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 | ) | ||||||||||||||||||||||||||||
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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 | ) | ||||||||||||||||||||||||||
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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 | ||||||||||||||||||||||||||||||
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Other Costs | 221.0 | 181.0 | 55.4 | 70.4 | 527.8 | 453.0 | 74.8 | 733.8 | (206.0 | ) | ||||||||||||||||||||||||||
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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 | ) | ||||||||||||||||
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| (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 | |||||||||||||||||||||||||||
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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 | |||||||||||||||||||||||||||
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Other Costs and Reserves | 38.0 | 25.0 | 25.0 | 25.0 | 113.0 | 43.0 | 70.0 | 101.6 | 11.4 | |||||||||||||||||||||||||||
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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 | ) | |||||||||||||||||
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| (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. |
