|
|
FSLIC
Resolution Fund (FRF) -
First Quarter 2008
| Fund Financial Results |
($
in millions) |
| Statement
of Cash Flows |
| |
(audited)
03/31/2008 |
(unaudited)
12/30/2007 |
Quarterly Change |
(audited) 03/31/2007 |
Year-Over-Year Change |
| Cash and cash equivalents |
$3,415 |
$3,617 |
$(202) |
$3,675 |
$(260) |
| Accumulated deficit, net |
(123,825) |
(123,770) |
(55) |
(123,853) |
28 |
| Resolution equity |
3,444 |
3,648 |
(204) |
3,708 |
(264) |
| Total revenue |
$23 |
$188 |
$(165) |
$64 |
$(41) |
| Operating expenses |
1 |
3 |
(2) |
0 |
1 |
| Goodwill/Guarini litigation expenses |
77 |
196 |
(119) |
103 |
(26) |
| Net (loss/income) |
$(55) |
$64 |
$(119) |
$(19) |
$(36) |
| Goodwill
Litigation
& Tax Benefits |
Asset
Disposition |
>19
Goodwill cases remain. Estimated completion by 2010.
>4
Tax benefit cases remain. 2 expected to terminate in 2008,
1 in 2012, 1 in 2013.
|
>139
receivership assets with net book value of $3.5 million.
>43
corporate purchased assets with net book value of $28.7 million.
>395
off-book assets (criminal restitution & professional liability
claims) for a total of $774 million. |
| Resolution
Orders, Professional Liability Claims, & Other Legal Issues |
Program
Responsibilities |
>40
FRF professional liability matters remain.
>368 FRF criminal
restitution orders and 3 FRF forfeiture matters remain.
>15 "other" FRF
legal matters remain. |
>Affordable
Housing - monitoring for 25+ years w/750+ properties.
>
Environmental
- Leaking Underground Storage Tank reimbursement applications
totaled $314 thousand. Approx. $177 thousand received in 2007
with remainder to be received in 2008.
>Subsidiaries - 2 remain
with termination due in 2008.
>Receiverships - 11 remain with
10 due to terminate in 2008 and 1 in 2009.
>Partnerships -
All Equity and Asset Management Disposition Agreement partnerships
will terminate in 2008. |
|
