes that affect this installment payment regime.