Attached files
file | filename |
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8-K - FORM 8-K - Mr. Cooper Group Inc. | mm05-3111_8k.htm |
EXHIBIT 99.1
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re Washington Mutual, Inc., et al. |
Case No. 08-12229 (MFW)
|
Reporting Period: 04-01-11 to 04-30-11
|
|
MONTHLY OPERATING REPORT
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
|
|
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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I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the documents attached are true and correct to the best of my knowledge and belief.
/s/ John Maciel
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May 31, 2011
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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
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Printed Name of Authorized Individual
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Title of Authorized Individual
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*Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.
In re Washington Mutual, Inc., et al
Case No. 08-12229 (MFW)
DISCLAIMER
Washington Mutual, Inc. (“WMI”) and WMI Investment Corp. (together, the “Debtors”) caution investors and potential investors in WMI not to place undue reliance upon the information contained in this Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of WMI. The Monthly Operating Report is limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the monthly operating guidelines as described in the Chapter 11 Trustee Handbook, United States Department of Justice, May 2004 in accordance with 28 U.S.C §586(a)(3). The Monthly Operating Report was not audited or reviewed by independent accountants; does not purport to present the financial statements of WMI in accordance with generally accepted accounting principles; does not purport to present the market value of WMI’s assets and liabilities or the recoverability of WMI’s assets; is in a format prescribed by applicable bankruptcy laws; and is subject to future adjustment and reconciliation. There can be no assurance that, from the perspective of an investor or potential investor in WMI’s securities, the Monthly Operating Report is complete. Results set forth in the Monthly Operating Report should not be viewed as indicative of future results. This disclaimer applies to all information contained herein.
On September 26, 2008 (the “Petition Date”), the Debtors each commenced voluntary cases under chapter 11 of title 11 of the United States Code with the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). Prior to the Petition Date, on September 25, 2008, the Director of the Office of Thrift Supervision appointed the Federal Deposit Insurance Corporation (the “FDIC”) as receiver for Washington Mutual Bank (“WMB”) and advised that the receiver was immediately taking possession of WMB’s assets. Immediately after its appointment as receiver, the FDIC sold substantially all the assets of WMB, including the stock of Washington Mutual Bank fsb, to JPMorgan Chase Bank, National Association (“JPMorgan”) pursuant to that certain Purchase and Assumption Agreement, Whole Bank, dated as of September 25, 2008 (the “Sale”).
Prior to the Petition Date, WMI and WMB jointly maintained their respective financial records. As a result of the Sale, many of the Debtors’ books and records were seized by the FDIC and transferred to the custody of JPMorgan. Accordingly, the Debtors are not in control of certain information relating to their operations and financial affairs, including, but not limited to, certain accounting information. In addition, as of the date of the Sale, substantially all of WMB’s employees became employees of JPMorgan. Accordingly, this Monthly Operating Report was prepared, in part, based upon the information and work product and/or representations made available to the Debtors and their professionals by representatives of WMB and JPMorgan.
Results represented in this Monthly Operating Report are consistent with WMI’s accounting practices as of the Petition Date. However, records of prepetition assets and liabilities, including, among other things, liabilities owed by WMI to WMB and its affiliates are likely to be adjusted. Further, claims have been filed against the Debtors in their chapter 11 cases that are not currently recorded on WMI’s books that, if allowed, would change the reported balances for pre-petition liabilities. The Debtors reserve all rights to amend the results represented in this Monthly Operating Report.
Washington Mutual, Inc., et al.
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Case No. 08-12229 (MFW)
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April 2011 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
|
|||
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
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Bank of America
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WMB/JPM
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Bank of America
|
|||
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
|
467 / 10450
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467 / 10305
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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
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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
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30,989
|
701,888
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Transfers
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|||||||||||
Sweep to/(from) Money Market account
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(23,000,000)
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23,000,000
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-
|
-
|
|||||||
Transfer (to)/from Wells Managed Account
|
-
|
-
|
-
|
-
|
-
|
||||||
Total Transfers
|
-
|
-
|
-
|
-
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(23,000,000)
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23,000,000
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-
|
-
|
-
|
-
|
-
|
Disbursements
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|||||||||||
Salaries and benefits
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257,228
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257,228
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-
|
-
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257,228
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||||||
Travel and other expenses
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27,428
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27,428
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-
|
-
|
27,428
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||||||
Occupancy and supplies
|
111,271
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111,271
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-
|
-
|
111,271
|
||||||
Professional fees
|
21,912,313
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21,912,313
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-
|
-
|
21,912,313
|
||||||
Other outside services
|
235,341
|
235,341
|
70
|
70
|
235,411
|
||||||
Bank fees
|
39,145
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39,145
|
-
|
-
|
39,145
|
||||||
US Trustee quarterly Fees
|
-
|
-
|
-
|
-
|
-
|
||||||
Directors fees
|
60,000
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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
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(21,941,843)
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Cash - End of Month
|
262,511,539
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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
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4,015,033,172
|
Net value - short-term securities
|
563,869,206
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222,274,359
|
786,143,565
|
||||||||
Total Cash & Cash Equivalents
|
4,524,845,617
|
276,331,120
|
4,801,176,737
|
In re Washington Mutual, Inc., et al
Case No. 08-12229 (MFW)
April 2011 Monthly Operating Report -- UNAUDITED
MOR 1a and MOR 1c -- Cash
Bank Reconciliations
The above-captioned debtors (the "Debtors") hereby submit this attestation regarding bank account reconciliations in lieu of providing copies of bank statements and copies of all account reconciliations.
I attest that each of the Debtors’ bank accounts is reconciled to monthly bank statements except those certain accounts ending in 0667, 4234, 9626, 9663 and 4704 (the “Excluded Accounts”). The Debtors’ standard practice is to ensure that each bank account is reconciled to monthly bank statements for each calendar month 30 days after month end.
In May 2009, JPMorgan started transitioning bank accounts from the WMB deposit platform to the JPMorgan deposit platform. Since the transition, JPMorgan has only provided the Debtors with bank account statements for certain months. The Debtors have not received bank statements for the period covered by this MOR for the Excluded Accounts. Therefore, the Debtors are unable to reconcile information related to the Excluded Accounts against a related bank statement. The Debtors have continued to record interest income on the accounts consistent with prior practice and based on an existing agreement with JPMorgan.
/s/ John Maciel
John Maciel
Chief Financial Officer
Washington Mutual, Inc.
Case No. 08-12229 (MFW)
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Washington Mutual, Inc., et al
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MOR-1B: Schedule of Professional Fees Paid
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Month Ended April 30, 2011
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Washington Mutual, Inc. | ||||||||||||||||||||||
Check
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Amount Paid - Apr'11*
|
Amount Paid CTD
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||||||||||||||||||||
Payee
|
Period Covered
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Number
|
Date
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Fees
|
Expense
|
Fees
|
Expense
|
|||||||||||||||
Akin, Gump, Strauss, Hauer & Feld LLP
|
10/01/10 - 02/28/11
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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 |
* Interim fee applications and multiple invoices were paid during this period.
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 |
In re Washington Mutual, Inc., et al
Case No. 08-12229 (MFW)
NOTES TO MOR-2 and MOR-3
Note 1: Plan of Reorganization and Settlement Agreement
On March 26, 2010, the Debtors filed a proposed plan of reorganization pursuant to chapter 11 of the Bankruptcy Code and related disclosure statement, which were subsequently amended.
On October 6, 2010, the Debtors filed their Sixth Amended Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of the Bankruptcy Code [D.I. 5548] (as amended, the “Sixth Amended Plan”) and related Disclosure Statement [D.I. 5549] (the “Prior Disclosure Statement”) with the Bankruptcy Court. The Sixth Amended Plan was premised upon implementation of an Amended and Restated Settlement Agreement (as amended on December 7, 2010, the “Settlement Agreement”), which represents a compromise of certain disputes among the Debtors, JPMorgan, the FDIC (as receiver for WMB and in its corporate capacity), the Creditors’ Committee and certain other parties-in-interest. After hearing testimony and argument regarding confirmation of the Sixth Amended Plan, on January 7, 2011, the Bankruptcy Court issued an opinion, pursuant to which, among other things, the Bankruptcy Court found the settlement and compromise represented by the Settlement Agreement to be fair and reasonable; however, the Bankruptcy Court nonetheless denied confirmation of the Sixth Amended Plan unless certain modifications were made thereto.
Accordingly, on February 8, 2011, the Debtors filed with the Bankruptcy Court their Modified Sixth Amended Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of the United States Bankruptcy Code (as amended, the “Modified Plan”) and a related Supplemental Disclosure Statement (as amended, the “Supplemental Disclosure Statement”). The Settlement Agreement also has been amended and restated by the Second Amended and Restated Settlement Agreement, dated February 7, 2011, to conform to certain revisions reflected in the Modified Plan, or otherwise required by the Opinion, and has been extended through May 31, 2011 (as it has and may be further amended, modified or supplemented, the “Amended Settlement Agreement”). In addition, the Amended Settlement Agreement excludes certain creditors who were previously parties to the Settlement Agreement. Otherwise, the Amended Settlement Agreement’s material financial terms remain unchanged as in the Settlement Agreement. The Amended Settlement Agreement is annexed to the Modified Plan and its terms are reflected in the Modified Plan and described in the Prior Disclosure Statement and the Supplemental Disclosure Statement.
By order, dated March 30, 2011 [D.I. 7081], the Bankruptcy Court approved the adequacy of the information contained in the Supplemental Disclosure Statement, authorized the commencement of the solicitation of acceptances and rejections of the Modified Plan. May 13, 2011 was the deadline for parties to submit votes on and elections with respect to the Modified Plan. On May 19, 2011, the Debtors, with consent of the Bankruptcy Court, adjourned the hearing to consider confirmation of the Modified Plan to June 29, 2011. The Modified Plan will become effective upon confirmation by the Bankruptcy Court.
The Amended Settlement Agreement is an integral part of the Modified Plan and is subject to confirmation of the Modified Plan. On the basis of the foregoing, the balance sheet and operating statement in this monthly operating report do not reflect any of the financial arrangements or settlements set forth in the Amended Settlement Agreement.
The foregoing notwithstanding, aspects of the Modified Plan and Amended Settlement Agreement are referred to in the Notes to MOR 2 and MOR 3 herein; however, users of this
monthly operating report should refer to the Modified Plan, Supplemental Disclosure Statement, Prior Disclosure Statement, Amended Settlement Agreement and related documents
directly for complete information.
Note 2: Tentative Settlement with Significant Creditors and Equity Committee
On May 24, 2011, WMI announced that it has reached a tentative settlement agreement with the Creditors’ Committee, certain significant creditors and the Official Committee of Equity Security Interest Holders (the “Equity Committee”) to resolve issues raised by the Equity Committee with respect to the Modified Plan . Under terms of the tentative agreement, which remains subject to the parties executing definitive documentation memorializing the terms thereof, the parties have agreed to the following:
●
|
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.
|
If the parties are unable to reach a definitive agreement that incorporates the tentative settlement, the Debtors intend to proceed with the hearing scheduled to be held on June 29, 2011 to seek confirmation of the Modified Plan.
Note 3: Washington Mutual Preferred Funding
On September 25, 2008, the Office of Thrift Supervision concluded that an “Exchange Event” had occurred with respect to the following securities (the “Securities”):
●
|
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).
|
In accordance with the terms of the documents governing the Securities, the Conditional Exchange (as defined in the disclosure materials related to the Securities) of the Securities occurred on Friday, September 26, 2008 at 8:00 A.M. (New York time). The documentation governing the Securities contemplates that at the time of the Conditional Exchange, each outstanding Security was intended to be exchanged automatically for a like amount of newly issued Fixed Rate Depositary Shares or newly issued Fixed-to-Floating Rate Depositary Shares, as applicable, each representing a 1/1000th interest in one share of the applicable series of preferred stock of WMI. If and until such depositary receipts are delivered or in the event such depositary receipts are not delivered, any certificates previously representing Securities are deemed for all purposes, effective as of 8:00 AM (New York time) on September 26, 2008, to represent Fixed Rate Depositary Shares or Fixed-to-Floating Rate Depositary Shares, as applicable.
On July 6, 2010, certain institutional investors filed an adversary proceeding captioned Black Horse Capital LP et al. v. JPMorgan Chase Bank, N.A. et al., Adv. No. 10-51387 (MFW) (the "Black Horse Litigation") against WMI and JPMorgan asserting that the Conditional Exchange did not occur due to the failure of certain alleged conditions precedent. On January 7, 2011, the Court entered an opinion and order granting summary judgment in favor of WMI and JPMC in the Black Horse Litigation, holding, among other things, that the Conditional Exchange occurred automatically on September 26, 2008, and as a result the plaintiffs in the Black Horse Litigation (and other similarly situated investors) are now deemed to be holding Fixed Rate or Fixed-to-Floating Rate Depositary Shares, as applicable, tied to the applicable series of preferred stock of WMI. On January 13, 2011, certain plaintiffs appealed the judgment to the United States District Court for the District of Delaware. Because the appeals process and confirmation of the Modified Plan are pending, WMI has not yet reflected the Conditional Exchange and/or its attendant transactions on its financial statements, including any possible interests (direct or indirect, contingent or otherwise) in the Securities and the assets, as the case may be, of Washington Mutual Preferred Funding LLC.
Assuming that the Conditional Exchange had been completed in accordance with the terms of the relevant documentation, on a pro forma basis, WMI’s financial statements would reflect (a) a credit to shareholders’ equity of approximately $3.9 billion upon issuance of the new classes of preferred stock; (b) an investment in subsidiary (i.e. WMB) of approximately $3.9 billion upon contribution of the Preferred Securities by WMI to WMB; and (c) an immediate and corresponding write-down of such investment in subsidiary.
Pursuant to the terms of the Amended Settlement Agreement, upon consummation of the Modified Plan, WMI and relevant third parties will complete the ministerial actions attendant to the Conditional Exchange.
Note 4: American Savings Litigation
In April 2009, WMI recorded a receivable of $55 million on account of funds paid by the United States into the registry of the Bankruptcy Court in connection with a partial final judgment entered in that certain action styled as American Savings Bank, F.A. v. United States, Case No. 92-872C, pending in the United States Court of Federal Claims.
In conjunction with the payment of the judgment, and in accordance with that certain escrow agreement, dated December 20, 1996 (as amended, the “Escrow Agreement”) by and among The Bank of New York, as escrow agent, WMI and Keystone Holdings Partners, L.P. and Escrow Partners, L.P., WMI authorized the release of approximately 1.7 million shares of WMI common stock and $20.8 million from the escrow account maintained at The New of New York Mellon to the counterparties to the Escrow Agreement.
On April 1, 2011, the Federal Court of Claims awarded an additional $83.3 million to WMI. The award is subject to appeal by the United States and the judgment has not yet been paid to WMI or to the registry of the Bankruptcy Court. Therefore, WMI has not recorded this receivable nor has it authorized a release of WMI common stock or any amount released from the escrow account.
JPMorgan has asserted claims to proceeds resulting from the American Savings Litigation. However, pursuant to the terms of the Amended Settlement Agreement, upon consummation of the Modified Plan, WMI will take possession of the $55 million in the registry of the Bankruptcy Court and any further amounts awarded.
Note 5: Restricted Cash and Cash Equivalents
WMI’s restricted cash and cash equivalents of $88 million includes $32 million of accumulated dividends related to amounts held in escrow pertaining to that certain action styled as American Savings Bank, F.A et al. v United States, Case No 92-872C pending in the United States Court of Federal Claims, $53 million in a deposit account pledged as collateral to secure prepetition intercompany transactions between WMI and WMB and $3 million held as part of a Rabbi Trust.
Pursuant to the terms of the Amended Settlement Agreement, upon consummation of the Modified Plan, WMI will take possession of the $53 million deposit account pledged as collateral for prepetition intercompany transactions with WMB, free and clear of any interest or liens asserted by JPMorgan.
Note 6: Investment in Subsidiaries
WMI’s investment in subsidiaries represents the book value of WMI’s subsidiaries, including WMI Investment. This balance does not represent the market value of these entities.
WMI subsidiaries hold unsecured notes receivable from WMB or JPMorgan, as the case may be, totaling approximately $181 million.
Pursuant to the terms of the Amended Settlement Agreement, upon consummation of the Modified Plan, JPMorgan will repay with interest the unsecured notes receivable to WMI subsidiaries.
Note 7: Funded Pension
The funded pension balance reflects the (1) the market value of assets as of December 2, 2008 less (2) the November 2008 actuarial estimated settlement value of September 25, 2008 liabilities. The value does not reflect any recent changes in market values, interest rate assumptions and the participants since November 2008 which could materially affect the results.
Pursuant to the terms of the Amended Settlement Agreement, upon consummation of the Modified Plan, WMI will transfer sponsorship of the pension plan to JPMorgan, including certain related assets, and JPMorgan will assume the pension plan liabilities.
Note 8: Taxes
The tax asset and liability balances are recorded consistent with WMI’s historical accounting practices as of the Petition Date and adjusted for refunds collected. Generally, tax related claims and payables are recorded on WMI’s books and records on a consolidated basis with the other members of the consolidated tax group and have not been adjusted for any potential claims against these assets. The current recorded balances do not reflect all expected refunds or payments as these amounts are currently being reviewed. The current estimate for the total expected refunds, net of potential payments, is in the range of approximately $2.7 - $3.0 billion (including interest but
excluding tax refunds attributable to the Act, as described below). Various parties claim ownership rights to these refunds and to tax refunds in the amount of $250 million received by WMI during the period from the Petition Date to May 21, 2010. As set forth in the Amended Settlement Agreement, upon consummation of the Modified Plan, WMI and JPMorgan will split the above-referenced net tax refunds 20%/80%, respectively (once received).
On November 6, 2009, the Worker, Homeownership, and Business Assistance Act of 2009 (the “Act”) was enacted into law. The Act provides, in pertinent part, that corporate taxpayers, subject to certain limitations, may elect to extend the permitted Net Operating Loss (“NOL”) carryback period from two years to five years (with such taxpayers only receiving half this benefit in the fifth year). Pursuant thereto, WMI elected to carry back its 2008 NOL five years. WMI currently estimates an additional expected tax refund attributable to the Act of approximately $2.8 billion, including interest, as to which there are competing claims of ownership. As set forth in the Amended Settlement Agreement, upon consummation of the Modified Plan, WMI and the FDIC will split the tax refunds attributable to the Act (and actually received) 69.643%/30.357%, respectively. Pursuant to the terms of the Modified Plan and the Amended Settlement Agreement, a certain portion of WMI’s share of such refunds will be distributed to certain holders of WMB Senior Notes in an amount equal to $335 million.
As of April 30, 2011, refunds totaling approximately $5.2 billion of the estimated $5.5 - $5.8 billion in total refunds have been paid into a segregated escrow account that was established with Wells Fargo Bank, National Association, as escrow agent (the “Escrow Agent”). The refunds, together with any interest and income relating thereto, shall remain in the escrow account until (a)(i) the effective date of the Amended Settlement Agreement, and (ii) the receipt by the Escrow Agent of a joint written notice from an authorized officer of each of WMI, JPMorgan and the FDIC Receiver, (b) the mutual agreement of WMI, JPMorgan and the FDIC, which agreement is approved by an order of the Bankruptcy Court, or (c) entry of a final order by a court of competent jurisdiction that determines the ownership of the refunds between WMI, JPMorgan and the FDIC.
No provision or benefit from income taxes has been recorded as the NOL carry-forward amounts from prior years are expected to be sufficient to offset income during the reported period. Income tax expense contains minimum taxes paid in certain states.
Note 9: Liabilities Subject to Compromise (Pre-Petition) – Payroll and Benefit Accruals
WMI’s pre-petition payroll and benefit accruals include balances reflecting WMI’s historic accounting policies related to pension accounting. Prior to the Petition Date, WMI recorded a $274 million liability in respect of such accruals and WMB recorded a $274 million asset, which amounts were netted out and eliminated on a consolidated basis. Neither balance was reported as an intercompany balance. WMI is analyzing these accounting entries and treatment within the context of its bankruptcy proceedings.
As set forth in the Amended Settlement Agreement, upon consummation of the Modified Plan, any potential liability related to this pension accounting will be waived.
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
|
[1] Filed timely but omitted from previous Monthly Operating Reports.
Case No. 08-12229 (MFW)
|
|
Washington Mutual, Inc., et al
|
|
MOR-4: Post Petition Accounts Payable Aging by Vendor
|
|
As of April 30, 2011
|
Washington Mutual, Inc.
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.”
|
DEBTOR QUESTIONNAIRE
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
|