Manville Fears Asbestos Claims May Hit $50 Billion

Manville Corp. fears that asbestos property claims against the corporation could exceed $50 billion, according to its annual report to shareholders.

More than 11,000 asbestos property claims were filed by a deadline of March 1, according to the report, released Tuesday, but only 6,100 were processed by March 22, and they seek about $31.5 billion.

An additional 5,000 claims remain to be processed, and the company said it doesn’t expect to have a final tally until June 1.

The company, once the industrialized world’s largest asbestos producer, also is facing 6,000 asbestos health-damage claims totaling $12.5 billion, which have been filed since the company sought Chapter 11 protection under the U.S. Bankruptcy Code on Aug. 26, 1982.

“The total gross dollar amount of damages included in all of the property damage claims may exceed $50 billion,” the report said. But it also said the filings are “a totally unreliable estimate” of liability.

Manville sought Chapter 11 protection when it was financially healthy but threatened with insolvency from mounting asbestos-related claims.