Subsequent Events

9 Months Ended

Sep. 30, 2016

Subsequent Events [Abstract]

Subsequent Events

Note 14: Subsequent Events

On October 1, 2016, WMIH, through the trustee and collateral agent of the Second Lien Notes, made a partial redemption of approximately $0.4 million of Second Lien Note principal and paid approximately $4 thousand of interest from cash previously held in the collateral account. The principal balance of the Second Lien Notes, after this partial redemption, was approximately $19.2 million as of October 1, 2016.

On October 6, 2016, WMIH was notified that approximately $0.5 million of Litigation Proceeds held in the RSA Reserve that was established at the time of the settlement of the D&O Litigation was released from the RSA Reserve pursuant to the terms of the RSA, and as a result on October 6, 2016, WMIH received approximately $123 thousand of the released Litigation Proceeds, representing WMIH’s portion of the second distribution of $0.5 million from the $3.0 million of Litigation Proceeds initially deposited into the RSA Reserve which is administered by a third party.   The remaining balance in the RSA Reserve subsequent to this distribution is $2.0 million.  There can be no assurance that WMIH will receive any further distributions on account of Litigation Proceeds in the future.