~ DmDm Nope', This ? Is Not Forward Moving Litigation ~
... I'll refer you to the Plan 7 Approved', WMI Liquidation Trust, the WMI-LT, and it's SEC Filed QSR's ... the most recent of which, I'll link below' ...
Note 8: Director and Officer Downstream Litigation Asset
In June 2015, the Trust received $37.0 million related to the 2014 settlement of its litigation with former WMI Directors and Officers (the “D&O Litigations”). The Trust retained $26.3 million and distributed $7.7 million, after adjustment, to Reorganized WMI on June 23, 2015, as contemplated by the Plan. Creditors who made elections for Reorganized WMI common stock, as discussed above, had their LTI balance reduced by a pro rata share of the $7.7 million, after adjustment, distributed to Reorganized WMI. The settlement was contingent upon entering into a Reserve Settlement Agreement (the “RSA”) related to the D&O Litigations. On July 21, 2015, the Trust funded a segregated account (the “Reserve”) with $3.0 million, as anticipated by the RSA. On September 26, 2018, the Trust received the final scheduled distribution of $1.5 million from the Reserve. The Trust retained $1.1 million and distributed approximately $363,000 to Reorganized WMI. In total, distributions from the RSA to the Trust were $2.24 million and Reorganized WMI was paid approximately $732,000. Creditors who made elections for Reorganized WMI common stock had their LTI balances reduced by a pro rata share of the $732,000 distributed to Reorganized WMI. As of September 30, 2018, there are no further amounts due from the Reserve
NOW REFER BACK TO THE SETTLEMENT' ITSELF, Paid by the D&O Insurance' ... (my post # 545427)
"With respect to the Settlement with the Individual Defendants, in light of the pendency of WMI’s bankruptcy proceeding, the inclusion of WMI as a Settling Defendant and the fact that insurance proceeds are being used to fund the Settlement, the parties have agreed that within days of the entry of the Preliminary Approval Order in this Action, WMI will file a motion with e bankruptcy court for the limited purpose of obtaining authorization for WMI to enter into the Settlement and authorization, to the extent necessary, to use the proceeds of the D&O insurance policies to fund the Settlement. WMI’s motion will be similar to the motion put before and granted by the bankruptcy court in connection with the settlement of the parallel ERISA action, In re Washington Mutual ERISA Litigation, Lead Case No. 07-cv-1874."
Case 2:08-cv-00387-MJP Document 308 Filed 06/30/11
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