EX-99.2 3 d615156dex992.htm 2014 BUDGETS 2014 Budgets

Exhibit 99.2

MLC GUC Trust

2014 (Calendar Year) Wind Down Budget

November 2013

 

     Current CY 2014 Budget     Prior CY 2014 Projections     Current CY 2013 Estimates  

$ in thousands

   Budget
QE 3.31		     Budget
QE 6.30		     Budget
QE 9.30		     Budget
QE 12.31		     Total Budget
CY 2014		     Prior Projected
CY 2014 (a)		     Budget
Variance
Over/(Under) 		    CY 2013
Estimate (b)		     Budget
Variance
Over/(Under) 		 

Trust Monitor (FTI Consulting)

   $ 326.8      $ 326.8      $ 326.8      $ 326.8      $ 1,307.3      $ 1,307.3      $ 0.0      $ 1,396.8      ($ 89.5 ) 

Trust Administrator (Wilmington Trust)

     616.9        616.9        616.9        616.9        2,467.5        2,467.5        0.0        2,504.0        (36.5 ) 

Financial Reporting & Claims Resolution (AlixPartners)

     345.0        345.0        345.0        345.0        1,380.0            3,656.4        (2,276.4 ) 

Lead Counsel (c)

     107.5        107.5        107.5        107.5        430.0            2,459.6        (2,029.6 ) 

ADR Legal Counsel Fees & Expenses

     200.0        200.0        50.0        50.0        500.0            389.8        110.2   

Nova Scotia Litigation

     0.0        0.0        0.0        0.0        0.0            2,746.9        (2,746.9 ) 

Canadian Counsel (Stewart McKelvey)

     0.0        0.0        0.0        0.0        0.0            5.4        (5.4 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal estimate for Financial Reporting and Claims Resolution (d)

     652.5        652.5        502.5        502.5        2,310.0        4,000.0        (1,690.0 )      9,258.0        (6,948.0 ) 

Garden City Group

     86.5        79.5        64.5        64.5        295.0        300.0          303.6        (8.6 ) 

Trust Counsel (Gibson Dunn)

     312.5        312.5        312.5        312.5        1,250.0        501.0        749.0        1,437.7        (187.7 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Trust Professionals

     1,051.5        1,044.5        879.5        879.5        3,855.0        4,801.0        (946.0 )      10,999.3        (7,144.3 ) 

Accounting & Tax Advisors (e)

     83.0        168.0        45.0        60.0        356.0        150.0        206.0        430.8        (74.8 ) 

Rent and Facilities (f)

     13.0        13.0        10.4        10.4        46.8        178.0        (131.2 )      178.0        (131.2 ) 

Insurance Expense

     125.0              125.0        125.0        0.0        125.0        0.0   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Other Costs

     221.0        181.0        55.4        70.4        527.8        453.0        74.8        733.8        (206.0 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Wind Down Expense

   $ 2,216.2      $ 2,169.2      $ 1,878.6      $ 1,893.6      $ 8,157.6      $ 9,028.7      ($ 871.2 )    $ 15,633.8      ($ 7,476.3 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) As submitted in February 2012 as Exhibit E to the Reply Brief for the Initial Liquidation Motion.
(b) Estimate is based on actual fees and expenses from January 2013 to September 2013 and forecasted fees and expenses for October 2013 through December 2013.
(c) Lead Counsel expenses include fees paid to and estimated for the following professionals:

Weil, Gotshal & Manges LLP

Dickstein Shapiro LLP

 

(d) The estimates for 2014 were based off of high level trends, not line by line budgets for these professionals, given the extended time horizon at the time the Prior Projected CY 2014 estimates were developed.
(e) Accounting and Tax Advisor expenses include fees paid to and estimated for the following professionals:

Wilmington Trust (Investment Management Fee)

Plante Moran (External Auditor)

Rick Zablocki (Tax Advisor)

 

(f) Rent and Facilities expenses include amounts paid to and estimated for US Trustee fees.

MLC GUC Trust

2014 (Calendar Year) Reporting and Transfer Budget

November 2013

 

     Current CY 2014 Budget     Prior CY 2014 Projections     Current CY 2013 Estimates  

$ in thousands

   Budget
QE 3.31		     Budget
QE 6.30		     Budget
QE 9.30		     Budget
QE 12.31		     Total Budget
CY 2014		     Prior Projected
CY 2014 (a)		     Budget
Variance
Over/(Under) 		    CY 2013
Estimate (b)		     Budget
Variance
Over/(Under) 		 

Trust Monitor (FTI Consulting)

   $ 131.3      $ 131.3      $ 131.3      $ 131.3      $ 525.0      $ 525.0      $ 0.0      $ 511.7      $ 13.3   

Trust Administrator (Wilmington Trust)

     341.3        341.3        341.3        341.3        1,365.0        1,365.0        0.0        1,300.0        65.0   

AlixPartners

     105.0        105.0        105.0        105.0        420.0        450.0        (30.0 )      657.9        (237.9 ) 

Frazier & Deeter

     62.5        62.5        62.5        62.5        250.0        0.0        250.0        248.0        2.0   

Gibson Dunn

     187.5        187.5        187.5        187.5        750.0        488.0        262.0        747.5        2.5   

Watkins Meegan

     14.3        66.3        2.5        85.6        168.7        125.0        43.7        168.7        0.0   

Plante Moran

     38.0        40.0        31.0        31.0        140.0        100.0        40.0        135.7        4.3   

Crowell Moring

     87.5        87.5        87.5        87.5        350.0        100.0        250.0        374.5        (24.5 ) 

Kramer Levin

     25.0        25.0        25.0        25.0        100.0        0.0        100.0        5.7        94.3   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Trust Professionals

     519.8        573.8        501.0        584.1        2,178.7        1,263.0        915.7        2,337.9        (159.3 ) 

Insurance

     13.0        0.0        0.0        0.0        13.0        13.0        0.0        12.8        0.2   

RR Donnelly

     25.0        25.0        25.0        25.0        100.0        30.0        70.0        88.9        11.1   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Other Costs and Reserves

     38.0        25.0        25.0        25.0        113.0        43.0        70.0        101.6        11.4   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Reporting Costs

   $ 1,030.3      $ 1,071.3      $ 998.5      $ 1,081.6      $ 4,181.7      $ 3,196.0      $ 985.7      $ 4,251.2      ($ 69.6 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) As submitted in February 2012 as Exhibit E to the Reply Brief for the Initial Liquidation Motion.
(b) Estimate is based on actual fees and expenses from January 2013 to September 2013 and forecasted fees and expenses for October 2013 through December 2013.