MLC ASBESTOS PI TRUST
c/o Wilmington Trust Company
1100 N. Market Street
Wilmington, DE 19890-1625
December 3, 2025
Dear Claimants and Claimants’ Counsel:
The payment percentage applicable to claims against MLC Asbestos PI Trust (the “Trust”) has been reduced to 10.3%.
This re-determination of the payment percentage has been proposed by the Trustee to the Trust Advisory Committee and the Future Claimants’ Representative of the Trust, whose consent to the payment percentage reduction is required by Section 2.2 (f)(i) of the governing Trust Agreement. In accordance with Section 4.3 of the Trust Distribution Procedures, during the pendency of the consent process the payment percentage for the Trust will be 10.3%. In the event that the 10.3% payment percentage is not ultimately adopted by the Trust, claimants whose claims have been paid applying the 10.3% payment percentage will receive an additional payment representing the difference between their payment based on the 10.3% payment percentage and any higher payment percentage that is subsequently adopted.
As you know, Section 4.2 of the Trust Distribution Procedures requires that the Trustee reconsider the payment percentage if he deems such reconsideration to be appropriate in order, among other things, to assure that the Trust will be able to pay similarly situated current and future claimants against the Trust as equitably as reasonably possible. As set forth in the letter to you dated August 4, 2025, the Trustee, upon the advice of his advisors, determined to reconsider the payment percentage.
As required by Section 4.2 of the Trust Distribution Procedures, the Trustee took into consideration current estimates of the number, types and values of present and future claims against the Trust, the value of assets currently available to the Trust for claims payments, anticipated processing, administrative and legal expenses, and all other material matters that the Trustee and his advisors considered to be reasonably likely to affect the sufficiency of the Trust’s assets to pay a comparable percentage of full value to all holders of claims against the Trust. In doing so, the Trustee received and relied on presentations and advice from Trust advisors.
MLC Asbestos PI Trust