Funds Received Ratio
The Trustees, with the consent of the Trust Advisory Commitee and the Futures Representative, have increased the Funds Received Ratio from 43.6% to 51.8% of the total liquidated claim value. After necessary updates to the claims processing system and payment procedures have been completed, claims will be paid in accordance with this change. All eligible previously paid claims should receive the additional amounts due as a result of this Funds Received Ratio increase by the end of July 2018.
UPDATE TO 1/31/14 and 4/16/14 NOTICES TO BENEFICIARIES AND POTENTIAL BENEFICIARIES OF THE J.T. THORPE SETTLEMENT TRUST, THORPE INSULATION SETTLEMENT TRUST, WESTERN ASBESTOS SETTLEMENT TRUST AND PLANT ASBESTOS SETTLEMENT TRUST
Following appeals by Michael J. Mandelbrot and the Mandelbrot Law Firm from the Stipulation referred to in the Notice posted 1/31/14, and the Order Following Trial and related documents entered by the Bankruptcy Court referred to in the Notice posted 4/16/14, the Bankruptcy Court again ruled in favor of the Trusts and reaffirmed its Order Following Trial, Findings of Fact and Conclusions of Law, and Judgment. For additional information, please see the Supplemental Findings of Fact and Conclusions of Law Following Remand and Judgment Following Remand. Mr. Mandelbrot initially filed appeals from these orders, but has since agreed to dismiss those appeals. For additional information, please see the Joint Stipulation Dismissing Appeal and Order Granting Joint Stipulation Dismissing Appeal. As a result, litigation concerning Michael J. Mandelbrot and the Mandelbrot Law Firm has now been fully and finally resolved. The Trusts urge beneficiaries and potential claimants considering filing claims against the Trusts to carefully review these documents before retaining counsel.
Reminder of Policy Regarding Claims in Certain Statuses
The Trust would like to remind firms regarding the policy on the length of time claims are allowed to remain in certain statuses.
The policy is as follows:
The Trust can deem a claim withdrawn after the claim has been placed on “Hold/Deferred”, in “Reviewed Deficient” status, or in “Offer Made” status and remains in one of those statuses for six (6) months. Upon request and for good cause, the Trust may extend this period for an additional six (6) months. After the extended period, the Trust will deem the claim withdrawn.
In addition, claims that remain in an “Incomplete” status will be withdrawn after two weeks.
According to the Trust Distribution Procedures, the existing statute of limitations for the claim will not be affected by the withdrawal, only its place in the FIFO queue. “A claimant can withdraw a Trust Claim at any time upon written notice to the Trust and file another claim subsequently without affecting the status of the claim for statute of limitations purposes, but any such claim filed after the withdrawal shall be given a place in the FIFO Processing Queue based on the date of such subsequent filing.” TDP Section 6.3.
Any claim that is withdrawn or rejected may be resubmitted, but a new $250 filing fee will be required.
If you have any questions, please feel free to contact the Trust at firstname.lastname@example.org.
PLEASE TAKE NOTICE that a hearing on the motion to approve Thorpe Insulation Settlement Trust’s Eighth Annual Report and Accounting is scheduled for Wednesday, June 13, 2018 at 2:00 p.m. before the 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 1539.
Updated Case Valuation Matrix
The Fourth Amendment to and Complete Restatement of Thorpe Insulation Company Asbestos Settlement Trust Case Valuation Matrix containing the approved modifications relating to serious asbestosis and the indexed base case values for economic and medical loss is now available on the trust documents page or by clicking the link in this posting.
Reminder re: Timing of Requests for Consideration at the April 2018 Trustees’ Meeting
As a reminder, March 12, 2018 is the deadline for submitting requests for revisions to Trust policies or procedures, physician certification, modifications to an approved list, and/or TDP/Matrix interpretations or questions to be considered during the April 2018 Trustees’ meeting.
2018 Indexed Base Case Values for Economic and Medical Loss
The new indexed base cases values for 2018 are as follows:
2018 Economic Loss Base Case $227,460
2018 Medical Loss Base Case $242,160
2018 Assumed Future Medical Loss and Funeral Expenses $90,810