Scheduled Values for the Celotex Asbestos Trust
Valid Individualized Review Claims (IRC) claims will be evaluated and offered gross settlement values comparable to the values paid in settlement by Celotex or Carey Canada prior to filing for bankruptcy protection. The Trust will pay a variable percentage of the gross settlement value. The payment percentage was established in the Plan of Reorganization to ensure that there are sufficient funds to pay all current and future claimants.
The Trust will offer to liquidate the value of each individualized review claim based on the liquidated values of other similar claims for the same scheduled disease. The scheduled values were established during the bankruptcy proceeding to reflect tort litiga-tion values and the amounts paid historically by Celotex and Carey Canada as compensatory damages to resolve asbestos personal injury claims. Unless an asbestos personal injury claim has been determined to be an extraordinary claim, the liquidated value cannot exceed the maximum value for the disease category that applies to the claim. Claim values will be based on only the several liability of Celotex or Carey Canada, whichever is greater. Liability will not be based on theories of conspiracy or concerted action.
The settlement offer for most claims should be near the scheduled value for the disease category. The Trust will offer to settle a claim for a liquidated amount less than the scheduled value if the claim is less serious or the credibility of evidence of injuries or asbestos exposure is less than for most claims or the causal rela-tionship between injuries and asbestos exposure is in greater dispute than most claims. The Trust shall value and offer to settle a claim for a liquidated amount in excess of the scheduled value if a higher value is clearly justified. Maximum values for each disease category will be paid only to those claimants with highly credible evidence of the most serious injuries and damages within the disease category, definite and severe exposure to Celotex and/or Carey Canada asbestos-containing products, and a clear causal connection of injuries and damages to asbestos exposure.
Valid IRC claims will be paid according to the following schedule:
| Category | Scheduled Disease | Scheduled Value | Maximum Value |
|---|---|---|---|
| I. | Bilateral Pleural Disease | $8,000 | $20,000 |
| II. | Non-disabling Bilateral Interstitial Lung Disease | $16,000 | $25,600 |
| III. | Disabling Bilateral Interstitial Lung Disease | $32,000 | $192,000 |
| IV. | Other Cancer | $26,000 | $130,000 |
| V. | Lung Cancer (One) | $39,000 | $260,000 |
| VI. | Lung Cancer (Two) | $58,000 | $260,000 |
| VII. | Malignant Mesothelioma | $130,000 | $325,000 |