WASHINGTON
|
45-6794330
|
(State or other jurisdiction of
|
(IRS Employer
|
incorporation)
|
Identification No.)
|
Exhibit No.
|
|
Description
|
EX-99.1
|
Quarterly Summary Report for the period March 19, 2012 to March 31, 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.
|
WMI LIQUIDATING TRUST
|
|||
Date: April 30, 2012
|
By:
|
/s/ John Maciel | |
John Maciel
|
|||
Chief Financial Officer,
WMI Liquidating Trust on behalf of
Washington Mutual, Inc. and
WMI Investment Corp.
|
|||
Debtor's Name: Washington Mutual Inc., et al
|
Bank: Various
|
||||||
Bankruptcy Number: 08-12229 (MFW)
|
Account Number: Various
|
||||||
Date of Confirmation: February 24, 2012
|
Account Type: Various
|
||||||
Reporting Period (month/year):
|
March 1, 2012 through March 31, 2012 (includes cash transactions for last period before March 19, 2012, the “Effective Date”) | ||||||
Beginning Cash Balance (Bank Balance – Debtors):
|
$ | 4,019,971,192 | |||||
All receipts received by the Debtors and WMI Liquidating Trust (“Trust”) on behalf of the Debtors:
|
|||||||
Cash Sales / Interest:
|
$ | 447,729 | |||||
Collection of Accounts Receivable:
|
$ | 0 | |||||
Proceeds from Litigation / Settlement:
|
$ | 2,852,911,974 | |||||
Sale of Debtor’s Assets:
|
$ | 869,490,252 | |||||
Other Cash Receipts /Transfers
|
$ | 11,574,076 | |||||
Total of cash received:
|
$ | 3,734,424,031 | |||||
Total of cash available:
|
$ | 7,754,395,223 | |||||
Less all disbursements or payments (including payments made under the confirmed plan) made by the Debtor and the Trust:
|
|||||||
Disbursements made under the plan, excluding the administrative claims of bankruptcy professionals (includes cash capitalization of Successor to the Debtors, Reorg WMI): | $ | 6,792,388,375 | |||||
Disbursements made pursuant to the administrative claims of bankruptcy professionals: | $ | 21,576,833 | |||||
All other disbursements made in the ordinary course: | $ | 703,572 | |||||
Total Disbursements
|
$ | 6,814,668,780 | |||||
Ending Cash Balance (at Trust)
|
$ | 939,726,443 |
April 30, 2012
|
/s/ John Maciel
|
|
||
Date | John Maciel, Chief Financial Officer |
Page
|
Description
|
|
1
|
Background/Disclaimer
|
|
Pre-Effective Report
|
||
3
|
Schedule of Cash Receipts and Disbursements
-- for March 1, 2012 through March 19, 2012 (Effective Date)
|
|
Post-Effective Reports
|
||
4
|
Schedule of Cash Receipts and Disbursements
-- for March 20, 2012 through March 31, 2012
|
|
5
|
Statement of Net Assets in Liquidation (Balance Sheet)
|
|
6
|
Statement of Changes in Net Assets in Liquidation (Income Statement)
|
|
7
|
Notes to the Financial Statements
|
|
11
|
Rollforward of Liquidating Trust Interests
|
|
12
|
Next Dollar Analysis
|
|
13
|
Rollforward of Disputed Claims Reserve
|
|
Washington Mutual, Inc., et al.
|
Case No. 08-12229 (MFW)
|
MOR 1 -- Schedule of Cash Receipts and Disbursements
|
|
Period from 03/01/2012 through 03/19/2012 - the Effective Date
|
Washington Mutual, Inc.
|
NEW
|
WMI Investment Corp.
|
||||||||||
Account
|
Deposit
|
Deposit
|
Deposit
|
Deposit
|
Money Market
|
General
|
General
|
Deposit
|
General
|
|||
Bank
|
WMB/JPM
|
WMB/JPM
|
WMB/JPM
|
WMB/JPM
|
Bank of America
|
Bank of America
|
US Bank
|
WMB/JPM
|
Bank of America
|
|||
Bank Account
|
xxx0667
|
xxx4234
|
xxx9626
|
xxx9663
|
xxx0658
|
xxx4228
|
Reorganized
|
WMI
|
xxx4704
|
xxx4231
|
WMI Inv Corp
|
Combined
|
GL Account
|
70 /10450
|
70 / 10441
|
70 / 10451
|
70 / 10452
|
70 / 12510
|
70 /10305
|
Debtor
|
Total
|
467 / 10450
|
467 / 10305
|
Total
|
Total
|
Opening Balance - 02/28/2012
|
262,610,112
|
3,686,006,077
|
4,673
|
751,434
|
11,998,293
|
4,549,903
|
-
|
3,965,920,492
|
53,748,735
|
301,965
|
54,050,700
|
4,019,971,192
|
Receipts
|
||||||||||||
Interest & investment returns
|
29,668
|
340,082
|
-
|
85
|
-
|
721
|
-
|
370,556
|
5,904
|
52,998
|
58,902
|
429,458
|
Final distribution from Assurant Trust
|
-
|
-
|
-
|
-
|
-
|
8,003,490
|
-
|
8,003,490
|
8,003,490
|
|||
Receipts under GSA
|
-
|
-
|
-
|
-
|
-
|
2,852,911,974
|
-
|
2,852,911,974
|
2,852,911,974
|
|||
Distributions from subsidiaries
|
-
|
-
|
-
|
-
|
-
|
64,834,372
|
-
|
64,834,372
|
(53,754,639)
|
(354,854)
|
(54,109,493)
|
10,724,879
|
Asset monetization
|
-
|
-
|
-
|
-
|
-
|
144,498,710
|
-
|
144,498,710
|
-
|
144,498,710
|
||
Misc receipts
|
-
|
-
|
-
|
-
|
-
|
341,237
|
-
|
341,237
|
-
|
341,237
|
||
Total Receipts
|
29,668
|
340,082
|
-
|
85
|
-
|
3,070,590,505
|
-
|
3,070,960,340
|
(53,748,735)
|
(301,856)
|
(54,050,591)
|
3,016,909,749
|
Transfers
|
||||||||||||
Transfer to BofA General Account
|
(74,092,853)
|
(3,686,346,159)
|
(4,673)
|
(751,519)
|
3,761,195,204
|
-
|
(0)
|
-
|
-
|
-
|
(0)
|
|
Sweep to/(from) Money Market account
|
-
|
-
|
-
|
-
|
(11,998,293)
|
11,998,293
|
-
|
-
|
-
|
-
|
-
|
-
|
Transfer to new account - Reorganized Debtor
|
-
|
-
|
-
|
-
|
(75,000,000)
|
75,000,000
|
-
|
-
|
-
|
-
|
-
|
|
Transfer WMI Inv short term securities to WMI
|
-
|
-
|
-
|
-
|
223,152,300
|
-
|
223,152,300
|
-
|
(223,152,300)
|
(223,152,300)
|
-
|
|
Transfer (to)/from Wells Managed Account
|
-
|
-
|
-
|
-
|
-
|
493,835,752
|
-
|
493,835,752
|
-
|
223,152,300
|
223,152,300
|
716,988,051
|
Total Transfers
|
(74,092,853)
|
(3,686,346,159)
|
(4,673)
|
(751,519)
|
(11,998,293)
|
4,415,181,548
|
75,000,000
|
716,988,051
|
-
|
-
|
-
|
716,988,051
|
Disbursements
|
||||||||||||
Salaries and benefits
|
-
|
-
|
-
|
-
|
-
|
422,519
|
-
|
422,519
|
-
|
-
|
-
|
422,519
|
Travel and other expenses
|
-
|
-
|
-
|
-
|
-
|
12,898
|
-
|
12,898
|
-
|
-
|
-
|
12,898
|
Occupancy and supplies
|
-
|
-
|
-
|
-
|
-
|
49,571
|
-
|
49,571
|
-
|
-
|
-
|
49,571
|
Professional fees
|
-
|
-
|
-
|
-
|
-
|
21,233,786
|
-
|
21,233,786
|
-
|
-
|
-
|
21,233,786
|
Other outside services
|
-
|
-
|
-
|
-
|
-
|
17,298
|
-
|
17,298
|
-
|
69
|
69
|
17,367
|
Bank fees
|
-
|
-
|
-
|
-
|
-
|
78,216
|
-
|
78,216
|
-
|
40
|
40
|
78,256
|
US Trustee quarterly Fees
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Directors fees
|
-
|
-
|
-
|
-
|
-
|
30,000
|
-
|
30,000
|
-
|
-
|
-
|
30,000
|
Distribution to Tax Refund Escrow
|
-
|
-
|
-
|
-
|
-
|
15,995,060
|
-
|
15,995,060
|
-
|
-
|
-
|
15,995,060
|
Distributions to Creditors
|
-
|
-
|
-
|
-
|
-
|
6,511,562,058
|
-
|
6,511,562,058
|
-
|
-
|
-
|
6,511,562,058
|
Distribution to Trust
|
-
|
-
|
-
|
-
|
-
|
939,636,220
|
-
|
939,636,220
|
-
|
-
|
-
|
939,636,220
|
Distributions to JPMorgan
|
188,546,927
|
-
|
-
|
-
|
-
|
1,284,331
|
-
|
189,831,257
|
-
|
-
|
-
|
189,831,257
|
Total Disbursements
|
188,546,927
|
-
|
-
|
-
|
7,490,321,956
|
-
|
7,678,868,883
|
-
|
109
|
109
|
7,678,868,992
|
|
Net Cash Flow
|
(262,610,112)
|
(3,686,006,077)
|
(4,673)
|
(751,434)
|
(11,998,293)
|
(4,549,903)
|
75,000,000
|
(3,890,920,492)
|
(53,748,735)
|
(301,965)
|
(54,050,700)
|
(3,944,971,192)
|
Ending Cash - March 19, 2012
|
-
|
-
|
-
|
-
|
-
|
-
|
75,000,000
|
75,000,000
|
-
|
-
|
-
|
75,000,000
|
GL Balance
|
-
|
-
|
-
|
-
|
-
|
-
|
75,000,000
|
75,000,000
|
-
|
-
|
-
|
75,000,000
|
Net value - short-term securities
|
-
|
-
|
-
|
|||||||||
Total Cash & Cash Equivalents
|
75,000,000
|
-
|
75,000,000
|
WMI Liquidating Trust
|
March 2012 Quarterly Summary Report - UNAUDITED
|
Schedule of Cash Receipts and Disbursements
|
|
||||||||||||||||||||
For the Period from Effective Date through March 31, 2012
|
||||||||||||||||||||
Cash
|
Litigation Reserve
|
Disputed Claim Cash
|
Restricted Cash
|
Total
|
||||||||||||||||
Beginning Cash - Effective Date
|
$ | 140,117,720 | $ | 20,000,000 | $ | 725,779,642 | $ | 53,738,857 | $ | 939,636,220 | ||||||||||
Receipts
|
||||||||||||||||||||
Interest /Investment Income Received
|
- | |||||||||||||||||||
Treasury Bill accretion
|
- | - | 18,271 | - | 18,271 | |||||||||||||||
Sale / Monetization of Debtor's assets
|
- | - | - | - | - | |||||||||||||||
Collection of tax receivable
|
- | - | - | - | - | |||||||||||||||
Proceeds from Litigation
|
- | - | - | - | - | |||||||||||||||
Proceeds from run-off notes
|
- | - | - | - | - | |||||||||||||||
Other receipts
|
40,825 | - | - | 467,135 | 507,961 | |||||||||||||||
Total Receipts
|
40,825 | - | 18,271 | 467,135 | 526,231 | |||||||||||||||
Transfers
|
||||||||||||||||||||
Disallowance of disputed claims
|
- | - | - | - | - | |||||||||||||||
Allowance of disputed claims
|
(3,177,305 | ) | 3,177,305 | - | ||||||||||||||||
Other transfers
|
- | - | - | - | - | |||||||||||||||
Total transfers
|
- | - | (3,177,305 | ) | 3,177,305 | - | ||||||||||||||
Disbursements/Payments
|
||||||||||||||||||||
Disbursements to Liquidating Trust Interests
|
- | - | - | - | - | |||||||||||||||
Disbursements to claims allowed (i.e. releases, etc.)
|
- | - | - | - | - | |||||||||||||||
Disbursements made to bankruptcy professionals
|
||||||||||||||||||||
For services prior to the effective date
|
343,047 | - | - | - | 343,047 | |||||||||||||||
For services after the effective date
|
- | - | - | - | - | |||||||||||||||
Disbursements in ordinary course:
|
||||||||||||||||||||
Salaries and benefits
|
38,064 | - | - | - | 38,064 | |||||||||||||||
Travel and other expenses
|
- | - | - | - | - | |||||||||||||||
Occupancy and supplies
|
41,547 | - | - | - | 41,547 | |||||||||||||||
Other outside services
|
13,350 | - | - | - | 13,350 | |||||||||||||||
Other disbursements
|
- | - | - | - | - | |||||||||||||||
- | ||||||||||||||||||||
Disbursements in ordinary course
|
92,961 | - | - | - | 92,961 | |||||||||||||||
Total Disbursements
|
436,008 | - | - | - | 436,008 | |||||||||||||||
Ending Cash and Cash Equivalants
|
$ | 139,722,538 | $ | 20,000,000 | $ | 722,620,608 | $ | 57,383,298 | $ | 939,726,443 |
WMI Liquidating Trust
|
March 2012 Quarterly Summary Report - UNAUDITED
|
Statements of Net Assets in Liquidation
|
(Liquidation Basis)
|
03/31/2012
|
Effective Date
|
||||||||
Assets:
|
|||||||||
Cash and cash equivalents
|
$ | 139,722,538 | $ | 140,117,720 | |||||
Cash held in reserve for litigation costs
|
20,000,000 | 20,000,000 | |||||||
Cash held in reserve for disputed claims
|
722,620,607 | 725,779,642 | |||||||
Other restricted cash
|
57,383,299 | 53,738,857 | |||||||
Total cash and cash equivalents
|
939,726,443 | 939,636,219 | |||||||
Income tax receivable
|
96,000,000 | 96,000,000 | |||||||
WMI runoff notes
|
128,395,112 | 127,851,091 | |||||||
WMI runoff notes (held in Disputed Claims)
|
1,238,084 | 1,232,742 | |||||||
Investment in subsidiaries
|
3,712,494 | 3,715,263 | |||||||
Prepaid Expenses
|
942,443 | 948,080 | |||||||
Other assets
|
2,261,542 | 2,285,732 | |||||||
Total assets
|
$ | 1,172,276,118 | $ | 1,171,669,128 | |||||
Liabilities:
|
|||||||||
Pre-effective date liabilities
|
$ | 85,304,408 | $ | 94,112,477 | |||||
Cash held for allowed claimants
|
57,116,417 | 53,471,976 | |||||||
Estimated costs to operate trust
|
37,699,938 | 40,000,000 | |||||||
Accounts payable
|
14,604,537 | 6,123,945 | |||||||
Accrued wages and benefits
|
65,930 | 18,261 | |||||||
Other accrued liabilities
|
2,287,119 | 133,441 | |||||||
Other post-petition liabilities
|
|||||||||
Total liabilities
|
197,078,349 | 193,860,100 | |||||||
Net assets in liquidation:
|
|||||||||
Net assets subject to disputed claims
|
723,858,691 | 727,012,384 | |||||||
Net assets available to liquidating trust interests
|
251,339,079 | 250,796,643 | |||||||
Total net assets
|
975,197,770 | 977,809,027 | |||||||
Total liabilities and net assets
|
$ | 1,172,276,118 | $ | 1,171,669,128 |
WMI Liquidating Trust
|
March 2012 Quarterly Summary Report - UNAUDITED
|
Statement of Changes in Net Assets in Liquidation
|
(Liquidation Basis)
|
Quarter ending 03/31/2012
|
|||||
Net assets, beginning:
|
$ | 977,809,027 | |||
Income
|
|||||
Interest / Investment income - DCR
|
18,271 | ||||
Interest income - runoff notes
|
549,363 | ||||
Earnings / (Losses) from subsidiaries
|
(2,769 | ) | |||
Other income
|
1,183 | ||||
Total income
|
566,048 | ||||
Expenses
|
|||||
Payroll and benefits
|
85,560 | ||||
Occupancy and supplies
|
15,739 | ||||
Professional fees & services
|
2,116,322 | ||||
Other expenses
|
82,441 | ||||
Change in Reserve for Expenses
|
(2,300,062 | ) | |||
Added / (Reduced) Expense
|
- | ||||
Changes in Market Value
|
|||||
Tax receivable
|
- | ||||
Runoff notes
|
- | ||||
Other
|
- | ||||
Total changes in market value
|
- | ||||
Other items
|
|||||
DCR Claims allowed -- Cash
|
(3,177,305 | ) | |||
Distributions to LTI holders
|
- | ||||
Total changes in Net Assets
|
(2,611,257 | ) | |||
Net assets, ending
|
$ | 975,197,770 |
·
|
Assets and liabilities should be reported at their net realizable values. The Trust is reporting the values consistent with the values used for tax purposes, which were based on estimates made by an independent valuation firm for select assets.
|
·
|
Instead of a balance sheet and income statement, the Trust provides a Statement of Net Assets in Liquidation and Statement of Changes in Net Assets in Liquidation. The Statement of Net Assets should report assets and liabilities at the amount of cash expected to be received or paid in liquidation. Such a report is inherently uncertain, based as it is on estimates and assumptions. The cash amounts actually received and paid could be materially different than the reported balances.
|
·
|
Record the costs expected to execute the liquidation upfront. The Trust has recorded a liability for the $40.0 million provided by the Plan to operate the Trust. As of March 31, the remaining liability is $37.7 million.
|
WMI Liquidating Trust
|
March 2012 Quarterly Summary Report - UNAUDITED
|
Rollforward of Liquidating Trust Interests (1)
|
Beginning -- 3/19/12
|
Post Effective Accretion
|
Allowed
|
Disallowed
|
Disbursement
|
Other
|
Ending -- 3/31/12
|
Projected Distribution on May 1
|
|||||||||||||||||||||||||
Senior Notes (Tranche 2)
|
$ | 86,549,539 | $ | 127,350 | $ | - | $ | - | $ | - | $ | - | $ | 86,676,889 | $ | - | ||||||||||||||||
Senior Subordinated Notes (Tranche 2)
|
336,940,518 | 749,119 | - | - | - | - | 337,689,637 | - | ||||||||||||||||||||||||
CCB (Tranche 3) (2)
|
20,628,777 | 49,824 | - | - | - | - | 20,678,601 | - | ||||||||||||||||||||||||
PIERS (Tranche 4) (3)
|
167,721,545 | 115,405 | - | - | - | (557,348 | ) | 167,279,602 | - | |||||||||||||||||||||||
Remaining Postpetition Interest Claim (Tranche 4) (4)
|
45,294,223 | 3,931 | - | - | - | - | 45,298,154 | - | ||||||||||||||||||||||||
Allowed General Unsecured Claims -- GUC (Tranches 2-4)
|
9,346,744 | 6,431 | 466,901 | - | - | - | 9,820,076 | - | ||||||||||||||||||||||||
LTI balances -- Current LTI holders
|
666,481,346 | 1,052,060 | 466,901 | - | - | (557,348 | ) | 667,442,959 | - | |||||||||||||||||||||||
LTI balances -- Disputed Claims Reserve (3) (5)
|
352,711,571 | 417,421 | (466,901 | ) | - | - | (244,184 | ) | 352,417,907 | - | ||||||||||||||||||||||
TOTAL LTI Balances
|
$ | 1,019,192,917 | $ | 1,469,481 | $ | - | $ | - | $ | - | $ | (801,532 | ) | $ | 1,019,860,866 | $ | - |
NOTES
|
|||
1 | ) |
Liquidating Trust Interests are not issued to holders of subordinated claims and equity interests. Additional LTI's will only be issued to holders of subordinated claims and equity interests if proceeds exceed the face amounts issued to current LTI holders.
|
|
2 | ) |
CCB balance excludes the portion allocable to holders of CCB common stock (which amounted to $2,080,000 in principal).
|
|
3 | ) |
PIERS balance represents "Cap" established due to difference between Federal Judgment Rate and Subordinated Contractual Rates. The adjustment in the "Other" column represents the subordination of PIERS to senior levels, reducing the "Cap", or in other words, the highest possible amount that PIERS holders can collect as of the date of this report.
|
|
4 | ) |
A Claim by a holder of an Allowed Senior Notes Claim with respect to Floating Rate Notes against any of the Debtors or the Debtors’ estates for interest accrued during the period from the Petition Date up to and including the date of final payment of such Claim, in an amount equal to (a) such holder’s Postpetition Interest Claim minus (b) such holder’s Intercreditor Interest Claim.
|
|
5 | ) |
The LTI balance in the Disputed Claim Reserve also includes allowed claims which have not yet provided valid IRS Form W-8 / W-9 documentation. As of March 31, 2012, the DCR held $0 in cash and $252,250,268 of LTI's on behalf of allowed claimants that did not provide the proper tax documentation.
|
WMI Liquidating Trust
|
March 2012 Quarterly Summary Report - UNAUDITED
|
Next Dollar Analysis as of 3/31/12
|
Remaining Aggregate Distribution
|
Distribution Description
|
LTI Distribution Recipient (1) (2)
|
||||||||
Up to $610,397,261
|
Until LTI holders of Senior and Senior Sub are paid in full
|
Senior CUSIPs
|
18.4 | % | ||||||
Sr Sub CUSIPs
|
70.8 | % | ||||||||
General Unsecured Claims
|
10.8 | % | ||||||||
$ | 610,397,262 - $699,438,771 |
Until LTI holders of CCBs claims are paid in full
|
CCB CUSIPs
|
89.2 | % | |||||
General Unsecured Claims
|
10.8 | % | ||||||||
$ | 699,438,772 - $1,019,860,866 |
Until LTI holders of Remaining Post-Petition Interest, PIERS and GUC are paid in full
|
Remaining Post Petition Interest Claim -- Senior Floating
|
14.1 | % | |||||
General Unsecured Claims
|
10.8 | % | ||||||||
PIERS CUSIPs
|
75.1 | % |
NOTES:
|
||
(1)
|
The percentages represent the percentage of each incremental distributed dollar each group would receive. The percentages represent the group in total. Due to various elements including, but not limited to, the pro rata calculation on interest versus principal and the timing of the allowance of a claim, the percentage for an individual claim and/or group will vary from the group's total percentage.
|
|
(2)
|
The disputed claims (on an "as if allowed" basis) are included in the General Unsecured Claims percentages.
|
WMI Liquidating Trust
|
March 2012 Quarterly Summary Report - UNAUDITED
|
Rollforward of Disputed Claims Reserve
|
Disputed
Assets (4)(5)
|
LTI (4)(6)
|
Total
|
|||||||||||
Beginning Balance
|
$ | 727,012,384 | $ | 352,711,571 | $ | 1,079,723,955 | |||||||
Post-effective Accretion on LTI portion
|
- | 417,421 | 417,421 | ||||||||||
Interest Earned on Disputed Assets
|
23,613 | - | 23,613 | ||||||||||
Less: Allowed Clams (1)(2)
|
(3,177,305 | ) | (466,901 | ) | (3,644,206 | ) | |||||||
Less: Disallowed Claims
|
- | - | - | ||||||||||
Other Adjustments (3)
|
- | (244,184 | ) | (244,184 | ) | ||||||||
Ending Balance
|
$ | 723,858,692 | $ | 352,417,908 | $ | 1,076,276,600 |
NOTES:
|
||
1 | ) | Cash for allowed claims will be distributed on May 1. |
2 | ) | Cash payment for allowed claims includes each claim's prorata portion of the interested earned by the DCR after the Effective Date. |
3 | ) |
"Other Adjustments" represents the subordination of PIERS to senior levels, reducing the "Cap".
|
4 | ) |
The LTI balance in the Disputed Claim Reserve also includes allowed claims which have not yet provided valid W-8/W-9 documentation. As of March 31, 2012, the DCR held $0 in cash and $252,250,268 of LTI's for allowed claim holders that did not provide the proper tax documentation.
|
5 | ) | Disputed Assets includes cash held for the benefit of disputed claims as well as Runoff notes elected by disputed claim holders in lieu of cash on the Effective Date. |
6 | ) | The face amount of unpaid claims which represents a claim against the general assets of the Trust, distributable in accordance with the subordination provisions of the Plan. |