The Rapid-American Asbestos Personal Injury Liquidating Trust (“the Trust”) has been established under Chapter 11 of the Bankruptcy Code to resolve all “Asbestos PI Claims” as defined in the Plan of Liquidation of Rapid-American Corporation, dated as of June 4, 2021.
The Trust has limited assets and will only be accepting claims for a one-year period of time. All claims must be filed by November 28, 2023 (the “Trust Filing Deadline”) and any claim review deficiency must be cured by May 28, 2024. Additionally, all claims must meet the very specific exposure requirements to paid. Claimants are required to demonstrate meaningful and credible exposure prior to June 1, 1967 to an asbestos-containing product sold, manufactured, supplied, produced, distributed, released, advertised or marketed by The Philip Carey Manufacturing Company.
Trust Claims are paid in accordance with the Trust Distribution Procedures of the Rapid-American Asbestos Personal Injury Liquidating Trust (the “TDP”). Trust Claims are paid in such a way that such Claimants are treated fairly, equitably and reasonably in light of the limited assets available to satisfy such claims, and to otherwise comply in all respects with the requirements of a trust set forth in Section 524(g)(2)(B) of the Bankruptcy Code. Per Section 4.3(a)(2) of the TDP, the Trust shall determine whether a claim meets the medical/exposure criteria for one of the Trust Disease Levels, advise the claimant of its determination, and if approved tender an offer of payment to the claimant. Once an offer is accepted and a properly executed releases is returned, the claim shall be paid by the Trust pursuant to Sections II and III of the TDP. The Trust anticipates making a single distribution upon the liquidation of all payable trust claims. It is expected this single distribution will be two years form the date the trust begins processing claims.
Per Section 4.2 of the TDP, if a Claimant does not submit a proof of claim form prior to the Trust Filing Deadline, the claim shall not be payable.