WASHINGTON
|
91-1653725
|
(State or other jurisdiction of
|
(IRS Employer
|
incorporation)
|
Identification No.)
|
Exhibit No.
|
|
Description
|
EX-99.1
|
Monthly Operating Report for the period April 1, 2011 to April 30, 2011, filed with the United States Bankruptcy Court for the District of Delaware.
|
WASHINGTON MUTUAL, INC. | |||
Date: May 31, 2011
|
By:
|
/s/ John Maciel | |
John Maciel
|
|||
Chief Financial Officer
|
|||
In re Washington Mutual, Inc., et al. |
Case No. 08-12229 (MFW)
|
Reporting Period: 04-01-11 to 04-30-11
|
|
REQUIRED DOCUMENTS
|
Form No.
|
Document
Attached
|
Explanation
Attached
|
Schedule of Cash Receipts and Disbursements
|
MOR-1
|
Yes
|
|
Bank Reconciliation (or copies of Debtors’ bank reconciliations)
|
MOR-1a
|
Refer to attached stmt
|
|
Schedule of Professional Fees Paid
|
MOR-1b
|
Yes
|
|
Copies of bank statements
|
MOR-1c
|
Refer to attached stmt
|
|
Cash disbursements journals
|
n/a
|
Refer to MOR 1 for summary of all disbursements.
|
|
Statement of Operations
|
MOR-2
|
Yes
|
See attached notes
|
Balance Sheet
|
MOR-3
|
Yes
|
See attached notes
|
Status of Post petition Taxes
|
MOR-4
|
Yes
|
|
Copies of IRS Form 6123 or payment receipt
|
n/a
|
Payroll services outsourced including remission of taxes
|
|
Copies of tax returns filed during reporting period
|
n/a
|
See listing of filings
|
|
Summary of Unpaid Post petition Debts
|
MOR-4
|
n/a
|
Detail on face of balance sheet.
|
Listing of aged accounts payable
|
MOR-4
|
Yes
|
|
Accounts Receivable Reconciliation and Aging
|
MOR-5
|
n/a
|
No trade receivables
|
Debtor Questionnaire
|
MOR-5
|
Yes
|
/s/ John Maciel
|
May 31, 2011
|
|
Signature of Authorized Individual*
|
Date
|
|
John Maciel
|
Chief Financial Officer
|
|
Printed Name of Authorized Individual
|
Title of Authorized Individual
|
|
Washington Mutual, Inc., et al.
|
Case No. 08-12229 (MFW)
|
April 2011 Monthly Operating Report -- UNAUDITED
|
|
MOR 1 -- Schedule of Cash Receipts and Disbursements
|
Washington Mutual, Inc.
|
WMI Investment Corp.
|
||||||||||
Account
|
Deposit
|
Deposit
|
Deposit
|
Deposit
|
Money Market
|
General
|
Deposit
|
General
|
|||
Bank
|
WMB/JPM
|
WMB/JPM
|
WMB/JPM
|
WMB/JPM
|
Bank of America
|
Bank of America
|
WMB/JPM
|
Bank of America
|
|||
Bank Account
|
xxx0667
|
xxx4234
|
xxx9626
|
xxx9663
|
xxx0658
|
xxx4228
|
WMI
|
xxx4704
|
xxx4231
|
WMI Inv Corp
|
Combined
|
GL Account
|
70 /10450
|
70 / 10441
|
70 / 10451
|
70 / 10452
|
70 / 12510
|
70 /10305
|
Total
|
467 / 10450
|
467 / 10305
|
Total
|
Total
|
Opening Balance - 03/31/2011
|
262,467,033
|
3,683,933,027
|
4,671
|
751,024
|
30,985,999
|
4,807,420
|
3,982,949,174
|
53,719,451
|
306,390
|
54,025,841
|
4,036,975,015
|
Receipts
|
|||||||||||
Interest & investment returns
|
44,506
|
624,684
|
1
|
127
|
1,570
|
-
|
670,889
|
9,109
|
21,880
|
30,989
|
701,878
|
Reimbursements/distributions from subs
|
-
|
-
|
-
|
-
|
|||||||
Other miscellaneous receipts
|
10
|
10
|
-
|
10
|
|||||||
Total Receipts
|
44,506
|
624,684
|
1
|
127
|
1,570
|
10
|
670,899
|
9,109
|
21,880
|
30,989
|
701,888
|
Transfers
|
|||||||||||
Sweep to/(from) Money Market account
|
(23,000,000)
|
23,000,000
|
-
|
-
|
|||||||
Transfer (to)/from Wells Managed Account
|
-
|
-
|
-
|
-
|
-
|
||||||
Total Transfers
|
-
|
-
|
-
|
-
|
(23,000,000)
|
23,000,000
|
-
|
-
|
-
|
-
|
-
|
Disbursements
|
|||||||||||
Salaries and benefits
|
257,228
|
257,228
|
-
|
-
|
257,228
|
||||||
Travel and other expenses
|
27,428
|
27,428
|
-
|
-
|
27,428
|
||||||
Occupancy and supplies
|
111,271
|
111,271
|
-
|
-
|
111,271
|
||||||
Professional fees
|
21,912,313
|
21,912,313
|
-
|
-
|
21,912,313
|
||||||
Other outside services
|
235,341
|
235,341
|
70
|
70
|
235,411
|
||||||
Bank fees
|
39,145
|
39,145
|
-
|
-
|
39,145
|
||||||
US Trustee quarterly Fees
|
-
|
-
|
-
|
-
|
-
|
||||||
Directors fees
|
60,000
|
60,000
|
-
|
-
|
60,000
|
||||||
Taxes paid
|
935
|
935
|
-
|
-
|
935
|
||||||
Total Disbursements
|
-
|
-
|
-
|
-
|
22,643,661
|
22,643,661
|
-
|
70
|
70
|
22,643,731
|
|
Net Cash Flow
|
44,506
|
624,684
|
1
|
127
|
(22,998,430)
|
356,349
|
(21,972,763)
|
9,109
|
21,811
|
30,920
|
(21,941,843)
|
Cash - End of Month
|
262,511,539
|
3,684,557,711
|
4,672
|
751,151
|
7,987,569
|
5,163,769
|
3,960,976,411
|
53,728,560
|
328,201
|
54,056,761
|
4,015,033,172
|
GL Balance
|
262,511,539
|
3,684,557,711
|
4,672
|
751,151
|
7,987,569
|
5,163,769
|
3,960,976,411
|
53,728,560
|
328,201
|
54,056,761
|
4,015,033,172
|
Net value - short-term securities
|
563,869,206
|
222,274,359
|
786,143,565
|
||||||||
Total Cash & Cash Equivalents
|
4,524,845,617
|
276,331,120
|
4,801,176,737
|
Case No. 08-12229 (MFW)
|
|
Washington Mutual, Inc., et al
|
|
MOR-1B: Schedule of Professional Fees Paid
|
|
Month Ended April 30, 2011
|
Washington Mutual, Inc. | ||||||||||||||||||||||
Check
|
Amount Paid - Apr'11*
|
Amount Paid CTD
|
||||||||||||||||||||
Payee
|
Period Covered
|
Number
|
Date
|
Fees
|
Expense
|
Fees
|
Expense
|
|||||||||||||||
Akin, Gump, Strauss, Hauer & Feld LLP
|
10/01/10 - 02/28/11
|
Wires
|
04/14/11, 04/28/11
|
$ | 976,878.55 | $ | 18,328.92 | $ | 19,021,153.68 | $ | 635,102.90 | |||||||||||
Alvarez & Marsal
|
03/01/11 - 03/31/11
|
Wire
|
04/28/11
|
1,341,119.75 | 56,185.22 | 56,225,507.74 | 2,492,128.33 | |||||||||||||||
Ashby & Geddes, P.A.
|
10/01/10 - 02/28/11
|
Wires
|
04/14/11, 04/28/11
|
140,135.90 | 17,433.18 | 1,073,520.30 | 112,518.35 | |||||||||||||||
Benesch, Friedlander, Coplan & Aronoff
|
- | - | 24,742.50 | 1,677.26 | ||||||||||||||||||
Blackstone Advisory Partners LLP
|
01/01/11 - 01/31/11
|
Wire
|
04/28/11
|
60,000.00 | 2,260.79 | 1,650,000.00 | 75,617.33 | |||||||||||||||
Cole, Schotz, Meisel, Forman & Leonard, PA
|
10/01/10 - 12/31/10
|
3414 |
04/14/11
|
12,589.50 | 676.43 | 41,651.00 | 12,664.31 | |||||||||||||||
CONSOR Intellectual Asset Management
|
- | - | 255,318.00 | 3,249.00 | ||||||||||||||||||
CP Energy Group, LLC
|
- | - | 91,347.88 | 159.47 | ||||||||||||||||||
Davis Wright Tremaine LLP
|
10/01/10 - 01/31/11
|
3416 |
04/14/11
|
8,383.20 | - | 726,604.50 | 24,570.35 | |||||||||||||||
Elliott Greenleaf
|
10/01/10 - 02/28/11
|
3399, 3417, 3434 |
04/06/11, 04/14/11, 04/21/11
|
62,011.80 | 7,352.87 | 950,678.15 | 74,499.30 | |||||||||||||||
FTI Consulting, Inc.
|
10/01/10 - 01/31/11
|
Wires
|
04/06/11, 04/14/11
|
271,411.95 | 5,589.52 | 6,634,486.05 | 83,897.06 | |||||||||||||||
Gibson, Dunn & Crutcher LLP
|
09/01/10 - 01/31/11
|
Wire, 3419
|
04/06/11, 04/14/11
|
136,168.86 | 152.44 | 927,306.81 | 14,317.31 | |||||||||||||||
Grant Thornton
|
- | - | 457,536.00 | 39,407.93 | ||||||||||||||||||
Joele Frank, Wilkinson Brimmer Katcher
|
03/01/11 - 03/31/11
|
3401 |
04/06/11
|
7,181.25 | 1,883.42 | 245,942.52 | 29,947.28 | |||||||||||||||
John W. Wolfe, P.S.
|
10/01/10 - 02/28/11
|
Wire
|
04/14/11
|
158,637.55 | 26.44 | 3,496,049.55 | 9,341.12 | |||||||||||||||
Kurtzman Carson Consultants LLC
|
03/01/11 - 03/31/11
|
Wire
|
04/21/11
|
148,659.80 | 492,319.54 | 3,291,094.76 | 6,074,426.25 | |||||||||||||||
McKee Nelson LLP / Bingham McCutchen LLP
|
10/01/10 - 10/31/10
|
3412 |
04/14/11
|
315.30 | - | 2,662,118.18 | 314,413.19 | |||||||||||||||
McKenna Long & Aldridge
|
10/01/10 - 01/31/11
|
Wire
|
04/14/11
|
604,417.40 | 23,239.68 | 6,010,918.00 | 204,064.31 | |||||||||||||||
Miller & Chevalier Chartered
|
10/01/10 - 01/31/11
|
3404, 3425 |
04/06/11, 04/14/11
|
46,957.60 | 10.00 | 960,761.36 | 6,511.60 | |||||||||||||||
Milliman
|
- | - | 31,429.99 | - | ||||||||||||||||||
Pepper Hamilton LLP
|
10/01/10 - 02/28/11
|
Wires
|
04/14/11, 04/28/11
|
69,729.10 | 7,597.83 | 2,619,576.93 | 168,937.62 | |||||||||||||||
Perkins Coie LLP
|
10/01/10 - 01/31/11
|
Wire
|
04/14/11
|
142,385.00 | 2,760.71 | 2,910,654.14 | 144,257.97 | |||||||||||||||
Peter J. Solomon Company
|
10/01/10 - 01/31/11
|
Wire
|
04/14/11
|
140,000.00 | - | 2,031,250.00 | 13,308.66 | |||||||||||||||
PricewaterhouseCoopers LLP
|
- | - | 2,066,910.00 | 184,532.35 | ||||||||||||||||||
Quinn Emanuel Urquhart Oliver & Hedges
|
10/01/10 - 01/31/11
|
Wire
|
04/14/11
|
483,493.25 | 43,936.66 | 14,067,583.91 | 467,157.15 | |||||||||||||||
Richards, Layton & Finger P.A.
|
10/01/10 - 02/28/11
|
Wires
|
04/06/11, 04/14/11, 04/28/11
|
302,756.70 | 48,262.79 | 1,981,929.90 | 415,434.15 | |||||||||||||||
Shearman & Sterling LLP
|
10/01/10 - 02/28/11
|
3427, 3455 |
04/14/11, 04/28/11
|
38,862.00 | - | 1,361,114.46 | 21,302.03 | |||||||||||||||
Silverstein & Pomerantz, LLP
|
- | - | 21,932.50 | 77.53 | ||||||||||||||||||
Simpson Thacher & Bartlett LLP
|
12/01/10 - 12/31/10
|
3428 |
04/14/11
|
3,283.00 | - | 531,559.75 | 13,049.46 | |||||||||||||||
Susman Godfrey LLP
|
10/01/10 - 02/28/11
|
Wires
|
04/14/11, 04/28/11
|
183,755.70 | 19,696.52 | 1,413,758.70 | 111,324.08 | |||||||||||||||
Towers Watson Pennsylvania Inc.
|
- | - | 608,292.64 | - | ||||||||||||||||||
Venable LLP
|
- | - | 825,235.16 | 34,992.10 | ||||||||||||||||||
Weil, Gotshal & Manges LLP
|
09/01/10 - 12/31/10
|
Wire
|
04/14/11
|
14,279,872.75 | 1,545,594.35 | 48,230,736.86 | 2,414,855.02 | |||||||||||||||
Total
|
$ | 19,619,005.91 | $ | 2,293,307.31 | $ | 183,448,701.92 | $ | 14,197,740.77 |
WMI Investment Corp. | ||||||||||||||||||||||
Check
|
Amount Paid - Apr'11*
|
Amount Paid CTD
|
||||||||||||||||||||
Payee
|
Period Covered
|
Number
|
Date
|
Fees
|
Expense
|
Fees
|
Expense
|
|||||||||||||||
CP Energy Group, LLC
|
- | - | 22,000.00 | 42.77 | ||||||||||||||||||
Goldman, Sachs & Co.
|
- | - | 300,000.00 | - | ||||||||||||||||||
Total
|
$ | - | $ | - | $ | 322,000.00 | $ | 42.77 |
Washington Mutual, Inc., et al.
|
Case No. 08-12229 (MFW)
|
|||||
April 2011 Monthly Operating Report -- UNAUDITED
|
||||||
MOR 2 Statement of Operations for the period 04/1/11 to 04/30/11
|
Washington Mutual, Inc.
|
WMI Investment Corp.
|
|||||||||||||||
April 2011
|
Cumulative to Date |
April 2011
|
Cumulative to Date
|
|||||||||||||
Revenues:
|
||||||||||||||||
Interest income:
|
||||||||||||||||
Cash equivalents
|
728,603 | 23,486,754 | 33,653 | 1,244,318 | ||||||||||||
Securities
|
231,111 | 7,709,641 | - | 2,976,201 | ||||||||||||
Notes receivable - intercompany
|
- | 1,685,297 | - | 1 | ||||||||||||
Other
|
- | 1,031,979 | - | - | ||||||||||||
Total interest income
|
959,715 | 33,913,671 | 33,653 | 4,220,521 | ||||||||||||
Earnings (losses) from subsidiaries and other
|
||||||||||||||||
equity investments
|
(2,349,362 | ) | (193,972,550 | ) | (41,563 | ) | (5,994,908 | ) | ||||||||
Gains (losses) from securities / investments
|
(31,696 | ) | (10,090,338 | ) | 14,203 | (112,244,073 | ) | |||||||||
Other income
|
72,089 | 2,622,185 | - | (0 | ) | |||||||||||
Total revenues
|
(1,349,254 | ) | (167,527,032 | ) | 6,293 | (114,018,461 | ) | |||||||||
Operating expenses:
|
||||||||||||||||
Compensation and benefits
|
329,696 | 13,614,289 | - | - | ||||||||||||
Occupancy and equipment
|
84,920 | 2,709,701 | - | - | ||||||||||||
Professional fees
|
310,764 | 16,240,315 | - | 215 | ||||||||||||
Loss / (Income) from BOLI/COLI policies
|
(56,459 | ) | (10,319,940 | ) | - | - | ||||||||||
Management fees / Transition services
|
18,990 | 2,367,629 | - | - | ||||||||||||
Insurance
|
122,259 | 18,002,453 | - | - | ||||||||||||
Other
|
262,883 | 4,821,899 | 14,682 | 669,496 | ||||||||||||
Total operating expenses
|
1,073,054 | 47,436,348 | 14,682 | 669,712 | ||||||||||||
Net profit (loss) before other income
|
||||||||||||||||
and expenses
|
(2,422,308 | ) | (214,963,379 | ) | (8,389 | ) | (114,688,173 | ) | ||||||||
Other income and expenses:
|
||||||||||||||||
Interest expense:
|
||||||||||||||||
Notes payable - intercompany
|
- | - | - | - | ||||||||||||
Borrowings
|
- | - | - | - | ||||||||||||
Total interest expense
|
- | - | - | - | ||||||||||||
Other expense / (income)
|
- | (55,028,000 | ) | - | - | |||||||||||
Net profit (loss) before reorganization
|
||||||||||||||||
items
|
(2,422,308 | ) | (159,935,379 | ) | (8,389 | ) | (114,688,173 | ) | ||||||||
Reorganization items:
|
||||||||||||||||
Professional fees
|
6,349,902 | 199,169,906 | - | 322,043 | ||||||||||||
Claims Adjustments
|
- | 149,283,826 | - | - | ||||||||||||
US Trustee quarterly fees
|
20,000 | 243,000 | 325 | 12,675 | ||||||||||||
Gains (losses) from sale of assets
|
- | - | - | - | ||||||||||||
Other reorganization expenses
|
891,748 | 21,680,194 | - | - | ||||||||||||
Total reorganization items
|
7,261,650 | 370,376,925 | 325 | 334,718 | ||||||||||||
Net profit (loss) before income taxes
|
(9,683,958 | ) | (530,312,305 | ) | (8,714 | ) | (115,022,891 | ) | ||||||||
Income taxes
|
- | 4,050 | - | - | ||||||||||||
Net profit (loss)
|
(9,683,958 | ) | (530,316,355 | ) | (8,714 | ) | (115,022,891 | ) | ||||||||
Income tax rate
|
0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % |
Washington Mutual, Inc., et al.
|
Case No. 08-12229 (MFW) |
April 2011 Monthly Operating Report -- UNAUDITED
|
|
MOR 3 Balance Sheet as of 04/30/2011 and 9/26/2008
|
Washington Mutual, Inc.
|
WMI Investment Corp.
|
|||||||||||||||
4/30/2011
|
9/26/08
|
4/30/2011
|
9/26/08
|
|||||||||||||
Assets:
|
||||||||||||||||
Unrestricted cash and cash equivalents
|
4,524,845,617 | 4,018,083,009 | 276,331,120 | 52,974,376 | ||||||||||||
Restricted cash and cash equivalents
|
87,970,809 | 145,668,884 | - | - | ||||||||||||
Investment securities
|
73,701,580 | 59,688,627 | - | 266,444,881 | ||||||||||||
Accrued interest receivable
|
831,686 | 413,253 | 4,710 | 4,084,658 | ||||||||||||
Income tax receivable
|
475,913,725 | 742,680,150 | 22,187,560 | 22,187,560 | ||||||||||||
Prepaid expenses
|
2,042,811 | 11,311,510 | - | - | ||||||||||||
Cash surrender value of BOLI/COLI
|
15,369,873 | 84,039,738 | - | - | ||||||||||||
Funded Pension
|
39,173,922 | 638,870,071 | - | - | ||||||||||||
Other investments
|
- | 23,668,909 | 56,945,492 | 65,952,708 | ||||||||||||
Investment in subsidiaries
|
1,451,073,174 | 1,895,218,467 | - | - | ||||||||||||
Notes receivable - intercompany
|
- | 58,001,133 | 565,844,197 | 565,844,197 | ||||||||||||
Fixed Assets
|
127,875 | - | - | - | ||||||||||||
Other assets
|
87,826,405 | 23,489,277 | - | - | ||||||||||||
Total assets
|
6,758,877,477 | 7,701,133,028 | 921,313,080 | 977,488,380 | ||||||||||||
Liabilities not subject to compromise (Postpetition):
|
||||||||||||||||
Accounts payable
|
5,866,074 | - | 325 | - | ||||||||||||
Accrued wages and benefits
|
437,433 | - | - | - | ||||||||||||
Other accrued liabilities
|
10,390,713 | - | 14,825 | - | ||||||||||||
Minority interest
|
1,116,589 | 3,104,022 | - | - | ||||||||||||
Total post-petition liabilities
|
17,810,809 | 3,104,022 | 15,150 | - | ||||||||||||
Liabilities subject to compromise (Pre-petition):
|
||||||||||||||||
Senior debt
|
4,132,421,622 | 4,126,545,947 | - | - | ||||||||||||
Subordinated debt
|
1,666,464,970 | 1,662,295,485 | - | - | ||||||||||||
Junior subordinated debt
|
765,674,200 | 752,445,436 | - | - | ||||||||||||
CCB Trust Preferred
|
69,554,647 | - | - | - | ||||||||||||
Intercompany payables
|
684,095,259 | 684,095,258 | - | - | ||||||||||||
Accounts payable
|
4,480,720 | 3,941,450 | - | - | ||||||||||||
Taxes payable
|
550,769,514 | 550,080,833 | - | - | ||||||||||||
Payroll and benefit accruals
|
403,173,193 | 407,215,221 | - | - | ||||||||||||
Other accrued liabilities
|
76,155,816 | 92,259,015 | - | - | ||||||||||||
Other pre-petition liabilities
|
159 | 223 | - | - | ||||||||||||
Total pre-petition liabilities
|
8,352,790,099 | 8,278,878,868 | - | - | ||||||||||||
Total liabilities
|
8,370,600,908 | 8,281,982,890 | 15,150 | - | ||||||||||||
Shareholders' equity:
|
||||||||||||||||
Preferred stock
|
3,392,341,954 | 3,392,341,953 | - | - | ||||||||||||
Common stock
|
13,023,756,177 | 12,988,753,556 | 1,000,000,000 | 1,000,000,000 | ||||||||||||
Other comprehensive income
|
(755,313,242 | ) | (222,770,180 | ) | 22,187,560 | (36,644,880 | ) | |||||||||
Retained earnings - pre-petition
|
(16,742,191,966 | ) | (16,739,175,191 | ) | 14,133,260 | 14,133,260 | ||||||||||
Retained earnings - post-petition
|
(530,316,355 | ) | - | (115,022,891 | ) | - | ||||||||||
Total shareholders' equity
|
(1,611,723,431 | ) | (580,849,862 | ) | 921,297,930 | 977,488,380 | ||||||||||
Total liabilities and shareholder's equity
|
6,758,877,477 | 7,701,133,028 | 921,313,080 | 977,488,380 |
●
|
A litigation trust will be established to pursue claims and causes of action that are property of the Debtors against certain non-released third parties. This litigation trust will be funded by WMI with an initial $5 million cash contribution and additional contributions, under certain circumstances, in an amount not to exceed $25 million. The WMI Liquidating Trust contemplated by the pending plan of reorganization will be entitled to receive all proceeds realized by the litigation trust until repaid in full (other than with respect to the initial $5 million contribution); thereafter, the beneficiaries of the litigation trust will be the holders of allowed, subordinated claims, as well as preferred and common equity holders.
|
●
|
Common equity in the reorganized Debtor will be distributed to holders of allowed, subordinated claims and WMI’s preferred and common equity holders. In addition, certain holders of allowed claims, other than those holding allowed claims who would have previously received common equity in the reorganized Debtor, have agreed to receive a debt instrument and a preferred equity instrument having a combined, aggregate net present value of approximately $160 million.
|
●
|
Certain significant creditors will commit to provide a senior secured credit facility for reorganized WMI in an amount not to exceed $100 million.
|
●
|
Upon filing of a plan consistent with these terms, the Equity Committee will stay its appeal of the Bankruptcy Court’s order, dated January 7, 2011, regarding plan confirmation. Additionally, upon confirmation of such plan, the Equity Committee will withdraw, with prejudice, such appeal.
|
●
|
Washington Mutual Preferred Funding Trust I Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities (to be exchanged into depositary shares representing Series I Perpetual Non-Cumulative Fixed-to-Floating Rate Preferred Stock of WMI);
|
●
|
Washington Mutual Preferred (Cayman) I Ltd. 7.25% Perpetual Non-cumulative Preferred Securities, Series A-1 (to be exchanged into depositary shares representing Series J Perpetual Non-Cumulative Fixed Rate Preferred Stock of Washington Mutual, Inc. (“WMI”));
|
●
|
Washington Mutual Preferred (Cayman) I Ltd. 7.25% Perpetual Non-cumulative Preferred Securities, Series A-2 (to be exchanged into depositary shares representing Series J Perpetual Non-Cumulative Fixed Rate Preferred Stock of WMI);
|
●
|
Washington Mutual Preferred Funding Trust II Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities (to be exchanged into depositary shares representing Series L Perpetual Non-Cumulative Fixed-to-Floating Rate Preferred Stock of WMI);
|
●
|
Washington Mutual Preferred Funding Trust III Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities (to be exchanged into depositary shares representing Series M Perpetual Non-Cumulative Fixed-to-Floating Rate Preferred Stock of WMI); and
|
●
|
Washington Mutual Preferred Funding Trust IV Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities (to be exchanged into depositary shares representing Series N Perpetual Non-Cumulative Fixed-to-Floating Rate Preferred Stock of WMI).
|
Washington Mutual, Inc. / WMI Investment Corp.
|
April 2011 Monthly Operating Report -- UNAUDITED
|
MOR 4 Status of Postpetition Taxes
|
Washington Mutual, Inc.
|
WMI Investment Corp
|
||||||||||||||||||||||||||||||
Beginning Tax Liability
|
Amt
approved for pmt
|
Taxes collected
|
Taxes remitted
|
Closing Balance Post Petition
|
Beginning Tax
Liability
|
Amt approved for pmt
|
Taxes collected
|
Taxes remitted
|
Closing
Balance Post
Petition
|
||||||||||||||||||||||
Federal
|
NOTES
|
||||||||||||||||||||||||||||||
Withholding
|
21,910.00 | - | 43,528.00 | (43,674.00 | ) | 21,764.00 | - | ||||||||||||||||||||||||
FICA -- Employee
|
3,090.66 | - | 5,131.04 | (5,933.38 | ) | 2,288.32 | - | ||||||||||||||||||||||||
FICA -- Employer
|
2,904.24 | 6,137.64 | - | (7,317.69 | ) | 1,724.19 | - | ||||||||||||||||||||||||
Unemployment
|
927.62 | - | - | (896.00 | ) | 31.62 | - | ||||||||||||||||||||||||
Income
|
* | - | - | - | - | - | - | ||||||||||||||||||||||||
Other
|
- | - | - | - | - | - | |||||||||||||||||||||||||
Total Federal
|
28,832.52 | 6,137.64 | 48,659.04 | (57,821.07 | ) | 25,808.13 | - | - | - | - | - | ||||||||||||||||||||
State and Local
|
|||||||||||||||||||||||||||||||
WA Withholding
|
n/a | - | - | - | - | - | |||||||||||||||||||||||||
WA Disability
|
1,202.96 | 187.83 | 122.10 | (1,202.96 | ) | 309.93 | |||||||||||||||||||||||||
WA Unemployment
|
13,969.51 | 476.78 | - | (13,969.51 | ) | 476.78 | |||||||||||||||||||||||||
Sales/Use
|
** | - | - | - | - | - | |||||||||||||||||||||||||
Real Property
|
n/a | - | - | - | - | - | |||||||||||||||||||||||||
Personal Property
|
n/a | - | - | - | - | - | |||||||||||||||||||||||||
Other
|
934.90 | - | - | (934.90 | ) | - | |||||||||||||||||||||||||
- | - | ||||||||||||||||||||||||||||||
Total State and Local
|
16,107.37 | 664.61 | 122.10 | (16,107.37 | ) | 786.71 | - | - | - | - | - | ||||||||||||||||||||
Total Taxes
|
44,939.89 | 6,802.25 | 48,781.14 | (73,928.44 | ) | 26,594.84 | - | - | - | - | - | ||||||||||||||||||||
NOTES
|
|
*
|
WMI has booked no federal income tax on its post-petition income tax provision, nor has it made any federal payments.
|
**
|
WMI does not have any Washington or City of Seattle sales/use tax liability for the month of April.
|
I attest that all tax returns have been filed in accordance with federal / state / county / city requirements for the above period.
|
|
/s/ John Maciel
|
|
John Maciel
|
|
Chief Financial Officer
|
|
Washington Mutual, Inc., et al
|
Washington Mutual, Inc. and WMI Investment Corp.
|
Tax Return Filings
|
For the Period 4/1/2011 through 4/30/2011
|
Property Tax Filings:
|
|||||
No property tax returns were filed during the period 4/1/2011 through 4/30/2011.
|
|||||
Sales/Use Tax Filings:
|
|||||
No sales/use tax returns were filed during the period 4/1/2011 through 4/30/2011.
|
|||||
Payroll Tax Filings:
|
|||||
Entity
|
Jurisdiction
|
Filing Description
|
Due Date
|
Date Filed
|
|
WMI
|
IRS (Federal)
|
Withholding summary of deposits and filings (semi-monthly)
|
4/06/2011
|
4/06/2011
|
|
WMI
|
IRS (Federal)
|
Withholding summary of deposits and filings (semi-monthly)
|
4/20/2011
|
4/20/2011
|
|
WMI
|
IRS (Federal)
|
Employer's quarterly federal tax return (quarterly)
|
5/02/2011
|
4/29/2011
|
|
WMI
|
Arizona
|
Quarterly withholding return (quarterly)
|
5/02/2011
|
4/27/2011
|
|
WMI
|
California
|
Quarterly contribution return and report of wages (quarterly)
|
5/02/2011
|
4/29/2011
|
|
WMI
|
California
|
Quarterly contribution return and report of wages (continuation) (quarterly)
|
5/02/2011
|
4/29/2011
|
|
WMI
|
Colorado
|
Income withholding tax return (monthly)
|
4/15/2011
|
4/11/2011
|
|
WMI
|
Colorado
|
Income withholding tax return (monthly)
|
5/15/2011
|
4/27/2011
|
|
WMI
|
Idaho
|
Withholding report (monthly)
|
2/22/2011
|
4/27/2011
|
|
WMI
|
Idaho
|
Withholding report (monthly)
|
3/31/2011
|
4/27/2011
|
|
WMI
|
Idaho
|
Withholding report (monthly)
|
4/20/2011
|
4/27/2011
|
|
WMI
|
Idaho
|
Withholding report (monthly)
|
5/20/2011
|
4/27/2011
|
|
WMI
|
Illinois
|
Quarterly withholding income tax return (quarterly)
|
5/02/2011
|
4/27/2011
|
|
WMI
|
New Jersey
|
Employer's quarterly report (quarterly)
|
5/02/2011
|
4/28/2011
|
|
WMI
|
New York
|
Quarterly combined withholding, wage reporting, and unemployment insurance return (quarterly)
|
5/02/2011
|
4/27/2011
|
|
WMI
|
North Carolina
|
Quarterly income tax withholding return (quarterly)
|
5/02/2011
|
4/29/2011
|
|
WMI
|
Ohio
|
Employer's EFT Quarterly Reconciliation of Income Tax Withheld (quarterly)
|
5/02/2011
|
4/28/2011
|
|
WMI
|
Oregon
|
Quarterly tax report (quarterly)
|
5/02/2011
|
4/28/2011
|
|
WMI
|
Washington
|
Unemployment summary of deposits and filings (quarterly)
|
5/02/2011
|
4/28/2011
|
|
WMI
|
Washington
|
Labor and industries (quarterly)
|
5/02/2011
|
4/28/2011
|
|
Corporate Income Tax/Franchise Tax/Gross Receipts Tax Filings:
|
|||||
Entity
|
Jurisdiction
|
Filing Description
|
Due Date
|
Date Filed
|
|
WMI
|
Washington
|
Business and occupation tax return
|
4/25/2011
|
4/25/2011
|
|
WMI
|
City of Seattle
|
Business license tax return
|
5/02/2011
|
4/28/2011
|
|
WMI & Subs [1]
|
IRS (Federal)
|
Amended Corporation income tax return (2009)
|
None
|
1/03/2011
|
Case No. 08-12229 (MFW)
|
|
Washington Mutual, Inc., et al
|
|
MOR-4: Post Petition Accounts Payable Aging by Vendor
|
|
As of April 30, 2011
|
Vendor
|
Current *
|
31 - 60 | 61- 90 |
91 and Over
|
Total
|
||||||||||||||||
Akin Gump Strauss Hauer & Feld LLP
|
$ | 863,406.63 | $ | - | $ | - | $ | - | $ | 863,406.63 | |||||||||||
Ashby & Geddes, P.A.
|
161,055.65 | - | - | - | 161,055.65 | ||||||||||||||||
Bass, Berry & Sims
|
292.50 | - | - | - | 292.50 | ||||||||||||||||
Bingham McCutchen LLP / McKee Nelson LLP
|
12,455.95 | - | - | - | 12,455.95 | ||||||||||||||||
Blackstone Advisory Partners LLP
|
150,399.24 | - | - | - | 150,399.24 | ||||||||||||||||
Comcast
|
199.90 | - | - | - | 199.90 | ||||||||||||||||
Elliott Greenleaf
|
3,207.10 | - | - | - | 3,207.10 | ||||||||||||||||
FTI Consulting, Inc.
|
270,993.11 | - | - | - | 270,993.11 | ||||||||||||||||
JPMorgan Chase Bank
|
33,990.00 | - | - | - | 33,990.00 | ||||||||||||||||
Lakeview Retirement Income Plan Trust
|
24,500.00 | - | - | - | 24,500.00 | ||||||||||||||||
Merrill Communications LLC
|
44,992.14 | - | - | - | 44,992.14 | ||||||||||||||||
Pension Benefit Guaranty Corporation
|
2,657.00 | - | - | - | 2,657.00 | ||||||||||||||||
Pepper Hamilton LLP
|
64,362.74 | - | - | - | 64,362.74 | ||||||||||||||||
Perkins Coie LLP
|
43,540.21 | - | - | - | 43,540.21 | ||||||||||||||||
Quinn Emanuel Urquhart Oliver & Hedges
|
60,826.53 | - | - | - | 60,826.53 | ||||||||||||||||
Richards, Layton & Finger P.A.
|
121,697.83 | - | - | - | 121,697.83 | ||||||||||||||||
Shearman & Sterling LLP
|
98,371.00 | - | - | - | 98,371.00 | ||||||||||||||||
Struck, Peter
|
118.00 | - | - | - | 118.00 | ||||||||||||||||
Susman Godfrey LLP
|
61,673.07 | - | - | - | 61,673.07 | ||||||||||||||||
U.S. Trustee
|
20,000.00 | - | - | - | 20,000.00 | ||||||||||||||||
Weil, Gotshal & Manges LLP
|
3,827,335.66 | - | - | - | 3,827,335.66 | ||||||||||||||||
Total
|
$ | 5,866,074.26 | $ | - | $ | - | $ | - | $ | 5,866,074.26 |
NOTES
|
|
*Any holdback for professionals pursuant to their respective retention orders are included in “Current.”
|
Must be completed each month
|
Yes
|
No
|
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.
|
X
|
|
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.
|
X
|
|
3. Have all post petition tax returns been timely filed? If no, provide an explanation below.
|
X
|
|
4. Are workers compensation, general liability and other necessary insurance coverage in effect? If no, provide an explanation below.
|
X
|
|
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.
|
X
|