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Subsequent Events | 9 Months Ended
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Sep. 30, 2015
Subsequent Events [Abstract] |
Subsequent Events | Note 14: Subsequent Events At September 30, 2015, WMIH held less than $1.0 thousand in restricted cash which was received from WMMRC as Runoff Proceeds prior to September 30, 2015. Prior to this transfer, the use of these funds was restricted as described in Note 11: Restriction on Distribution of Net Assets from Subsidiary. This cash was transferred to WMIH as restricted cash upon approval for distribution by the Insurance Commissioner of the State of Hawaii and the WMMRC board. On October 16, 2015, an additional $8.0 million of Runoff Proceeds was transferred from WMMRC to WMIH as restricted cash upon approval for distribution by the Insurance Commissioner of the State of Hawaii and the WMMRC board. On October 20, 2015, WMIH notified the trustee and collateral agent of the Second Lien Runoff Notes that a partial redemption of Second Lien Notes in the amount of approximately $7.1 million would be made. In addition, WMIH authorized approximately $0.9 million of Second Lien Notes interest to be paid in cash. The principal balance of the Second Lien Notes, after this partial redemption, is projected to total $21.7 million as of December 1, 2015. During September of 2015, WMIH was informed by the Trust that approximately $0.5 million of Litigation Proceeds held in the RSA Reserve that was created at the time of settlement would be released from the RSA Reserve pursuant to the terms of the RSA, and that WMIH would receive approximately $123 thousand of the released Litigation Proceeds, representing WMIH’s portion of the first distribution of $0.5 million from the $3.0 million of Litigation Proceeds held in the RSA Reserve which is administered by a third party and subject to distribution from time to time in accordance with the terms governing such reserve account. The $3.0 million deposited into the RSA Reserve resulted from Litigation Proceeds recovered by the Trust as more fully described in Note 6: Service Agreements and Related Party Transactions. The Trust has recently informed us that certain legal fees and expenses associated with the recovery of the Litigation Proceeds were not deducted as contemplated by the Plan from the payout of Litigation Proceeds of approximately $8.3 million received in June of 2015 and the $123 thousand amount described above. The Trust has informed us that we will be receiving an invoice for our portion of these legal fees and expenses. An accrued expense of $600 thousand has been recorded as a reduction of other income in anticipation of these fees being due and payable in the future. The net impact after recording WMIH’s portion of these legal fees and expenses resulted in other expense in the amount of $477 thousand for the quarter ended September 30, 2015 and other income of $7.8 million for the nine months ended September 30, 2015. Due to the contingent nature of future distributions from the RSA Reserve, there can be no assurance that WMIH will receive any distributions from the remaining balance in the segregated reserve account in the future.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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