Asbestos has been used in industrial and commercial applications since the middle of the 19th Century up until around the 1970s. While it took many years, asbestos products manufacturers finally came to terms with the dangers their products posed to the public and ceased production, but not until many innocent people were hurt.
Fortunately, many victims were able to file mesothelioma cancer lawsuits against various asbestos companies for their debilitating medical conditions and the compensation they needed for medical treatment. However, it is not always necessary to file a formal lawsuit against an asbestos company to recover for damages. Instead, some companies created asbestos bankruptcy trust funds to dispense compensation.
Often times, companies reorganize through bankruptcy proceedings, which can also absolve them of liability for the harm their products have done. However, before courts allow companies to reorganize they sometimes require them to set aside large sums of money to pay out claims to victims, and the asbestos industry was no exception.