|
|
FSLIC
Resolution Fund (FRF) -
Fourth Quarter 2006
| Fund Financial Results |
($ in millions – All data is unaudited) |
| |
12/31/06 |
12/31/05 |
Year-Over-Year Change |
% Change |
Cash and cash equivalents |
$ 3,616 |
$ 3,602 |
$ 14 |
$ 0% |
Accumulated
deficit, net |
(123,834) |
(123,631) |
(203) |
0% |
| Resolution
equity |
3,620 |
3,376 |
244 |
7% |
Total
revenue |
$ 169 |
$ 122 |
$ 47 |
$ 39% |
| Operating expenses |
12 |
25 |
(13) |
(52%) |
Expenses for Goodwill/Guarini litigation |
411 |
976 |
(565) |
(58%) |
Net
income (loss) |
(203) |
(826) |
623 |
75% |
| 2005-2006
FRF Quarterly Payments for Goodwill & Guarini Case Settlements
& Judgments |
| |
Goodwill
Settlements |
Guarini
Cases |
1st
Quarter 2005
|
382 |
0 |
2nd
Quarter 2005
|
0 |
0 |
|
3rd
Quarter 2005
|
9 |
28 |
4th
Quarter 2005
|
234 |
49 |
1st
Quarter 2006
|
179 |
0 |
2nd
Quarter 2006
|
0 |
169 |
| 3rd Quarter
2006 |
16 |
6 |
| 4th Quarter 2006 |
0 |
0 |
| Summary
of Goodwill & Guarini Litigations (Inception-to-Date) |
| Goodwill
|
Guarini
|
| |
#
of Cases |
Amount
Paid/Accrued |
# of Cases |
Amount
Paid |
Dismissals/Time
Barred
|
43 |
n/a |
0 |
n/a |
|
Settlements
|
18 |
$149 million |
2 |
$99
million |
Judgements
|
35 |
$1,050 million* |
5 |
$153 million |
Pending
|
26 |
n/a |
1 |
n/a |
Totals
|
122 |
$1,199 million |
8 |
$252
million |
*Three
institutions account for 71% of the total Goodwill payments (Glendale
Federal Bank - $382 million, Westfed Holdings, Inc. -
$211 million, and Home Savings of America - $150 million).
|
