WASHINGTON
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45-6794330
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(State or other jurisdiction of
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(IRS Employer
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incorporation)
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Identification No.)
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Exhibit No.
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Description
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EX-10.1
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Engagement Letter between WMI Liquidating Trust and Alvarez & Marsal North America, LLC, dated as of March 29, 2012.
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EX-99.1
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Monthly Operating Report for the period February 1, 2012 to February 29, 2012, filed with the United States Bankruptcy Court for the District of Delaware by the WMI Liquidating Trust as Successor-in-Interest of Washington Mutual, Inc. and WMI Investment Corp.
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WMI LIQUIDATING TRUST
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|||
Date: April 4, 2012
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By:
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/s/ John Maciel | |
John Maciel
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|||
Chief Financial Officer,
WMI Liquidating Trust on behalf of
Washington Mutual, Inc. and
WMI Investment Corp.
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|||
1.
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Description of Services
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(a)
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Officers. In connection with this engagement, A&M shall make available to the Trust:
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(i)
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John Maciel to serve as Chief Financial Officer (the “CFO”); and
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(ii)
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Upon the mutual agreement of A&M and the Trust, A&M will provide additional employees of A&M and/or its affiliates and wholly-owned subsidiaries (“Additional Personnel”) as required (collectively, with the CFO, the “Engagement Personnel”), to (a) assist the CFO in the execution of the duties set forth more fully herein and (b) to assist the Liquidating Trustee in his duties set forth in that certain Liquidating Trust Agreement dated as of March 6, 2012 (the “Trust Agreement”). Such Additional Personnel shall be designated by the Trust as executive officers.
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(b)
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Duties.
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(i)
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The CFO (with the assistance of certain Engagement Personnel and other Trust Professionals (as defined in the Trust Agreement) shall be responsible for the financial and tax reporting and compliance for the Trust, including reporting requirements to the Trust Advisory Board (the “TAB”);
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(ii)
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The Engagement Personnel shall assist with and coordinate the monetization of the remaining assets of the Trust;
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(iii)
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The Engagement Personnel shall assist with and oversee the financial aspects of the claims reconciliation process, including assisting with claims objections;
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(iv)
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The CFO shall be manage and execute distributions required under the Trust Agreement;
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(v)
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The Engagement Personnel shall be the principal contact for holders of the Trust’s Liquidating Trust Interests (the “LTIs”); and
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(vi)
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The Engagement Personnel shall perform such other services as requested or directed by the TAB, the Liquidating Trustee or other Trust personnel as authorized by the TAB or the Liquidating Trustee, and agreed to by A&M that is not duplicative of work others are performing for the Trust.
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(c)
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The Engagement Personnel shall report to the Liquidating Trustee or other applicable officers, as directed by the TAB or the Liquidating Trustee and, at the request of the TAB or the Liquidating Trustee, will make recommendations to and consult with the TAB.
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(d)
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The Engagement Personnel will continue to be employed by A&M and, while rendering services to the Trust, will continue to work with other personnel at A&M in connection with unrelated matters that will not unduly interfere with the services rendered by the Engagement Personnel pursuant to this Agreement. With respect to the Trust, however, the Engagement Personnel shall operate under the direction of the Liquidating Trustee and A&M shall have no liability to the Trust for any acts or omissions of the Engagement Personnel related to the performance or non-performance of services at the direction of the Liquidating Trustee and consistent with the requirements of the Engagement and this Agreement.
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(e)
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In connection with the services to be provided hereunder, from time to time A&M may utilize the services of employees of its affiliates and subsidiaries as Engagement Personnel. Such affiliates and subsidiaries are wholly owned by A&M’s parent Trust and employees
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2.
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Information Provided by Trust and Forward Looking Statements. The TAB shall use all reasonable efforts to cause the Trust’s representatives to: (i) provide the Engagement Personnel with access to management and other representatives of the Trust; and (ii) to
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furnish all data, material, and other information concerning the business, assets, liabilities, operations, cash flows, properties, financial condition and prospects of the Trust that Engagement Personnel reasonably request in connection with the services to be provided to the Trust. The Engagement Personnel shall rely, without further independent verification, on the accuracy and completeness of all publicly available information and information that is furnished by or on behalf of the Trust or its representatives and otherwise reviewed by Engagement Personnel in connection with the services performed for the Trust. The Trust acknowledges and agrees that the Engagement Personnel are not responsible for the accuracy or completeness of such information and shall not be responsible for any inaccuracies or omissions therein. A&M and Engagement Personnel are under no obligation to update data submitted to them or to review any other areas unless specifically requested by the TAB or the Liquidating Trustee to do so.
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3.
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Limitation of Duties. Neither A&M, nor the Engagement Personnel, assume any responsibility for the Trust’s, the TAB’s or the Liquidating Trustee’s decision to pursue or approve, or not pursue or approve any business strategy or action, or to effect, or not to effect any transaction. The Engagement Personnel shall be responsible for implementation only of the actions, proposals, transactions or alternatives approved by the TAB or the Liquidating Trustee and only to the extent and in the manner authorized and directed by the TAB or the Liquidating Trustee.
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4.
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Compensation.
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(a)
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A&M will receive fees for the services of the Engagement Personnel based on the following hourly rates:
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Such rates shall be subject to adjustment annually at such time as A&M adjusts its
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rates generally.
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(b)
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In addition, A&M will be reimbursed for its reasonable out-of-pocket expenses incurred in connection with this assignment, such as travel, lodging, duplicating, messenger and telephone charges. All fees and expenses will be billed and payable on a monthly basis or, at A&M’s discretion, more frequently.
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(c)
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The Trust shall promptly remit to A&M a retainer in the amount of $250,000, which shall be credited against any amounts due at the termination of this engagement and returned upon the satisfaction of all obligations hereunder. It being understood that this retainer shall be funded through a transfer of the current retainer held on account of A&M’s prior engagement with Washington Mutual, Inc. and its affiliates as debtors and debtors in possession (the “Debtors”) in their Chapter 11 bankruptcy cases (the “Cases”) to the extent such transfer is permitted by the related Bankruptcy Court and consistent with the Debtors’ plan of reorganization (the “Plan”) (otherwise, the Liquidating Trust shall promptly remit such retainer to A&M directly). In addition, pursuant to the Plan, as of the effective date of the Plan (the “Effective Date”), the Trust assumes the obligation to pay the fees and expenses owed to A&M associated with services provided to the Debtors’ up to the Effective Date.
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5.
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Termination.
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(a)
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This Agreement will apply from the commencement of the services referred to in Section 1 and may be terminated upon ten (10) business days prior written notice by either party without cause.
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(b)
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A&M normally does not withdraw from an engagement unless the client misrepresents or fails to disclose material facts, fails to pay fees or expenses, or makes it unethical or unreasonably difficult for A&M to continue performance of the engagement, or other just cause exists.
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(c)
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On termination of the Agreement, any fees and expenses due to A&M shall be remitted promptly (including fees and expenses that accrued prior to but are invoiced subsequent to such termination).
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(d)
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The provisions of this Agreement that give the parties rights or obligations beyond its termination shall survive and continue to bind the parties.
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6.
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No Audit. A&M and Engagement Personnel are not being requested to perform an audit, review or compilation, or any other type of financial statement reporting engagement that is subject to the rules of the AICPA, SEC or other state or national professional or regulatory body.
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7.
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No Third Party Beneficiary. All advice (written or oral) provided by A&M and the Engagement Personnel to the Trust, TAB, Liquidating Trustee or any other Trust representatives in connection with this engagement is intended solely for the benefit and use of the Trust (limited to the TAB and the Liquidating Trustee) in considering the matters to which this engagement relates. No such advice shall be used for any other purpose or reproduced, disseminated, quoted or referred to at any time in any manner or for any purpose other than accomplishing the tasks referred to herein without A&M’s prior approval (which shall not be unreasonably withheld), except as required by law.
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8.
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Conflicts. A&M is not currently aware of any relationship that would create a conflict of interest with the Trust or those parties-in-interest of which you have made us aware though (a) we note that the current Liquidating Trustee is a Managing Director with A&M (and note that the Trust Agreement contemplated A&M and its personnel being utilized as Trust Professionals notwithstanding such relationship) and (b) we call your attention to and incorporate herein by reference the various relationship disclosures submitted by A&M to the bankruptcy court throughout the Debtors’ bankruptcy process. Because A&M and its affiliates and subsidiaries comprise a consulting firm (the “Firm”) that serves clients on an international basis in numerous cases, both in and out of court, it is possible that the Firm may have rendered or will render services to, or have business associations with, other entities or people which had or have or may have relationships with the Trust, including creditors of the Trust. The Firm will not be prevented or restricted by virtue of providing the services under this Agreement from providing services to other entities or individuals, including entities or individuals whose interests may be in competition or conflict with the Trust’s, provided the Firm makes appropriate arrangements to ensure that the confidentiality of information is maintained.
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9.
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Confidentiality/Non-Solicitation.
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10.
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Indemnification/Insurance/Limitations on Liability. The Engagement Personnel and A&M shall be deemed “Trust Professionals” (as such term is defined in the Trust Agreement) for the purposes of the indemnification and exculpation provisions set forth in the Trust Agreement. A&M and each of the Engagement Personnel as Trust Professionals, are third party beneficiaries of the Trust Agreement, and shall have the rights to enforce the applicable terms of the Trust Agreement as if they were a party thereto. The Engagement Personnel acting as officers of the Trust (the “Indemnified Professionals”) shall be covered as officers under the Trust’s director and officer liability insurance policy. As a condition of A&M accepting this engagement, a Certificate of Insurance evidencing such coverage shall be furnished to A&M prior to the effective date of this Agreement. The Trust shall give thirty (30) days’ prior written notice to A&M of cancellation, non-renewal, or material change in coverage, scope, or amount of such director and officer liability policy. The Trust shall also maintain such insurance coverage for the Indemnified Professionals for a period of not less than three years following the date of the termination of the Indemnified Professionals’ services hereunder. The provisions of this section are in the nature of contractual obligations and no change in applicable law or the Trust’s charter, bylaws or other organizational documents or policies shall affect the Indemnified Professionals’ rights hereunder.
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11.
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Miscellaneous. This Agreement (together with the attached indemnity provisions), including, without limitation, the construction and interpretation of thereof and all claims, controversies and disputes arising under or relating thereto, shall be governed and construed in accordance with the laws of the State of New York, without regard to principles of conflict of law that would defer to the laws of another jurisdiction. The Trust and A&M agree to waive trial by jury in any action, proceeding or counterclaim brought by or on behalf of the parties hereto with respect to any matter relating to or arising out of the engagement or the performance or non-performance of A&M hereunder. The Trust and A&M agree, to the extent permitted by applicable law, that any Federal Court sitting within the Southern District of New York shall have exclusive jurisdiction over any litigation arising out of this Agreement; to submit to the personal jurisdiction of the Courts of the United States District Court for the Southern District of New York; and to waive any and all personal rights under the law of any jurisdiction to object on any basis (including, without limitation, inconvenience of forum) to jurisdiction
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In re Washington Mutual, Inc., et al. |
Case No. 08-12229 (MFW)
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Reporting Period: 02-01-12 to 02-29-12
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REQUIRED DOCUMENTS
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Form No.
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Document
Attached
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Explanation
Attached
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Schedule of Cash Receipts and Disbursements
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MOR-1
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Yes
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Bank Reconciliation (or copies of Debtors’ bank reconciliations)
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MOR-1a
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Refer to attached stmt
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Schedule of Professional Fees Paid
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MOR-1b
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Yes
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Copies of bank statements
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MOR-1c
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Refer to attached stmt
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Cash disbursements journals
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n/a
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Refer to MOR 1 for summary of all disbursements.
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Statement of Operations
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MOR-2
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Yes
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See attached notes
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Balance Sheet
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MOR-3
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Yes
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See attached notes
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Status of Post petition Taxes
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MOR-4
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Yes
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Copies of IRS Form 6123 or payment receipt
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n/a
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Payroll services outsourced including remission of taxes
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Copies of tax returns filed during reporting period
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n/a
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See listing of filings
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Summary of Unpaid Post petition Debts
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MOR-4
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n/a
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Detail on face of balance sheet.
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Listing of aged accounts payable
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MOR-4
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Yes
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Accounts Receivable Reconciliation and Aging
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MOR-5
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n/a
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No trade receivables
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Debtor Questionnaire
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MOR-5
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Yes
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/s/ John Maciel |
March 30, 2012
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Signature of Authorized Individual*
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Date
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John Maciel
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Chief Financial Officer,
WMI Liquidating Trust on behalf of
Washington Mutual, Inc. and WMI
Investment Corp
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Printed Name of Authorized Individual
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Title of Authorized Individual
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In re Washington Mutual, Inc., et al
Case No. 08-12229 (MFW)
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Washington Mutual, Inc., et al.
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Case No. 08-12229 (MFW)
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February 2012 Monthly Operating Report -- UNAUDITED
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|
MOR 1 -- Schedule of Cash Receipts and Disbursements
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Washington Mutual, Inc.
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WMI Investment Corp.
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||||||||||
Account
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Deposit
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Deposit
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Deposit
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Deposit
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Money Market
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General
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Deposit
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General
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|||
Bank
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WMB/JPM
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WMB/JPM
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WMB/JPM
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WMB/JPM
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Bank of America
|
Bank of America
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WMB/JPM
|
Bank of America
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|||
Bank Account
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xxx0667
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xxx4234
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xxx9626
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xxx9663
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xxx0658
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xxx4228
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WMI
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xxx4704
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xxx4231
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WMI Inv Corp
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Combined
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GL Account
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70 /10450
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70 / 10441
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70 / 10451
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70 / 10452
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70 / 12510
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70 /10305
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Total
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467 / 10450
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467 / 10305
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Total
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Total
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Opening Balance - 01/31/2012
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262,607,843
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3,685,974,231
|
4,673
|
751,427
|
11,497,075
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9,149,159
|
3,969,984,408
|
53,748,271
|
302,248
|
54,050,519
|
4,024,034,927
|
Receipts
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|||||||||||
Interest & investment returns
|
2,269
|
31,846
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0
|
7
|
1,218
|
-
|
35,339
|
464
|
464
|
35,804
|
|
BOLI proceeds
|
-
|
-
|
-
|
||||||||
Misc receipts
|
-
|
-
|
-
|
-
|
|||||||
Total Receipts
|
2,269
|
31,846
|
0
|
7
|
1,218
|
-
|
35,339
|
464
|
-
|
464
|
35,804
|
Transfers
|
|||||||||||
Sweep to/(from) Money Market account
|
500,000
|
(500,000)
|
-
|
-
|
|||||||
Transfer (to)/from Wells Managed Account
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||
Total Transfers
|
-
|
-
|
-
|
-
|
500,000
|
(500,000)
|
-
|
-
|
-
|
-
|
-
|
Disbursements
|
|||||||||||
Salaries and benefits
|
213,469
|
213,469
|
-
|
-
|
213,469
|
||||||
Travel and other expenses
|
31,110
|
31,110
|
-
|
-
|
31,110
|
||||||
Occupancy and supplies
|
143,826
|
143,826
|
-
|
-
|
143,826
|
||||||
Professional fees
|
2,769,647
|
2,769,647
|
-
|
-
|
2,769,647
|
||||||
Other outside services
|
850,097
|
850,097
|
230
|
230
|
850,327
|
||||||
Bank fees
|
31,106
|
31,106
|
53
|
53
|
31,159
|
||||||
US Trustee quarterly Fees
|
-
|
-
|
-
|
-
|
-
|
||||||
Directors fees
|
60,000
|
60,000
|
-
|
-
|
60,000
|
||||||
Taxes paid
|
-
|
-
|
-
|
-
|
-
|
||||||
Total Disbursements
|
-
|
-
|
-
|
-
|
4,099,256
|
4,099,256
|
-
|
283
|
283
|
4,099,539
|
|
Net Cash Flow
|
2,269
|
31,846
|
0
|
7
|
501,218
|
(4,599,256)
|
(4,063,917)
|
464
|
(283)
|
181
|
(4,063,735)
|
Cash - End of Month
|
262,610,112
|
3,686,006,077
|
4,673
|
751,434
|
11,998,293
|
4,549,903
|
3,965,920,491
|
53,748,735
|
301,965
|
54,050,700
|
4,019,971,192
|
GL Balance
|
262,610,112
|
3,686,006,077
|
4,673
|
751,434
|
11,998,293
|
4,549,903
|
3,965,920,491
|
53,748,735
|
301,965
|
54,050,700
|
4,019,971,192
|
Net value - short-term securities
|
493,848,691
|
223,156,681
|
717,005,372
|
||||||||
Total Cash & Cash Equivalents
|
4,459,769,182
|
277,207,381
|
4,736,976,563
|
In re Washington Mutual, Inc., et al.
Case No. 08-12229 (MFW)
|
Case No. 08-12229 (MFW)
|
||
Washington Mutual, Inc.
|
||
MOR-1B: Schedule of Professional Fees Paid
|
||
Month Ended February 29, 2012
|
Check
|
Amount Paid - Feb'12
|
Amount Paid CTD
|
|||||||||||||||||||
Payee
|
Period Covered
|
Number
|
Date
|
Fees
|
Expense
|
Fees
|
Expense
|
||||||||||||||
Akin, Gump, Strauss, Hauer & Feld LLP
|
11/01/11 - 11/30/11
|
Wire
|
02/29/12
|
$ | 500,738.40 | $ | 14,491.65 | $ | 25,773,983.58 | $ | 910,164.25 | ||||||||||
Alvarez & Marsal
|
01/01/12 - 01/31/12
|
Wire
|
02/27/12
|
1,105,504.50 | 39,811.05 | 67,832,213.49 | 3,083,209.71 | ||||||||||||||
Ashby & Geddes, P.A.
|
2,300,154.90 | 204,638.88 | |||||||||||||||||||
BDO USA, LLP
|
60,645.00 | 2,282.74 | |||||||||||||||||||
Benesch, Friedlander, Coplan & Aronoff
|
24,742.50 | 1,677.26 | |||||||||||||||||||
Blackstone Advisory Partners LLP
|
2,250,000.00 | 405,906.53 | |||||||||||||||||||
Cole, Schotz, Meisel, Forman & Leonard, PA
|
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
|
738,080.50 | 24,577.55 | |||||||||||||||||||
Elliott Greenleaf
|
12/01/11 - 12/31/11
|
4057 |
02/21/12
|
6,188.80 | 797.90 | 1,055,337.65 | 94,402.36 | ||||||||||||||
Ernst & Young LLP
|
120,968.40 | - | |||||||||||||||||||
Frank Partnoy
|
82,604.00 | - | |||||||||||||||||||
FTI Consulting, Inc.
|
11/01/11 - 11/30/11
|
Wire
|
02/27/12
|
196,948.00 | 2,992.30 | 8,846,747.55 | 129,283.31 | ||||||||||||||
Gibson, Dunn & Crutcher LLP
|
1,203,727.31 | 16,388.22 | |||||||||||||||||||
Grant Thornton
|
457,536.00 | 39,407.93 | |||||||||||||||||||
Joele Frank, Wilkinson Brimmer Katcher
|
01/01/12 - 01/31/12
|
4046 |
02/13/12
|
7,711.25 | 3,306.91 | 304,315.26 | 41,177.08 | ||||||||||||||
John W. Wolfe, P.S.
|
3,496,049.55 | 9,341.12 | |||||||||||||||||||
Klee, Tuchin, Bogdanoff & Stern LLP
|
12/01/11 - 12/31/11
|
Wire
|
02/21/12
|
82,870.40 | 138.68 | 657,777.44 | 3,448.97 | ||||||||||||||
Kurtzman Carson Consultants LLC
|
12/01/11 - 12/31/11
|
Wire
|
02/06/12
|
91,842.20 | 455,897.46 | 4,352,424.92 | 13,173,888.59 | ||||||||||||||
McKee Nelson LLP / Bingham McCutchen LLP
|
2,674,526.18 | 314,461.14 | |||||||||||||||||||
McKenna Long & Aldridge
|
6,010,918.00 | 204,064.31 | |||||||||||||||||||
Miller & Chevalier Chartered
|
1,634,561.36 | 445,724.89 | |||||||||||||||||||
Milliman
|
31,429.99 | - | |||||||||||||||||||
Pepper Hamilton LLP
|
3,632,342.93 | 245,647.47 | |||||||||||||||||||
Perkins Coie LLP
|
3,852,216.09 | 170,402.57 | |||||||||||||||||||
Peter J. Solomon Company
|
12/01/11 - 12/31/11
|
Wire
|
02/21/12
|
140,000.00 | 1,258.16 | 3,571,250.00 | 19,481.05 | ||||||||||||||
PricewaterhouseCoopers LLP
|
2,346,910.00 | 185,531.11 | |||||||||||||||||||
Quinn Emanuel Urquhart Oliver & Hedges
|
14,305,345.91 | 490,106.93 | |||||||||||||||||||
Richards, Layton & Finger P.A.
|
12/01/11 - 12/31/11
|
Wire
|
02/27/12
|
44,486.80 | 4,707.21 | 2,796,518.80 | 706,413.45 | ||||||||||||||
Richard Pomp
|
63,159.75 | 1,944.55 | |||||||||||||||||||
Schwabe, Williamson & Wyatt, P.C.
|
08/01/11 - 09/30/11
|
4071 |
02/27/12
|
2,412.80 | 16.00 | 115,696.80 | 219.69 | ||||||||||||||
Shearman & Sterling LLP
|
1,845,262.46 | 31,266.96 | |||||||||||||||||||
Silverstein & Pomerantz, LLP
|
21,932.50 | 77.53 | |||||||||||||||||||
Simpson Thacher & Bartlett LLP
|
628,567.05 | 15,048.16 | |||||||||||||||||||
Sullivan Hazeltine Allinson, LLC
|
56,346.05 | 7,191.36 | |||||||||||||||||||
Susman Godfrey LLP
|
12/01/11 - 12/31/11
|
Wire
|
02/27/12
|
61,366.00 | 6,160.51 | 2,821,550.26 | 284,999.34 | ||||||||||||||
Towers Watson Pennsylvania Inc.
|
640,630.83 | - | |||||||||||||||||||
Venable LLP
|
825,235.16 | 34,992.10 | |||||||||||||||||||
Weil, Gotshal & Manges LLP
|
67,602,735.36 | 3,288,189.69 | |||||||||||||||||||
Total
|
$ | 2,240,069.15 | $ | 529,577.83 | $ | 235,422,760.41 | $ | 24,601,629.58 |
WMI Investment Corp. | |||||||||||||||||||||
Check
|
Amount Paid - Feb'12
|
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)
|
|
February 2012 Monthly Operating Report -- UNAUDITED
|
||
MOR 2 Statement of Operations for the period 02/1/12 to 02/29/12
|
Washington Mutual, Inc.
|
WMI Investment Corp.
|
|||||||||||||||
February 2012
|
Cumulative to Date
|
February 2012
|
Cumulative to Date
|
|||||||||||||
Revenues:
|
||||||||||||||||
Interest income:
|
||||||||||||||||
Cash equivalents
|
48,214 | 25,081,568 | 5,248 | 1,387,917 | ||||||||||||
Securities
|
223,392 | 10,032,740 | - | 2,976,201 | ||||||||||||
Notes receivable - intercompany
|
- | 1,685,297 | - | 1 | ||||||||||||
Other
|
- | 1,031,979 | - | - | ||||||||||||
Total interest income
|
271,607 | 37,831,584 | 5,248 | 4,364,120 | ||||||||||||
Earnings (losses) from subsidiaries and other
|
||||||||||||||||
equity investments
|
5,160,635 | (201,781,027 | ) | (41,563 | ) | (13,911,453 | ) | |||||||||
Gains (losses) from securities / investments
|
(5,406 | ) | (9,801,340 | ) | 0 | (112,242,503 | ) | |||||||||
Other income
|
1,909,517 | 5,619,510 | - | (0 | ) | |||||||||||
Total revenues
|
7,336,354 | (168,131,274 | ) | (36,315 | ) | (121,789,837 | ) | |||||||||
Operating expenses:
|
||||||||||||||||
Compensation and benefits
|
313,616 | 16,965,280 | - | - | ||||||||||||
Occupancy and equipment
|
48,834 | 3,482,555 | - | - | ||||||||||||
Professional fees
|
488,339 | 22,036,153 | 299 | 514 | ||||||||||||
Loss / (Income) from BOLI/COLI policies
|
(1,056 | ) | (12,644,608 | ) | - | - | ||||||||||
Management fees / Transition services
|
15,000 | 2,531,594 | - | - | ||||||||||||
Insurance
|
111,962 | 19,184,009 | - | - | ||||||||||||
Other
|
231,759 | 6,356,059 | 14,886 | 817,042 | ||||||||||||
Total operating expenses
|
1,208,455 | 57,911,042 | 15,185 | 817,556 | ||||||||||||
Net profit (loss) before other income
|
||||||||||||||||
and expenses
|
6,127,899 | (226,042,316 | ) | (51,500 | ) | (122,607,392 | ) | |||||||||
Other income and expenses:
|
||||||||||||||||
Interest expense:
|
||||||||||||||||
Notes payable - intercompany
|
- | - | - | - | ||||||||||||
Borrowings
|
- | - | - | - | ||||||||||||
Total interest expense
|
- | - | - | - | ||||||||||||
Other expense / (income)
|
- | (105,028,000 | ) | - | - | |||||||||||
Net profit (loss) before reorganization
|
||||||||||||||||
items
|
6,127,899 | (121,014,316 | ) | (51,500 | ) | (122,607,392 | ) | |||||||||
Reorganization items:
|
||||||||||||||||
Professional fees
|
51,880,344 | 324,618,479 | - | 322,043 | ||||||||||||
Claims Adjustments
|
383,010,479 | 570,680,012 | - | - | ||||||||||||
US Trustee quarterly fees
|
2,600 | 316,000 | - | 13,650 | ||||||||||||
Gains (losses) from sale of assets
|
- | - | - | - | ||||||||||||
Other reorganization expenses
|
1,088,782 | 26,772,935 | - | - | ||||||||||||
Total reorganization items
|
435,982,206 | 922,387,426 | - | 335,693 | ||||||||||||
Net profit (loss) before income taxes
|
(429,854,307 | ) | (1,043,401,742 | ) | (51,500 | ) | (122,943,085 | ) | ||||||||
Income taxes
|
- | 4,050 | - | - | ||||||||||||
Net profit (loss)
|
(429,854,307 | ) | (1,043,405,792 | ) | (51,500 | ) | (122,943,085 | ) | ||||||||
Income tax rate
|
0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % |
Washington Mutual, Inc., et al.
|
Case No. 08-12229 (MFW)
|
|||||
February 2012 Monthly Operating Report -- UNAUDITED
|
||||||
MOR 3 Balance Sheet as of 02/29/2012 and 9/26/2008
|
Washington Mutual, Inc.
|
WMI Investment Corp.
|
|||||||||||||||
2/29/2012
|
9/26/2008
|
2/29/2012
|
9/26/2008
|
|||||||||||||
Assets:
|
||||||||||||||||
Unrestricted cash and cash equivalents
|
4,459,769,182 | 4,018,083,009 | 277,207,381 | 52,974,376 | ||||||||||||
Restricted cash and cash equivalents
|
54,718,918 | 145,668,884 | - | - | ||||||||||||
Investment securities
|
78,870,460 | 59,688,627 | - | 266,444,881 | ||||||||||||
Accrued interest receivable
|
570,890 | 413,253 | 221 | 4,084,658 | ||||||||||||
Income tax receivable
|
475,205,612 | 742,680,150 | 22,187,560 | 22,187,560 | ||||||||||||
Prepaid expenses
|
1,137,823 | 11,311,510 | - | - | ||||||||||||
Cash surrender value of BOLI/COLI
|
392,205 | 84,039,738 | - | - | ||||||||||||
Funded Pension
|
39,173,922 | 638,870,071 | - | - | ||||||||||||
Other investments
|
- | 23,668,909 | 48,153,269 | 65,952,708 | ||||||||||||
Investment in subsidiaries
|
1,443,827,125 | 1,895,218,467 | - | - | ||||||||||||
Notes receivable - intercompany
|
- | 58,001,133 | 565,844,197 | 565,844,197 | ||||||||||||
Fixed Assets
|
61,265 | - | - | - | ||||||||||||
Other assets
|
137,379,830 | 23,489,277 | - | - | ||||||||||||
Total assets
|
6,691,107,232 | 7,701,133,028 | 913,392,629 | 977,488,380 | ||||||||||||
Liabilities not subject to compromise (Postpetition):
|
||||||||||||||||
Accounts payable
|
17,547,698 | - | 69 | - | ||||||||||||
Accrued wages and benefits
|
248,539 | - | - | - | ||||||||||||
Other accrued liabilities
|
68,287,427 | - | 14,825 | - | ||||||||||||
Minority interest
|
1,118,738 | 3,104,022 | - | - | ||||||||||||
Total post-petition liabilities
|
87,202,403 | 3,104,022 | 14,894 | - | ||||||||||||
Liabilities subject to compromise (Pre-petition):
|
||||||||||||||||
Senior debt
|
4,132,442,639 | 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 | - | - | - | ||||||||||||
WMB Bank Bondholders
|
335,000,000 | - | ||||||||||||||
Intercompany payables
|
684,095,259 | 684,095,258 | - | - | ||||||||||||
Accounts payable
|
4,480,720 | 3,941,450 | - | - | ||||||||||||
Taxes payable
|
550,080,928 | 550,080,833 | - | - | ||||||||||||
Payroll and benefit accruals
|
404,177,110 | 407,215,221 | - | - | ||||||||||||
Other accrued liabilities
|
99,110,424 | 92,259,015 | - | - | ||||||||||||
Other pre-petition liabilities
|
159 | 223 | - | - | ||||||||||||
Subordinated allowed claims
|
41,166,667 | - | - | - | ||||||||||||
Total pre-petition liabilities
|
8,752,247,722 | 8,278,878,868 | - | - | ||||||||||||
Total liabilities
|
8,839,450,125 | 8,281,982,890 | 14,894 | - | ||||||||||||
Shareholders' equity:
|
||||||||||||||||
Preferred stock
|
7,392,341,954 | 3,392,341,953 | - | - | ||||||||||||
Common stock
|
13,026,981,633 | 12,988,753,556 | 1,000,000,000 | 1,000,000,000 | ||||||||||||
Other comprehensive income
|
(753,411,745 | ) | (222,770,180 | ) | 22,187,560 | (36,644,880 | ) | |||||||||
Retained earnings - pre-petition
|
(20,770,848,942 | ) | (16,739,175,191 | ) | 14,133,260 | 14,133,260 | ||||||||||
Retained earnings - post-petition
|
(1,043,405,792 | ) | - | (122,943,085 | ) | - | ||||||||||
Total shareholders' equity
|
(2,148,342,893 | ) | (580,849,862 | ) | 913,377,736 | 977,488,380 | ||||||||||
Total liabilities and shareholder's equity
|
6,691,107,232 | 7,701,133,028 | 913,392,629 | 977,488,380 |
●
|
WMI transferred sponsorship of the Pension Plan to JPMorgan and eliminated its intercompany payable to WMB of $274 million.
|
●
|
WMI Investment transferred ownership of the investment in the JPMC Wind Investment Portfolio LLC to JPMorgan.
|
●
|
JPMorgan transferred $50 million to WMI to fund an account for the settlement of WMI Vendor Claims.
|
●
|
JPMorgan paid WMI $25 million for the Visa shares and the ownership of Visa Shares was transferred to JPMorgan.
|
●
|
JPMorgan assumed various liabilities related to various litigations and claims against the Debtors.
|
Washington Mutual, Inc., et al
|
PROJECTED BALANCE SHEET
|
|||||||||||||||||||||
DISTRIBUTIONS SUMMARY
|
CLOSING DATE (a)
|
DISTRIBUTIONS
|
REMAINING
|
|||||||||||||||||||
NOTE 2 (in $000's)
|
FJR
|
Contract Rate
|
Distribution to
|
Unconsolidated
|
||||||||||||||||||
Consolidated
|
Consolidated
|
Initial
|
Liquid. Trust /
|
Reorganized
|
||||||||||||||||||
Debtors (b)
|
Debtors (b)
|
Distribution
|
DCR
|
WMI (f)
|
||||||||||||||||||
3/19/2012
|
3/19/2012
|
Effective Date
|
Effective Date
|
Effective Date
|
||||||||||||||||||
Assets:
|
||||||||||||||||||||||
Unrestricted cash and cash equivalents
|
7,541,118 | 7,541,118 | (6,534,879 | ) | (931,239 | ) |
(c)
|
75,000 | ||||||||||||||
Income tax receivable (d)
|
- | - | - | - | - | |||||||||||||||||
Cash surrender value of BOLI/COLI
|
392 | 392 | - | (392 | ) | - | ||||||||||||||||
Investment in WMRMC
|
205,849 | 205,849 | (65,849 | ) |
(h)
|
- | 140,000 |
(h)
|
||||||||||||||
Investment in other subsidiaries
|
3,660 | 3,660 | - | (3,660 | ) | - | ||||||||||||||||
Deferred tax asset,net (e)
|
- | - | - | - | - | |||||||||||||||||
Prepaid expenses
|
1,015 | 1,015 | - | (1,015 | ) | - | ||||||||||||||||
Fixed assets
|
61 | 61 | - | (61 | ) | - | ||||||||||||||||
Other assets
|
- | - | 70,000 |
(h)
|
- | 70,000 |
(h)
|
|||||||||||||||
Total assets
|
7,752,095 | 7,752,095 | (6,530,728 | ) | (936,367 | ) | 285,000 | |||||||||||||||
Liabilities not subject to compromise:
|
||||||||||||||||||||||
Accounts payable
|
15,094 | 15,094 | (15,094 | ) | - | - | ||||||||||||||||
Accrued wages and benefits
|
159 | 159 | - | (159 | ) | - | ||||||||||||||||
Other accrued liabilities
|
90,724 | 90,724 | - | (90,724 | ) | - | ||||||||||||||||
Day 1 Distributions -- Unreleased
|
- | - | 53,472 | (53,472 | ) | - | ||||||||||||||||
Runoff notes
|
- | - | 916 |
(h)
|
129,084 | 130,000 |
(h)
|
|||||||||||||||
Total post-petition liabilities
|
105,977 | 105,977 | 39,294 | (15,271 | ) | 130,000 | ||||||||||||||||
Liabilities subject to compromise: (g)
|
||||||||||||||||||||||
Senior debt
|
4,419,643 | 4,718,766 | (4,561,238 | ) | (157,528 | ) | - | |||||||||||||||
Subordinated debt
|
1,782,293 | 2,078,848 | (1,647,622 | ) | (431,226 | ) | - | |||||||||||||||
Junior subordinated debt
|
843,996 | 241,424 | - | (241,424 | ) | - | ||||||||||||||||
CCB Trust Preferred
|
72,430 | 79,324 | - | (79,324 | ) | - | ||||||||||||||||
WMB Bank Bondholder
|
335,000 | 335,000 | (335,000 | ) | - | - | ||||||||||||||||
WMI Vendor Claims
|
49,733 | 49,733 | (49,733 | ) | - | - | ||||||||||||||||
Allowed Claims
|
74,965 | 74,965 | (65,581 | ) | (9,384 | ) | - | |||||||||||||||
Disputed claims
|
827,578 | 827,578 | - | (827,578 | ) | - | ||||||||||||||||
Subordinated claims
|
69,137 | 69,137 | - | (69,137 | ) | - | ||||||||||||||||
Total pre-petition liabilities
|
8,474,775 | 8,474,775 | (6,659,174 | ) | (1,815,601 | ) | - | |||||||||||||||
Total liabilities
|
8,580,752 | 8,580,752 | (6,619,880 | ) | (1,830,872 | ) | 130,000 | |||||||||||||||
Shareholders' equity:
|
||||||||||||||||||||||
Preferred stock
|
7,498,857 | 7,498,857 | (108,750 | ) |
(h)
|
(7,390,107 | ) | - | ||||||||||||||
Common stock
|
13,088,962 | 13,088,962 | (36,250 | ) |
(h)
|
(13,052,712 | ) | - | ||||||||||||||
New common stock
|
- | - | 155,000 |
(h)
|
- | 155,000 |
(h)
|
|||||||||||||||
Retained earnings - pre-petition
|
(20,770,849 | ) | (20,770,849 | ) | - | 20,770,849 | - | |||||||||||||||
Retained earnings - post-petition
|
(645,627 | ) | (645,627 | ) | 79,151 | 566,476 | - | |||||||||||||||
Total shareholders' equity (deficit)
|
(828,657 | ) | (828,657 | ) | 89,151 | 894,505 | 155,000 | |||||||||||||||
Total liabilities and shareholder's equity
|
7,752,095 | 7,752,095 | (6,530,728 | ) | (936,367 | ) | 285,000 | |||||||||||||||
Balance Sheet Check | - | - | - | - | - |
·
|
Tranquility Master Fund [D.I. 9698] - $9 million general unsecured claim and $1 million subordinated claim.
|
·
|
Litigation Tracking Warrants [D.I. 9649] - $9 million general unsecured claim, $10,166,667 subordinated claim, and $3,225,456 equity claim.
|
·
|
TPS Holders [D.I. 9764] - $3 million administrative claim for fees and expenses subject to approval of the Bankruptcy Court, $618,536 general unsecured claim, and $15 million subordinated claim which will be adjusted depending on the approval of the administrative claim.
|
·
|
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 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.
|
February 2012 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
|
19,075.00 | - | 37,535.00 | (37,900.00 | ) | 18,710.00 | - | ||||||||||||||||||||||||||||||||||
FICA -- Employee
|
3,012.59 | - | 5,887.27 | (5,974.05 | ) | 2,925.81 | - | ||||||||||||||||||||||||||||||||||
FICA -- Employer
|
3,809.77 | 7,432.80 | - | (7,550.29 | ) | 3,692.28 | - | ||||||||||||||||||||||||||||||||||
Unemployment
|
451.62 | - | - | - | 451.62 | - | |||||||||||||||||||||||||||||||||||
Income
|
* | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Other
|
- | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total Federal
|
26,348.98 | 7,432.80 | 43,422.27 | (51,424.34 | ) | 25,779.71 | - | - | - | - | - | ||||||||||||||||||||||||||||||
State and Local
|
|||||||||||||||||||||||||||||||||||||||||
WA Withholding
|
n/a | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
WA Disability
|
260.72 | 151.63 | 93.75 | - | 506.10 | ||||||||||||||||||||||||||||||||||||
WA Unemployment
|
8,531.71 | 1,071.78 | - | - | 9,603.49 | ||||||||||||||||||||||||||||||||||||
Sales/Use
|
** | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Real Property
|
n/a | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Personal Property
|
n/a | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Other
|
- | - | - | - | - | ||||||||||||||||||||||||||||||||||||
- | - | ||||||||||||||||||||||||||||||||||||||||
Total State and Local
|
8,792.43 | 1,223.41 | 93.75 | - | 10,109.59 | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total Taxes
|
35,141.41 | 8,656.21 | 43,516.02 | (51,424.34 | ) | 35,889.30 | - | - | - | - | - | ||||||||||||||||||||||||||||||
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 February.
|
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 2/1/2012 through 2/29/2012
|
Property Tax Filings:
|
||||
No property tax returns were filed during the period 2/1/2012 through 2/29/2012.
|
||||
Sales/Use Tax Filings:
|
||||
No sales/use tax returns were filed during the period 2/1/2012 through 2/29/2012.
|
||||
Payroll Tax Filings:
|
||||
Entity
|
Jurisdiction
|
Filing Description
|
Due Date
|
Date Filed
|
WMI
|
IRS (Federal)
|
Withholding summary of deposits and filings (semi-monthly)
|
2/03/2012
|
2/03/2012
|
WMI
|
IRS (Federal)
|
Withholding summary of deposits and filings (semi-monthly)
|
2/22/2012
|
2/22/2012
|
WMI
|
Colorado
|
Income withholding tax return (monthly)
|
2/15/2012
|
2/13/2012
|
WMI
|
Colorado
|
Annual Transmittal of State W-2 Forms (annual)
|
2/29/2012
|
2/23/2012
|
WMI
|
Idaho
|
Withholding report (monthly)
|
2/20/2012
|
2/13/2012
|
Corporate Income Tax/Franchise Tax/Gross Receipts Tax Filings:
|
||||
Entity
|
Jurisdiction
|
Filing Description
|
Due Date
|
Date Filed
|
WMI
|
Washington
|
Business and occupation tax return
|
2/25/2012
|
2/24/2012
|
Case No. 08-12229 (MFW)
|
||||
Washington Mutual, Inc., et al
|
||||
MOR-4: Post Petition Accounts Payable Aging by Vendor
|
||||
As of February 29, 2012
|
Washington Mutual, Inc. | |||||||||||||||||||||
Vendor
|
Current *
|
31 - 60 | 61- 90 |
91 and Over
|
Total
|
||||||||||||||||
Akin Gump Strauss Hauer & Feld LLP
|
$ | 253,400.10 | $ | - | $ | - | $ | - | $ | 253,400.10 | |||||||||||
Ashby & Geddes, P.A.
|
253,167.89 | - | - | - | 253,167.89 | ||||||||||||||||
AT&T
|
1,787.31 | - | - | - | 1,787.31 | ||||||||||||||||
Brouwer, Curt
|
113.35 | - | - | - | 113.35 | ||||||||||||||||
Computershare Inc
|
10,248.86 | - | - | - | 10,248.86 | ||||||||||||||||
Corporation Service Company
|
85.77 | - | - | - | 85.77 | ||||||||||||||||
Cronk, Thomas
|
1,417.69 | - | - | - | 1,417.69 | ||||||||||||||||
Davis Wright Tremaine LLP
|
1,666.00 | - | - | - | 1,666.00 | ||||||||||||||||
Elliott Greenleaf
|
27,779.15 | - | - | - | 27,779.15 | ||||||||||||||||
Ernst & Young LLP
|
32,279.00 | - | - | - | 32,279.00 | ||||||||||||||||
FedEx
|
389.93 | - | - | - | 389.93 | ||||||||||||||||
Frank Partnoy
|
901.00 | - | - | - | 901.00 | ||||||||||||||||
FTI Consulting, Inc.
|
330,478.50 | - | - | - | 330,478.50 | ||||||||||||||||
Grayson, Helen
|
95.90 | - | - | - | 95.90 | ||||||||||||||||
Klee, Tuchin, Bogdanoff & Stern LLP
|
228,941.61 | - | - | - | 228,941.61 | ||||||||||||||||
Law Debenture Trust Company of New York
|
2,258,145.08 | - | - | - | 2,258,145.08 | ||||||||||||||||
Miller & Chevalier
|
692,685.40 | - | - | - | 692,685.40 | ||||||||||||||||
Mountain Moving & Storage
|
5,379.44 | - | - | - | 5,379.44 | ||||||||||||||||
Pepper Hamilton LLP
|
48,711.99 | - | - | - | 48,711.99 | ||||||||||||||||
Perkins Coie LLP
|
152,335.68 | - | - | - | 152,335.68 | ||||||||||||||||
Peter J. Solomon Company
|
280,361.85 | - | - | - | 280,361.85 | ||||||||||||||||
Puget Sound Beverage Service
|
95.33 | - | - | - | 95.33 | ||||||||||||||||
Quinn Emanuel Urquhart & Sullivan, LLP
|
72,995.79 | - | - | - | 72,995.79 | ||||||||||||||||
Richards, Layton & Finger P.A.
|
274,030.75 | - | - | - | 274,030.75 | ||||||||||||||||
Schwabe, Williamson & Wyatt, P.C.
|
144,305.63 | - | - | - | 144,305.63 | ||||||||||||||||
Shearman & Sterling LLP
|
971,886.68 | - | - | - | 971,886.68 | ||||||||||||||||
Simpson Thacher & Bartlett LLP
|
1,034.08 | - | - | - | 1,034.08 | ||||||||||||||||
Smith, Charles E.
|
6,644.49 | - | - | - | 6,644.49 | ||||||||||||||||
Struck, Peter
|
171.00 | - | - | - | 171.00 | ||||||||||||||||
Sullivan Hazeltine Allinson, LLC
|
11,206.29 | - | - | - | 11,206.29 | ||||||||||||||||
Susman Godfrey LLP
|
67,291.00 | - | - | - | 67,291.00 | ||||||||||||||||
Suzuki, Dennis
|
108.00 | - | - | - | 108.00 | ||||||||||||||||
The Bank of New York Mellon Trust Company
|
2,497,765.96 | - | - | - | 2,497,765.96 | ||||||||||||||||
Thomson Reuters (Tax & Accounting)
|
6,232.82 | - | - | - | 6,232.82 | ||||||||||||||||
Vision Service Plan
|
107.64 | - | - | - | 107.64 | ||||||||||||||||
Weil, Gotshal & Manges LLP
|
1,351,389.82 | - | - | - | 1,351,389.82 | ||||||||||||||||
Wells Fargo Bank
|
5,000.00 | - | - | - | 5,000.00 | ||||||||||||||||
Wells Fargo Bank, N.A.
|
4,374,645.48 | - | - | - | 4,374,645.48 | ||||||||||||||||
Wilmington Trust Company
|
2,470,111.64 | - | - | - | 2,470,111.64 | ||||||||||||||||
Wilmington Trust Company (TPS)
|
712,302.84 | - | - | - | 712,302.84 | ||||||||||||||||
Total
|
$ | 17,547,696.74 | $ | - | $ | - | $ | - | $ | 17,547,696.74 |
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
|