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Assets and Liabilities at Fair Value (Detail) (USD $)
Mar. 19, 2012
Investments held in trust, at fair value:  
Fixed-maturity securities, predecessor $ 303,169,000
Cash equivalents held in trust, predecessor 26,249,000
Total investments held in trust, predecessor 329,418,000
Fixed-maturity securities, successor 303,169
Cash equivalents held in trust, successor 26,249
Total investments held in trust, successor 329,418
Cash and cash equivalents, predecessor 7,014,000
Fixed-maturity securities, at fair value, predecessor 6,049,000
Accrued investment income, predecessor 2,313,000
Other assets, predecessor 3,389,000
Total assets, predecessor 348,183,000
Liabilities:  
Losses and loss adjustment reserves, predecessor 141,010,000
Losses payable, predecessor 7,585,000
Unearned premiums, predecessor 409,000
Accrued ceding commissions, predecessor 466,000
Other liabilities, predecessor 27,156,000
Total liabilities, predecessor 176,626,000
Notes payable, reorganization adjustments 130,000,000 [1],[2]
Other liabilities, reorganization adjustments (23,109,000) [1],[3]
Total liabilities, reorganization adjustments 106,891,000 [1]
Loss contract fair market value reserve, fair value adjustments 63,064 [4],[5]
Other liabilities, fair value adjustments 2 [3],[4]
Total liabilities, fair value adjustments 63,066 [4]
Notes payable, successor 130,000
Losses and loss adjustment reserves, successor 141,010
Losses payable, successor 7,585
Unearned premiums, successor 409
Accrued ceding commissions, successor 466
Loss contract fair market value reserve, successor 63,064
Other liabilities, successor 4,049
Total liabilities 346,583
Shareholders' equity:  
Common stock, predecessor 1,000
Additional paid-in capital, predecessor 69,879,000
Retained earnings, predecessor 101,677,000
Total shareholders' equity, predecessor 171,557,000
Total liabilities and shareholders' equity, predecessor 348,183,000
Common stock, reorganization adjustments 2,000 [1],[6]
Additional paid-in capital, reorganization adjustments 154,998,000 [1],[6]
Retained earnings, reorganization adjustments 23,109,000 [1],[7]
Total liabilities and shareholders' equity, reorganization adjustments 285,000,000 [1]
Common stock, fair value adjustments (1) [4],[8]
Fair value adjustment additional paid in capital predecessor (69,879) [4],[9]
Additional paid-in capital, fair value adjustments (78,400) [10],[4]
Retained earnings, fair value adjustments (124,786) [11],[4]
Total shareholders' equity, fair value adjustments (273,066) [4]
Total liabilities and shareholders' equity, fair value adjustments (210,000) [4]
Postconfirmation, Common Stock 2
Postconfirmation, Additional Paid-in Capital 76,598
Total shareholders' equity, successor 76,600
Total liabilities and shareholders' equity, successor 423,183
Cash and cash equivalents, reorganization adjustments 75,000,000 [1],[12]
Other assets, reorganization adjustments 210,000,000 [1],[13]
Total assets, reorganization adjustments 285,000,000 [1]
Liabilities:  
Losses and loss adjustment reserves, predecessor 141,010,000
Losses payable, predecessor 7,585,000
Unearned premiums, predecessor 409,000
Accrued ceding commissions, predecessor 466,000
Other liabilities, predecessor 27,156,000
Total liabilities, predecessor 176,626,000
Notes payable, reorganization adjustments 130,000,000 [1],[2]
Other liabilities, reorganization adjustments (23,109,000) [1],[3]
Total liabilities, reorganization adjustments 106,891,000 [1]
Loss contract fair market value reserve, fair value adjustments 63,064 [4],[5]
Other liabilities, fair value adjustments 2 [3],[4]
Total liabilities, fair value adjustments 63,066 [4]
Notes payable, successor 130,000
Losses and loss adjustment reserves, successor 141,010
Losses payable, successor 7,585
Unearned premiums, successor 409
Accrued ceding commissions, successor 466
Loss contract fair market value reserve, successor 63,064
Other liabilities, successor 4,049
Total liabilities 346,583
Shareholders' equity:  
Common stock, predecessor 1,000
Additional paid-in capital, predecessor 69,879,000
Retained earnings, predecessor 101,677,000
Total shareholders' equity, predecessor 171,557,000
Total liabilities and shareholders' equity, predecessor 348,183,000
Common stock, reorganization adjustments 2,000 [1],[6]
Additional paid-in capital, reorganization adjustments 154,998,000 [1],[6]
Retained earnings, reorganization adjustments 23,109,000 [1],[7]
Total liabilities and shareholders' equity, reorganization adjustments 285,000,000 [1]
Common stock, fair value adjustments (1) [4],[8]
Fair value adjustment additional paid in capital predecessor (69,879) [4],[9]
Additional paid-in capital, fair value adjustments (78,400) [10],[4]
Retained earnings, fair value adjustments (124,786) [11],[4]
Total shareholders' equity, fair value adjustments (273,066) [4]
Total liabilities and shareholders' equity, fair value adjustments (210,000) [4]
Postconfirmation, Common Stock 2
Postconfirmation, Additional Paid-in Capital 76,598
Total shareholders' equity, successor 76,600
Total liabilities and shareholders' equity, successor 423,183
Other assets, fair value adjustments (210,000) [14],[4]
Total assets, fair value adjustments (210,000) [4]
Liabilities:  
Losses and loss adjustment reserves, predecessor 141,010,000
Losses payable, predecessor 7,585,000
Unearned premiums, predecessor 409,000
Accrued ceding commissions, predecessor 466,000
Other liabilities, predecessor 27,156,000
Total liabilities, predecessor 176,626,000
Notes payable, reorganization adjustments 130,000,000 [1],[2]
Other liabilities, reorganization adjustments (23,109,000) [1],[3]
Total liabilities, reorganization adjustments 106,891,000 [1]
Loss contract fair market value reserve, fair value adjustments 63,064 [4],[5]
Other liabilities, fair value adjustments 2 [3],[4]
Total liabilities, fair value adjustments 63,066 [4]
Notes payable, successor 130,000
Losses and loss adjustment reserves, successor 141,010
Losses payable, successor 7,585
Unearned premiums, successor 409
Accrued ceding commissions, successor 466
Loss contract fair market value reserve, successor 63,064
Other liabilities, successor 4,049
Total liabilities 346,583
Shareholders' equity:  
Common stock, predecessor 1,000
Additional paid-in capital, predecessor 69,879,000
Retained earnings, predecessor 101,677,000
Total shareholders' equity, predecessor 171,557,000
Total liabilities and shareholders' equity, predecessor 348,183,000
Common stock, reorganization adjustments 2,000 [1],[6]
Additional paid-in capital, reorganization adjustments 154,998,000 [1],[6]
Retained earnings, reorganization adjustments 23,109,000 [1],[7]
Total liabilities and shareholders' equity, reorganization adjustments 285,000,000 [1]
Common stock, fair value adjustments (1) [4],[8]
Fair value adjustment additional paid in capital predecessor (69,879) [4],[9]
Additional paid-in capital, fair value adjustments (78,400) [10],[4]
Retained earnings, fair value adjustments (124,786) [11],[4]
Total shareholders' equity, fair value adjustments (273,066) [4]
Total liabilities and shareholders' equity, fair value adjustments (210,000) [4]
Postconfirmation, Common Stock 2
Postconfirmation, Additional Paid-in Capital 76,598
Total shareholders' equity, successor 76,600
Total liabilities and shareholders' equity, successor 423,183
Investments held in trust, at fair value:  
Fixed-maturity securities, predecessor 303,169,000
Cash equivalents held in trust, predecessor 26,249,000
Total investments held in trust, predecessor 329,418,000
Fixed-maturity securities, successor 303,169
Cash equivalents held in trust, successor 26,249
Total investments held in trust, successor 329,418
Cash and cash equivalents, successor 82,014
Fixed-maturity securities, at fair value, successor 6,049
Accrued investment income, successor 2,313
Other assets, successor 3,389
Total assets, successor 423,183
Liabilities:  
Losses and loss adjustment reserves, predecessor 141,010,000
Losses payable, predecessor 7,585,000
Unearned premiums, predecessor 409,000
Accrued ceding commissions, predecessor 466,000
Other liabilities, predecessor 27,156,000
Total liabilities, predecessor 176,626,000
Notes payable, reorganization adjustments 130,000,000 [1],[2]
Other liabilities, reorganization adjustments (23,109,000) [1],[3]
Total liabilities, reorganization adjustments 106,891,000 [1]
Loss contract fair market value reserve, fair value adjustments 63,064 [4],[5]
Other liabilities, fair value adjustments 2 [3],[4]
Total liabilities, fair value adjustments 63,066 [4]
Notes payable, successor 130,000
Losses and loss adjustment reserves, successor 141,010
Losses payable, successor 7,585
Unearned premiums, successor 409
Accrued ceding commissions, successor 466
Loss contract fair market value reserve, successor 63,064
Other liabilities, successor 4,049
Total liabilities 346,583
Shareholders' equity:  
Common stock, predecessor 1,000
Additional paid-in capital, predecessor 69,879,000
Retained earnings, predecessor 101,677,000
Total shareholders' equity, predecessor 171,557,000
Total liabilities and shareholders' equity, predecessor 348,183,000
Common stock, reorganization adjustments 2,000 [1],[6]
Additional paid-in capital, reorganization adjustments 154,998,000 [1],[6]
Retained earnings, reorganization adjustments 23,109,000 [1],[7]
Total liabilities and shareholders' equity, reorganization adjustments 285,000,000 [1]
Common stock, fair value adjustments (1) [4],[8]
Fair value adjustment additional paid in capital predecessor (69,879) [4],[9]
Additional paid-in capital, fair value adjustments (78,400) [10],[4]
Retained earnings, fair value adjustments (124,786) [11],[4]
Total shareholders' equity, fair value adjustments (273,066) [4]
Total liabilities and shareholders' equity, fair value adjustments (210,000) [4]
Postconfirmation, Common Stock 2
Postconfirmation, Additional Paid-in Capital 76,598
Total shareholders' equity, successor 76,600
Total liabilities and shareholders' equity, successor $ 423,183
[1] These adjustments are necessary to give effect to the Plan, including the receipt of cash proceeds associated with the contribution of cash from certain creditors, issuance of debt securities, issuance of 200 million shares of common stock and other transactions as contemplated under the Plan.
[2] This adjustment reflects the issuance of $130 million of Runoff Notes as described in Note 9: Notes Payable below.
[3] This adjustment reflects eliminating an intercompany payable occurring from carve-out allocated costs related to historic charges allocated as if services had been performed and charged to the Predecessor in accordance with Staff Accounting Bulletin ("SAB") Topic 1B and 1B1. The methodology for these charges is based on applying the current contractual relationships described in Note 8: Service Agreements and Related Party Transactions as if they had been in place since the formation of WMMRC. The impact on historic earnings is described in (h) below. Additionally, this eliminates the offsetting intercompany amount created when Predecessor common stock is eliminated.
[4] These adjustments are necessary to reflect assets and liabilities at fair value and elimination of Predecessor equity. The primary operating business of the Successor is the WMMRC subsidiary which has a net asset value higher than its Fair Market Value ("FMV").
[5] This adjustment is required to reflect a loss contract fair market value reserve of $63.1 million relating to contractual obligations of WMMRC. This is in compliance with ASC 805-10-55-21(b)(1) which defines a loss contract as a "contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it." The net assets or equity value of WMMRC totaled $171.6 million prior to reorganization and fair value adjustments. The elimination of the costs and intercompany payable allocated to the predecessor in accordance with SAB Topic 1B and 1B1 and described in (f) above increase the equity value to $194.7 million. The value of WMMRC was reduced by $63.1 million based upon the FMV analysis described above.
[6] This adjustment reflects the calculated value of the 200 million shares of common stock issued before adjusting for FMV as a result of Fresh Start Accounting. This amount results from the use of the Court-assigned (non-GAAP) values attributed to assets and liabilities which are then utilized in calculating the resulting balance attributable to equity. The common stock is recorded at par value calculated as 200 million shares at a par value of $0.00001 per share. The remainder of the value is then attributed to additional paid-in capital.
[7] This adjustment increases the retained earnings of the Predecessor due to the elimination of the carve-out costs which decreased historic earnings of the Predecessor. The resulting intercompany payable is described in (f) above. These costs and the related retained earnings are eliminated as the costs were allocated in accordance with SAB Topics 1B and 1B1 and would have eliminated in consolidation.
[8] This adjustment reflects the elimination of common stock of the Predecessor.
[9] This adjustment reflects the elimination of additional paid-in capital of the Predecessor.
[10] This adjustment reflects the reduction of equity value resulting from fresh start accounting. It is comprised of a reduction (relative to Court assigned FMV) in WMMRC's FMV totaling $8.4 million and the elimination of the Court assigned value of $70 million related to NOLs. Although the Company has substantial NOLs they are subject to a 100 percent valuation allowance as described in Note 7: Federal Income Taxes, and there can be no assurance the Company will be able to realize any benefit from the NOLs.
[11] This adjustment reflects the elimination of adjusted retained earnings of the Predecessor.
[12] This adjustment reflects $75 million of cash contributed to the Company on the Effective Date by certain creditors.
[13] This adjustment reflects the Court's valuation of WMMRC of $140 million and additional value attributable to the NOLs. These items have been adjusted to FMV as part of the application of Fresh Start Accounting. The Court's valuation is presented solely for information purposes, however, because management does not believe that the Court's valuation necessarily reflects the actual or FMV of the Company's assets and liabilities under GAAP. This adjustment is eliminated as described in (i) below.
[14] This adjustment reflects the elimination of the Court assigned values described in (d) above. There has been no goodwill recorded as a result of this transaction. WMMRC is reported as the Predecessor and therefore is carried at FMV in individual line items. Management believes that the Court's valuation was inconsistent with GAAP and such information related to such valuation is being presented here for informational purposes only. Therefore, elimination is required to present the opening balance sheet in accordance with GAAP.