Leslie Controls Asbestos Trust: Claims and Payment

Leslie Controls, Inc. is the debtor in a Chapter 11 case in the U.S. Bankruptcy Court for the District of Delaware, Case No. 10-12199. The plan of reorganization was filed with the court on July 12, 2010. The Second Conformed First Amended Plan of Reorganization is dated January 10, 2011. The plan created the Leslie Controls, Inc. Asbestos Personal Injury Trust, which the trust's audited financial statements say was established on April 28, 2011, and which is intended to meet the requirements of section 524(g) of the Bankruptcy Code. On that date the trust was funded with $76,625,000. Of that amount, $74,000,000 came from CIRCOR International, Inc., the parent of Leslie Controls, and $2,625,000 came from a settlement between Leslie and an insurer. The trust pays claims under its Trust Distribution Procedures, which set seven disease levels, from asbestosis and pleural disease through mesothelioma. Six of the levels qualify for expedited review at a scheduled value. Lung Cancer 2 (Level V) claims must go through individual review. The initial payment percentage was 40%. Effective May 20, 2014, the trustee lowered it to 5%. In July 2025 the trustee raised it to 6.25%, and the trust site states the 6.25% figure as of July 14, 2025. After that change the trust made supplemental payments on claims it had paid earlier at 5%. The trust's counsel files audited financial statements in the bankruptcy case each year, most recently on April 20, 2026.