WMI Liquidating Trust reports $939.73 million of cash as of March 31

By Caroline Salls

Pittsburgh, May 1 - WMI Liquidating Trust had a total of $939.73 million in cash as of March 31, up from $939.64 million on March 19, the effective date of Washington Mutual, Inc.'s plan of reorganization, according to a quarterly summary filed Tuesday with the Securities and Exchange Commission.

The March 31 total included $139.72 million in cash, a $20 million litigation reserve, $722.62 million in disputed claim cash and $57.38 million in restricted cash.

The trust had $1,172,276,118 in assets and $197.08 million in debt as of March 31, up from $1,171,669,128 in assets and $193.06 million in debt on the plan effective date.

According to the report, Washington Mutual's plan calls for distributions on at least a quarterly basis if the distributable cash available is greater than $25 million.

The trust said the distribution for the quarter ended March 31would be due on May 1.

However, given that the initial distribution made on March 23 was so close to quarter end, the trust said distributable cash greater than the threshold amount is not available.

As a result, no distributions will be made to liquidating trust interest holders for the quarter ended March 31.

The trust said two general unsecured claims in the disputed claims reserve were allowed during the quarter. Therefore, the trust said it would distribute $3.2 million of cash and litigation trust interests with a face amount of $500,000 on May 1.

Washington Mutual, a Seattle-based savings and loan holding company, emerged from bankruptcy on March 19.

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