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Friday, March 29, 2019 5:02:10 PM
Estimated Costs to be Incurred during Liquidation
The liquidation basis of accounting requires the Trust to record a liability upfront for costs expected to be incurred during the liquidation of the Liquidating Trust Assets. Annually, the Trust prepares a budget based on its assessment of the Trust’s activities for the expected remaining life of the Trust. As of December 31, 2018, the Trust estimated total operating costs to operate through the end of the Trust, March 19, 2021 (unless dissolved earlier), to be $16.1 million. Based on the estimated total operating costs, management recorded an increase of $3.6 million to the Trust’s Operating Reserve for the year-ended December 31, 2018. Given the inherently uncertain nature of estimates, actual costs related to the liquidation will likely differ from current estimates.
Accrued Liabilities
As of December 31, 2018 and 2017, the Trust had other accrued liabilities of $1.2 million and $1.1 million, respectively which were primarily comprised of accrued professional fees for services rendered.
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