|
|
FSLIC
Resolution Fund (FRF) -
Third Quarter 2007
| Fund Financial Results |
($ in millions – All data is unaudited) |
| Statement
of Cash Flows |
| |
(unaudited)
9/30/2007 |
(audited)
12/31/2006 |
(unaudited)
9/30/2006 |
Year-Over-Year
Change |
| Cash and cash equivalents |
$3,764 |
$3,616 |
$3,565 |
$199 |
| Accumulated deficit, net |
(123,836) |
(123,834) |
(123,625) |
(211) |
| Resolution equity |
3,790 |
3,620 |
3,577 |
213 |
| Total revenue |
$150 |
$169 |
$124 |
$26 |
| Operating expenses |
2 |
12 |
12 |
(10) |
| Goodwill/Guarini litigation expenses |
179 |
411 |
158 |
21 |
| Net (loss/income) |
$(2) |
$(203) |
$6 |
$(8) |
| FRF
Quarterly Payments for Goodwill & Guarini Settlements |
| |
Goodwill
Cases |
Guarini
Cases |
|
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 |
1st
Quarter 2007
|
285 |
23 |
2nd
Quarter 2007
|
74 |
0 |
3rd Quarter 2007 |
46 |
0 |
Summary
of Goodwill & Guarini Litigations
(Inception-to-Date)
$ in Millions |
$ in Millions
| Goodwill |
Guarini |
| |
#
of Cases |
Amount
Paid/Accrued |
# of Cases |
Amount
Paid |
Dismissals/Time
Barred
|
43 |
n/a |
0 |
n/a |
|
Settlements
|
18 |
$149 |
3 |
$121
|
Judgements
|
41 |
$1,221 * |
5 |
$153 |
Pending
|
20 |
n/a |
0 |
n/a |
Totals
|
122 |
$1,370 |
8 |
$274
|
*Four
institutions account for 66% of the total Goodwill payments (Glendale
Federal Bank - $382 million, Westfed Holdings, Inc. - $211 million,
LaSalle Talman Bank - $155 million, and Home Savings of America
- $150 million).
|
