Wednesday, January 08, 2020 1:18:53 PM
being made to Creditors no later than the first quarter of 2020 (subject to the rights with
respect to “undelivered” or “uncashed” distributions), WMILT anticipates that
administrative obligations to wind-up and dissolve the Trust shall continue through
calendar year 2020. Such activities shall include the final disposition of all assets and the
preparation and filing of appropriate tax returns. In accordance with the Plan and section
505(b) of the Bankruptcy Code, WMILT recently filed with the IRS several requests for
prompt determinations as to any unpaid tax liabilities with respect to the Disputed Claims
Reserve and the Disputed Equity Escrow. The time period for the IRS to respond to the
request related to the Disputed Claims Reserve has expired and no action was requested by the IRS.
57. In connection with such obligations, WMILT estimates that approximately
$5-7 million of cost fees and expenses (including contingency reserves) will be incurred
through December 31, 202013.
FOOTNOTE:3 It must be noted that wind-up and dissolution of WMILT could go longer due to pending litigation and final steps
necessary to be undertaken.
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