CLAIMANTS' ADVISORY COMMITTEE E-NEWSLETTER

Volume 5, No. 13, October 31, 2008

Sybil Niden Goldrich

Ernest Hornsby, Esq.

Dianna Pendleton-Dominguez, Esq.

 

 

This is the 53rd e-newsletter (Vol. 5, No. 13) from the Claimants' Advisory Committee (CAC) in the Dow Corning bankruptcy Settlement Plan.  You were sent a copy of the newsletter because our records show that you requested to be on the mailing list.  If you wish to unsubscribe, click here or to reply to this newsletter, send an email to: info@tortcomm.orgPlease do not hit "Reply" to this email address.  Please use the email address:  info@tortcomm.org.

 

Requests for copies of claim forms or inquiries about the status of a claim should be directed to the Settlement Facility at info@sfdct.com or 866-874-6099.  The Claimants' Advisory Committee does not have access to individual claimant files to answer these kinds of questions.

 

 

 

1.     INFORMATION ON DISEASE CRITERIA AVAILABLE ON THE CAC AND SF-DCT WEBSITES

 

The CAC has posted information on its website (www.tortcomm.org) that will assist you in preparing your disease claim.  Information is available on the following diseases and/or conditions: 

 

            Atypical Neurological Disease Syndrome (ANDS) – compensated in Disease Option 1 only

 

            General Connective Tissue Symptoms (GCTS) – compensated in Disease Option 2 only

                       

            Mixed Connective Tissue Disease (MCTD) – compensated in Disease Option 1 only

           

            Overlap Syndrome (OS) – compensated in Disease Option 1 only

           

            Polymyositis (PM) or Dermatomyositis (DM) – compensated in Disease Option 1 or 2

           

            Primary Sjogren's Syndrome (PSS) – compensated in Disease Option 1 only

           

            Scleroderma (SS) – compensated in Disease Option 1 or 2

           

In addition, information on the remaining disease criteria for Systemic Lupus Erythematosus (SLE) will be available on Monday, November 3rd, and information on Atypical Connective Tissue Disease (ACTD) should be available on January 9, 2009.  The CAC is also working with the SF-DCT to make information available on general disease and disability claim information.

 

2.     ATTORNEY ASSISTANCE AVAILABLE

 

If you are unrepresented and are considering legal representation for disease claim, please contact the Claimants' Advisory Committee at info@tortcomm.org.  We will share with you the names of attorneys and law firms who have indicated that they are willing to represent claimants with disease claims.  This may be especially urgent for women who have a final disease cure deadline that will expire or for any claimant considering filing a Disease Option 2 claim.  You can also contact us by phone at 419-394-0717.

 

3.      FINAL CURE DEADLINE FOR CERTAIN GCTS CLAIMANTS IS MONDAY, NOVEMBER 3, 2008

 

If you received a letter from the SF-DCT regarding the review of your GCTS claim and it said your claim was deficient, you may have a final cure deadline that will expire on Monday, November 3, 2008.  The SF-DCT mailed letters to all claimants or their attorneys who are affected by this deadline.  If you want to check whether this deadline applies to you or to determine what your cure deadline date is, contact the SF-DCT by email at: info@sfdct.com or at their toll free number: 866-874-6099.

 

New GCTS claims can be submitted anytime between now and June 3, 2019.

 

4.     STATUS OF INVESTMENTS FOR THE SETTLEMENT FACILITY – DOW CORNING TRUST

 

Given the uncertainty in the financial markets, the following is a summary of the investment guidelines and return on the investments of the SF-DCT funds.

 

The Dow Corning Plan of Reorganization established investment guidelines which were approved by the Court for the funds held for the benefit of claimants.  The guidelines state that the preservation of principal and the maintenance of sufficient liquidity to enable the funds to be paid to claimants are the most important principles.  The guidelines permit only certain investments, including U.S. Government securities, state and local government securities, certificates of deposit, corporate bonds, and money market mutual funds.  The majority of the funds (70%) are invested in local government securities, U.S. Government securities and money market funds.  The  financial managers are required to abide by the guidelines mandated in the Plan and are permitted  to invest the funds only in the restricted types of securities specified in the Plan.  The guidelines state that while total return on the investments is important, it is of lesser importance when compared to the safety and liquidity objectives.   

 

From the Effective Date through September 30, 2008, the average annual rate of return on the Trust's investments has been 3.98%.         

 

5.     SETTLEMENT FACILITY PAYMENTS TO CLAIMANTS

 

As of October 13, 2008, the Settlement Facility – Dow Corning Trust reports that it has issued checks to claimants in the Dow Corning Settlement Fund totalling $1.040 billion dollars

 

Classes 5, 6.1 and 6.2 – Dow Corning Breast Implant Claimants

 

Checks totalling over $417.6 million dollars have been issued to 21,906 approved rupture claimants.  In addition, approximately 22,416 approved disease claimants have been issued checks totalling approximately $410 million. The approval rate for Proof of Manufacturer (POM) continues to remain at approximately 82% for Dow Corning breast implant claims.  A breakdown of the payments cashed from June 1, 2004 through October 13, 2008 by class and benefit type is listed below:

 

 

Cumulative Cashed Checks for Payments to All Classes (including NOI claims)

June 1, 2004 – October 13, 2008

 

 

 

 

Class

 

 

 

Rupture

 

 

 

Explant

 

 

Increased Explant

 

Explant Assistance Program

 

 

Expedited Release

 

 

 

Disease

Medical Conditions in Class 9/10

Other

 Products Premium Payment

 

 

 

Total

Class 5

 

$404,747,348.66

 

$133,363,116.59

 

n/a

 

$2,746,091.10

 

$29,640,221.89

 

$406,088,216.10

 

n/a

 

n/a

 

$976,584,994.34

Class 6.1

 

$  12,221,350.51

 

$    3,883,179.80

 

n/a

 

$       9,000.00

 

$  2,407,608.51

 

$   3,559,618.48

 

n/a

 

n/a

 

$  22,070,757.30

Class 6.2

 

$       542,500.00

 

$         71,750.00

 

$165,000

 

$              0.00

 

$       42,000.00

 

$      211,750.00

 

n/a

 

n/a

 

$  1,033,000.00

Class 6.2: 2

 

n/a

 

n/a

 

n/a

 

n/a

 

$       79,200.00

 

n/a

 

n/a

 

n/a

 

$         79,200.00

Class 6.2: 3

 

n/a

 

n/a

 

n/a

 

n/a

 

$       63,000.00

 

n/a

 

n/a

 

n/a

 

$         63,000.00

Class 7

 

n/a

 

n/a

 

n/a

 

n/a

 

$20,332,513.12

 

n/a

 

n/a

 

n/a

 

$  20,332,513.12

Class 9

 

$      125,000.00

 

n/a

 

n/a

 

n/a

 

$  1,730,145.10

 

n/a

 

$2,812,500

 

$13,957,500

 

$  18,625,145.10

Class 10.1/2

 

$          6,000.00

 

n/a

 

n/a

 

n/a

 

$    145,650.00

 

n/a

 

$   210,625

 

$     976,125

 

$    1,338,400.00

 

Total

 

$417,632,199.17

 

$137,318,046.39

 

$165,000

 

$2,755,091.10

 

$54,440,338.62

 

$409,859,584.58

 

$3,023,125

 

$14,933,625

 

$1,040,127,009.86

 

 

 

Class 7 – Silicone Gel Material Claims

 

POM Review:  The Settlement Facility – Dow Corning Trust is near completion of its manual review of Class 7 Proof of Manufacturer forms.  The remaining claims to be reviewed are primarily foreign claims that require translation.

 

Disease Cash-Out Offers:  A total of 7,190 claimants in Class 7 have been sent the $3,000 Disease Cash-Out offer.  Of this number, 66% have cashed the check and accepted the payment, 14% have returned the check and asked for a full disease review, and 20% are pending (they have not cashed the check or returned it to the SF-DCT).  Most of the claimants who rejected the offer have applied for a Disease Option 1 claim (714) and, of this number, 559 reviews have been completed.  No claims in Disease Option 2 for Class 7 have been done.  The Settlement Facility has begun issuing Notification of Status letters; however, no Class 7 disease claims can be paid until all disease claims have been reviewed and the one-year time deadline to cure deficiencies has expired.  This will take at least another year or more to complete.

 

The total payout of cashed checks from the capped $57.5 million NPV fund through October 13, 2008 is $20,332,513.12. 

 

Class 7 – Silicone Gel Material Claims

# Class 7 Forms Filed

54,745

# of claims that are NOT eligible based on POM review

 8,408

# of claims that failed marshalling

28,955

Foreign Gel Claims Approved & Paid $600

   614

Expedited Release Claims Approved & Paid $600

6,837

# of Disease Cash-Out Offers of $3,000

7,190

TOTAL PAYMENTS OR CASH-OUT OFFERS

     14,641

TOTAL # of Claims Paid (excluding those who rejected the Cash-Out Offer)

      12,186

TOTAL AMT PAID as of 10-13-08

$20,332,513.12

 

 

Update on NOI Claims Review

 

Notice of Intent (NOI) Claimants are subject to the Consent Order approved by the District Court on September 7, 2007 (a copy of which is available on the CAC website – www.tortcomm.org – under the left navigation tab entitled "Court Orders"). 

 

The deadline to submit an Explant and/or Rupture claim for NOI Claimants has passed.

 

Approved NOI Explant and Rupture claims are paid out of a separate fund totalling $30 million.  To date, 1,864 claims have been approved totalling $13,518,918.  The deadline for NOI claimants to file an explant or rupture claim was October 20, 2008.

 

 

NOI CLAIMS

 

 

 

 

 

 

 

CLASS 5 & 6.1 & 6.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL FORMS FILED

FORMS FILED WITH POM

ACCEPTABLE POM

APPROVED

COMPLETE

# CLAIMS PAID

TOTAL AMT PAID

RUPTURE

1,881

1844

1,243

886

1,224

865

$8,612,300

MEDICALLY CONTRAINDICATED

16

15

12

 1

8

 0

 

EXPLANT

1,418

1,401

1,176

1007

1,158

980

$4,811,618

INCREASED EXPLANT

111

111

 1

 

 

 0

 

EAP

300

294

232

25

32

19

$95,000

TOTALS

3,726

3,665

2,664

1,919

2,400

1,864

$13,518,918

 

 

6.       OTHER DEADLINE REMINDERS!

 

Please mark your calendar with the following claim submission deadlines.  Note that different deadlines apply to Notice of Intent (NOI) Claimants and Late Claimants.  Please note that most of these deadlines mean that your claim forms and materials must be received by the SF-DCT by the posted deadline.  Please mail all forms early enough so that they are received by the deadline listed below.  If your claim form is not received by the deadline listed below, you will not be permitted to file a claim later.

 

Deadline Date

Type of Deadline

November 3, 2008

Cure Deadline for certain claimants who previously filed a claim for General Connective Tissue Symptoms (consult the SF-DCT about your specific cure deadline)

January 21, 2009

FILING DEADLINE for LATE CLAIMANTS in CLASS 5 AND 6 to submit all claim forms and supporting documents.  This deadline only applies to LATE CLAIMANTS in Class 5 and 6.

March 2, 2009

Cure Deadline for certain claimants who previously filed a claim for Atypical Neurological Disease Syndrome (ANDS)  (consult the SF-DCT about your specific cure deadline)

May 4, 2009

Cure Deadline for certain claimants who previously filed a claim for Systemic Lupus Erythematosus (SLE) (consult the SF-DCT about your specific cure deadline)

July 9, 2009

Cure Deadline for certain claimants who previously filed a claim for Atypical Connective Tissue Disease (ACTD) (consult the SF-DCT about your specific cure deadline)

June 2, 2014

Explant Claims submission deadline for timely filed claimants in Classes 5, 6.1 and 6.2 (NOTE:  this deadline does NOT apply to NOI claimants or Late Claimants)

June 3, 2019

Disease or Expedited Release Claim submission deadline for all claims in Classes 5, 6.1 and 6.2 (this deadline does NOT apply to Late Claimants)


If you would like to read prior CAC e-newsletters, they are available on the CAC website by clicking on “Electronic Newsletter.” We urge you to visit the CAC website (www.tortcomm.org) on a regular basis to download or view relevant documents and read updates and new information. To contact the CAC, send an email to: info@tortcomm.org or send a letter to the Post Office Box address for the CAC at:

Claimants' Advisory Committee
P.O. Box 665
St. Marys, Ohio 45885

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