API, Inc. Asbestos Settlement Trust - API Asbestos Trust, API Trust, API Bankruptcy, API Bankruptcy Trust

The purpose of this Summary is to provide a brief overview of the Trust claims submission and handling procedures. Details of such claims submission and handling procedures are governed by the Plan, the Trust, and the TDP (the Plan Documents). Such procedures may change from time to time at the discretion of the Trustee, as provided in the Plan Documents.

  • Claims are presented through the use of the Trust's Claim Form. A copy of the Claim Form, and the Claim Form Instructions, may be viewed and downloaded through this site.
  • Completed Claim Forms must be submitted electronically to the Trust, in the proper pdf format, as described in the Claim Form and Claim Form Instructions.
  • Claim Forms must be accompanied by the required documentation, as described in the Claim Form and Claim Form Instructions.
  • Each Claim submitted must be accompanied by a fee in the amount of $500, as described in the Claim Form Instructions. This amount will be deducted from initial payment of valid Claims.
  • Upon submission of the Claim Form, an e-mail confirmation will be sent by the Trust.
  • Each Claim submitted will be individually reviewed by the Trustee.
  • The Trustee may request additional information or documentation, as may be necessary in the discretion and judgment of the Trustee, to evaluate the Claim.
  • Upon review of the Claim, the Trustee will send an electronic notification of the Trustee's decision as to the Claim.
  • The value of each successful Claim is determined by the schedule contained at Sec. 5.1(c) of the TDP.
  • A valid Claim, successfully submitted, will result in payment of the Claim. Because of Trust funding issues and financial conditions, initial payments will be a percentage fraction of the Claim's value. Further payments will be made, up to the Claim's full value, only as Trust assets permit, at the discretion of the Trustee.
  • There may be times when Claim payments are suspended due to the financial condition of the Trust, at the discretion of the Trustee.
  • Generally, Claims will be paid on a First-In-First-Out (FIFO) basis.
  • Extraordinary Claims, Exigent Health Claims, and Extreme Hardship Claims may be submitted, and allowed, as provided at Secs. 5.1(g), and (l) of the TDP, respectively.
  • Payment of valid Claims will be contingent upon submission of a properly completed Release to the Trust. The Release will be sent by the Trustee upon approval of a Claim. When payment of any Claim includes funds from Settling Insurers, additional Settling Insurer Release(s) will be required. These Release(s) will be sent by the Trustee upon approval of a Claim.
  • Periodic notices of changes to Trust procedures, or determinations as to Trust procedures with general application, will be sent by the Trustee, and will be communicated through this site.