Hallo zusammen
Ich habe mal versucht, mich in den von Faster gestern eingestellten 10-k Bericht von WMI einzulesen und muss zu meiner Schande gestehen, dass ich aufgrund wenig Englisch - Kenntnissen und Bilanz - Kenntnissen wenig verstehe.
Der Bericht gründet sich m.W. auf die ganzen Por´s der Vergangenheit, selbst der Hochberg-für-die-Tonne Bericht ist öfters erwähnt, wie auch Rosens DS vom 12.12.
Es wäre schön, wenn mal jemand mit gutem Englisch- und Zahlenverständnis auf den Bericht eingeht, obwohl er aus hunderten von Seiten besteht.
xml.10kwizard.com/...raw.php?repo=tenk&ipage=7954746
Nachfolgend ein par Auszüge daraus….
WMI´s Consolidated Corporate Organizational Structure
.......On the Petition Date, in addition to WMB,31 WMI owned, directly and indirectly, thirty-three (33) subsidiaries (the “Non-Banking Subsidiaries”). For the avoidance of doubt, Second and Union LLC is not now and has never been an asset of the Debtors’ estates. (See Debtor’s Response to the Letter of Joe Schorp Requesting Information Regarding Second and Union LLC [D.I. 6811].) A complete list of the Non-Banking Subsidiaries, as well as information regarding their organizational relationships, financial information and a summary of their respective operations, is set forth below. During the pendency of the Chapter 11 Cases, in addition to monetizing assets at such Non-Banking Subsidiaries, the Debtors have undertaken three corporate reorganizations in order to consolidate WMI’s corporate structure. Upon completion of each of these reorganizations, available cash has been either distributed to WMI in accordance with applicable law or paid to WMI in satisfaction of an intercompany obligation.
After giving effect to these reorganizations, WMI owned (and continues to own) seven directly-owned Non-Banking Subsidiaries. Below are visual representations of WMI’s corporate organizational chart (i) prior to the FDIC Receiver’s seizure of all of WMB’s assets on September 25, 2008 and JPMC’s purchase, pursuant to the Purchase and Assumption Agreement, of substantially all of such assets (including FSB and all other subsidiaries owned, directly and indirectly, by WMB), (ii) as of the Petition Date, and (iii) as of the date of the filing of this Disclosure Statement.
(Fußnote) 31 Although, as of the date hereof, WMB remains a subsidiary of WMI, the FDIC seized all of WMB’s assets on September 25, 2008, including all of WMB’s subsidiaries, and sold substantially all of WMB’s assets to JPMC pursuant to the Purchase and Assumption Agreement. Accordingly, none of WMB’s subsidiaries are considered subsidiaries of WMI..........
Die dann nachfolgenden Tabellen (Aufstellungen von Subsidiaries) sind so klein geschrieben, dass sie nicht lesbar sind
.........Bank owned and Corporation Life Insurance Policies
WMI is the owner of certain Bank Owned and Corporation Owned Life Insurance policies (“BOLI-COLI Policies”) on the lives of certain employees. In certain instances, WMI’s ownership interest in the BOLI-COLI Policies is reflected on its own books and records, and in other instances, WMI’s ownership interest is reflected on WMB’s books and records. JPMC Claims the BOLI-COLI policies owned by WMB and the cash surrender value of which were reflected on the books and records of WMB as of the Bank Receivership are JPMC’s property and were purchased under the Purchase and Assumption Agreement. WMI asserts that (i) it has a Claim against WMB for any and all premiums and other charges paid by WMI on account of BOLI-COLI Policies owned by WMB, and (ii) it has an ownership interest in the BOLI-COLI Policies reflected on the books and records of WMB. By letter dated November 7, 2008, counsel for the Debtors demanded that JPMC cease exercising control over the BOLI-COLI Policies on the ground that the Debtors believe they own those policies. Pursuant to the Global Settlement Agreement, and as more fully described therein, JPMC and the Debtors have reached agreement regarding their respective ownership rights and obligations in the BOLI-COLI Policies..............
Wie sehen denn diese Vereinbarungen aus??
............the NOLs incurred by the Tax Group for its taxable year ended December 31, 2008 was carried back to reduce certain asserted tax adjustments and the Tax Group’s reported taxable income in prior years, generating the majority of the substantial Tax Refunds that will be allocated pursuant to the Global Settlement Agreement, as discussed in Section V.B.3.b(ii) above. The remaining portion of such NOLs, after reduction by the net income generated in subsequent years, is approximately $17.7 billion as of December 31, 2010 and currently is available to the Tax Group as an NOL carryforward that can offset future income. The Debtors may have a small amount of additional NOL in the taxable year ending December 31, 2011. Substantially all of such NOL carryforwards, however, are attributable to the operations of WMB and its former subsidiaries or to the FDIC Receiver’s sale of substantially all of WMB’s assets to JPMC, and thus will cease to be available to the Reorganized Debtors as of the date WMB ceases to be a member of the Tax Group—such as when the FDIC distributes all of the WMB receivership assets to WMB’s creditors, or in the event that WMI abandons its stock interest in WMB. Moreover, if an ownership change were to occur on the Effective Date, the continued availability of the estimated $17.7 billion NOL thereafter would be subject in its entirety to the annual limitation imposed by section 382 of the IRC (discussed in more detail in Section VIII.A.2.a below). The annual limitation would, at most, only be approximately $6 million per year, and it is possible that no portion of such NOL would be available to offset income of the Tax Group after the Effective Date. Because Reorganized WMI’s use of the estimated $17.7 billion NOL attributable to WMB, if available at all, would be so severely restricted in the event of an ownership change, the Debtors do not intend to attempt to preserve that NOL and, rather, WMI currently expects to take advantage of a portion of the NOL that will result if WMI abandons its equity investment in WMB prior to the Effective Date. If WMI abandons its equity investment in WMB prior to the Effective Date, a substantial NOL may still be available to Reorganized WMI even if a change in ownership occurs on the Effective Date of the Seventh Amended Plan. Specifically, WMI has a substantial tax basis in its stock investment in WMB. Although the Debtors believe that such stock investment is currently worthless, WMI is precluded from claiming a worthless stock deduction with respect to all or part of such stock prior to WMB ceasing to be a member of the Tax Group (such as by reason of the distribution by the FDIC of all the WMB receivership assets to WMB creditors or the abandonment by WMI of its stock investment), at which point the estimated consolidated $17.7 billion NOL attributable to WMB would no longer be available to the Tax Group. Nonetheless, the worthless stock deduction (the “Stock Loss”) from a pre-Effective Date abandonment (which, based on a ruling obtained by the Debtors from the IRS, would be ordinary in character), together with deductions incurred in connection with the implementation of the plan (such as distributions in respect of postpetition interest and in release of the WMB Senior Notes Claims), would result in a substantial NOL for the taxable year in which the Effective Date occurs in an estimated amount of
(Fußnote) This takes into account a Stock Loss of approximately $5.5 billion, based on WMI’s current estimate of its adjusted tax basis in the stock of WMB. WMI’s adjusted tax basis, and thus the resulting Stock Loss and NOL prior to the potential application of section 382 of the IRC, may potentially increase by approximately $3.6 billion in the event certain amounts provided for under the Global Settlement Agreement are respected for federal income tax purposes as capital contributions. The parties to the Global Settlement Agreement have generally agreed to treat all amounts paid, waived, allocated or transferred by WMI to WMB, the FDIC Receiver, FDIC Corporate or to JPMC as capital contributions from WMI to WMB, which amounts may be significant. Whether and the extent to which such amounts will be respected as capital contributions for federal income tax purposes, increasing stock basis and the Stock Loss, however, is uncertain..............
Na denn, viel Spass dabei und ein schönes Wochenende
Zurück
