Welcome to another episode of Asbestos Trusts by AC.Law. In this episode, we're exploring the history of the Porter-Hayden Company, formed in 1966 through the merger of two insulation companies, H.W. Porter Co., and Reid Hayden, Inc.
Porter-Hayden Company, like many insulation contractors of its time, worked with asbestos-containing insulation, a common additive due to its heat-resistant properties. The company sold and distributed insulation products manufactured by other companies, including the infamous brand Johns-Manville.
Various trades, including construction workers, pipefitters, factory and refinery workers, shipyard workers, and insulators, would have been routinely exposed to asbestos from handling these insulation products. Porter-Hayden began facing asbestos injury claims in the mid-1970s, even after it reportedly stopped selling and installing asbestos-containing insulation.
After being named in an asbestos injury lawsuit, the company filed for Chapter 11 bankruptcy on March 15, 2002. The Porter-Hayden Bodily Injury Trust was established, and according to its 2022 annual financial report, it paid out $1,252,228 in claims that year, contributing to a total of $45,928,176 paid in claims since it became operational.
The current payment percentage is 4%, meaning qualifying claimants would receive 4% of the payment amount designated by the trust for their specific injury. For more details on the payment amounts, please refer to the table shown in the video.
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).
