Western Asbestos Site and Ship List Updates
Modifications to the Western Site/Ships list were approved at the November 15, 2007 Trustee meeting. These lists have been updated and are available in the Claim Packet section on the Trust website www.wastrust.com . Please review and print the current list, which includes a modification column for reference purposes. An updated version of the Electronic Claim Template (“ECT”) has been replaced, please utilize the current version.
Modified Prima Facie Notification Process
In an ongoing effort to process claims more efficiently, the Trust has modified the Prima Facie Confirmation notification procedure with the agreement of the TAC, Futures Representative and the Trustees.
For all claims submitted electronically via the secured FTP site, the Trust will no longer issue the Prima Facie Confirmation (PC) letter. The electronic upload automatically generates a notification email to both the Firm and Trust when a file has been successfully uploaded via the FTP site. This notification shall serve as confirmation in lieu of the additional letter. For all claims submitted to the Trust via the paper process, the PC letter will continue to be generated and forwarded to the appropriate party. Any new claim submitted (electronic or paper) that is deemed Prima Facie deficient will continue to have a Prima Facie Deficiency (PD) letter issued.
Western Asbestos Payment Percentage Increase
The payment percentage has been increased to 40% of the total liquidated claim value. Necessary updates to the Trust’s claims processing system and payment procedures will be completed and claims will be paid in accordance with these changes. All eligible previously paid claims, including pre-petition liquidated claims, should receive the additional amounts due as a result of this payment percentage increase by October 1, 2007.
Notice of Claims Audit by Hartford Accident and Indemnity Company
This is an email notification regarding important information relevant to those who have submitted claims to the Trust. This email notice will also be published on the website http://www.wastrust.com/ and sent via US mail to any known claimant or attorney without email.
The Hartford Accident and Indemnity Company (“Hartford”) has notified the Trust of Hartford’s intention to conduct an audit of all claims submitted to the Trust. Hartford’s rights to audit Trust claims information, and the Trust’s obligations to accommodate these rights, are spelled out in the original settlement agreement between Hartford and the Debtors (i.e., Mac Arthur Company, Western Mac Arthur Company and Western Asbestos Company) that was approved by the Bankruptcy Court as a part of the January 27, 2004 Plan Confirmation Order. Paragraph XIV of this Settlement agreement provides:
14.1 Hartford shall have the right, at its own expense, upon reasonable notice, at a time and place convenient to the Trust, to review and/or audit the Trust and Trust payments. The Trust shall have no obligation to create any new documents in connection with any such review beyond those ordinarily created or maintained by the Trust, and Hartford shall not be permitted to challenge the allowance or payments of Claims by the Trust or any administrative payments or costs of the Trust.”
The Trust has determined that, even though this request for claims information is not being made by subpoena, because of the existence of the Bankruptcy Court’s approval any individual claim information it provides to Hartford in this audit should be provided under guidelines of the Trust’s Third Party Disclosure Policy set forth on the website in order to provide claimants an opportunity to address any objections to the Bankruptcy Court. The text of the Third Party Disclosure Policy is available for your review by clicking the link provided.
Amendment to Case Valuation Matrix:
An amendment to Section VII c of the Case Valuation Matrix has been approved. The amendment includes: 1) the method by which minimum exposure periods may be calculated (calendar months, calendar days, work days, or work hours); 2) pro-rata awards for certain exposure periods less than the minimum period; 3) blended exposure rates; and 4) allocation of exposure time at multiple sites.