National Gypsum Company (NGC) was founded in 1925.
The three founding members created a new, flexible type of wallboard material for building, which contained gypsum and other ingredients.
The company advertised the product as having a “gold bond” certification and eventually turned that into a brand name. Gold Bond, ProForm, and PermaBase were three of the company’s most well-known brands of products.
National Gypsum acquired 12 companies during the early years of its reign and used the purchases to begin producing asbestos-containing acoustical tile, joint compound, cement, and other products.
An important acquisition in 1935 was that of Ultimate Gypsum, a competitor, which would give NGC ownership of several mines.
During the 1940s, NGC provided building materials and other products to the U.S. military. By the 1960s, Gold Bond was the biggest division in the company.
The company incorporated hazardous asbestos in its products until the 1980s. Countless people were injured by exposure to asbestos from its products.
Due to mounting financial burdens from debt, a portion of which came from asbestos injury litigation, NGC filed for Chapter 11 bankruptcy on October 28, 1990 with its parent company, Aancor Holdings, Inc. in the Northern District of Texas.
The company reemerged in 1993 as Asbestos Claims Management Corporation (ACMC) and created the National Gypsum Corporation Settlement Trust, however, it was running low on funds by 1997.
In order to create a new plan to establish a functioning trust, ACMC had to file another bankruptcy petition in 2002. In 2003, National Gypsum Company/Asbestos Claims Management Corporation created the NGC Bodily Injury Trust under its Chapter 11 Joint Plan of Reorganization.
The current payment percentage is 41%. This is a higher amount than many other trusts offer as a payment percentage - which means that for NGC claimants, 41% of the trust’s predetermined amount for their injury is paid.
According to its annual financial report, $15,477,000 was paid out in claims in 2021 by the NGC Bodily Injury Trust.
The report also details that the Trust has paid more than $248,443,281 in claims since it was established, and there is roughly $260 million remaining in funds.
We’ve helped thousands of people receive the compensation they deserve for their asbestos injuries. Let us help you. You can contact asbestos attorney Justinian C. Lane at Asbestos Claims Law via his website at http://www.AsbestosClaims.law.
Email directly at help@asbestosclaims.law.
Or call anytime at (833) 4-ASBESTOS (427-2378).
