Exhibit - Kservicing Bankruptcy (2022-11-07)
- Date
- 2022-11-07
Summary
Doc 225-1 in Case 22-10951-CTG, filed November 7, 2022, is Exhibit 1, the KServicing Cash Collateral Budget, with actuals through 10/7/2022 and weekly forecasts through the week ending 2/3/2023. The two-page table sets out receipts from legacy loans and PPP loans, including a projected 23,000 from CUBI for unpaid servicing and referral fees, and disbursements to CUBI, CRB and the Fed PPPLF, SBA refunds, operating expenses and professional fees. Its 18 Wk Total column shows total receipts of $ 38,344, total disbursements of $ (55,598) and net cash flow of $ (17,254), with ending bank cash of $ 20,203. A footnote states that the Cash Collateral Cap for the six-month budget is $8,500,000.
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Case 22-10951-CTG Doc 225-1 Filed 11/07/22 Page 1 of 2
Exhibit 1
Cash Collateral Budget
KServicing ‐ Cash Collateral Budget
USD
Actuals through: 10/7/2022
Week Ending 10/7/2022 10/14/2022 10/21/2022 10/28/2022 11/4/2022 11/11/2022 11/18/2022 11/25/2022 12/2/2022 12/9/2022 12/16/2022 12/23/2022 12/30/2022 1/6/2023 1/13/2023 1/20/2023 1/27/2023 2/3/2023 18 Wk Total
Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Forecast Week 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Receipts
Legacy Loans
From Borrower ‐ KS‐owned loans $ 162 $ 143 $ 143 $ 143 $ 106 $ 106 $ 106 $ 106 $ 106 $ 119 $ 119 $ 119 $ 119 $ 88 $ 88 $ 88 $ 88 $ 88 $ 2,036
From Collection Agencies ‐ KS‐owned loans 147 239 ‐ ‐ 238 385 ‐ ‐ 308 462 ‐ ‐ ‐ 385 385 ‐ ‐ 77 2,625
PPP Loans
From Borrower ‐ CUBI‐owned loans 224 68 55 39 57 54 79 40 37 60 66 53 50 58 62 58 51 42 1,153
From Borrower ‐ CRB‐owned loans 575 31 20 38 73 23 35 33 60 29 36 17 54 60 37 13 53 57 1,244
From Borrower ‐ KS‐owned PPPLF loans (Excl. Interest) 343 24 96 75 65 41 95 58 83 42 44 108 62 63 32 98 74 58 1,462
From SBA/Borrowers ‐ KS PPP loans ‐ ‐ ‐ 77 77 77 77 77 77 77 77 78 78 78 78 78 78 80 1,159
From Borrowers ‐ KS‐owned PPPLF Interest (100bps) 13 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15
From CUBI ‐ Unpaid fees (Servicing and Referral Fees) ‐ ‐ ‐ ‐ ‐ ‐ ‐ 23,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 23,000
From Fed ‐ Excess SALT, Out‐of‐Pocket, Interest (65bps) (1) ‐ ‐ ‐ ‐ ‐ 1,983 398 397 259 292 292 285 282 267 268 309 308 309 5,651
Professional Fee Retainer Release ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ –
Synovus Bank Cash Collateral Release ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ –
Total Receipts $ 1,464 $ 506 $ 314 $ 372 $ 615 $ 2,668 $ 789 $ 23,710 $ 930 $ 1,080 $ 634 $ 661 $ 645 $ 999 $ 948 $ 644 $ 651 $ 712 $ 38,344
Disbursements
PPP Loans
To CUBI ‐ CUBI‐owned loans $ ‐ $ ‐ $ ‐ $ ‐ $ (255) $ ‐ $ ‐ $ ‐ $ ‐ $ (267) $ ‐ $ ‐ $ ‐ $ (229) $ ‐ $ ‐ $ ‐ $ ‐ $ (750)
To CRB ‐ CRB‐owned loans ‐ ‐ ‐ ‐ (664) ‐ ‐ ‐ ‐ (224) ‐ ‐ ‐ (136) ‐ ‐ ‐ ‐ (1,024)
To Fed "PPPLF" ‐ KS‐owned loans (Excl. Interest) (11,161) (11,106) (1,158) (96) (75) (65) (41) (95) (58) (83) (42) (44) (108) (62) (63) (32) (98) (74) (24,462)
Case 22-10951-CTG
To Fed "PPPLF" ‐ Interest (35bps) (86) (86) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (173)
SBA Refunds ‐ KS‐owned Loans ‐ ‐ (1,629) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ (1,629)
Synovus Bank Cash Collateral ‐ ‐ ‐ (770) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ (770)
Operating and Non‐Operating Expenses
Operating Expenses (Incl. payroll) (8) (540) (50) (728) (1,178) (24) (259) (24) (2,360) (160) (191) (31) (1,792) (316) (186) (26) (26) (1,316) (9,213)
Insurance (Incl. Incremental D&O) ‐ ‐ (72) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ (3) ‐ (76)
Professional Fees ‐ ‐ (191) (2,607) (1,535) (1,219) (1,024) (849) (1,479) (681) (873) (681) (1,236) (681) (903) (699) (864) (1,113) (16,632)
US Trustee Fees ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ (200) ‐ ‐ ‐ ‐ ‐ (200)
Taxes ‐ (67) ‐ ‐ ‐ ‐ (301) ‐ ‐ ‐ ‐ ‐ (300) ‐ ‐ ‐ ‐ ‐ (668)
Winddown Contingency Reserves ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ –
Total Disbursements $ (11,256) $ (11,799) $ (3,101) $ (4,201) $ (3,707) $ (1,308) $ (1,625) $ (968) $ (3,897) $ (1,413) $ (1,105) $ (756) $ (3,637) $ (1,424) $ (1,152) $ (756) $ (991) $ (2,503) $ (55,598)
Doc 225-1
Net Cash Flow $ (9,791) $ (11,293) $ (2,787) $ (3,829) $ (3,092) $ 1,360 $ (835) $ 22,742 $ (2,967) $ (333) $ (471) $ (95) $ (2,992) $ (425) $ (204) $ (112) $ (340) $ (1,791) $ (17,254)
Liquidity Detail
Cash
Beginning Bank Cash $ 37,457 $ 27,666 $ 16,373 $ 13,586 $ 9,757 $ 6,665 $ 8,025 $ 7,190 $ 29,932 $ 26,965 $ 26,632 $ 26,161 $ 26,066 $ 23,074 $ 22,649 $ 22,445 $ 22,333 $ 21,994 $ 37,457
Net Cash Flow (9,791) (11,293) (2,787) (3,829) (3,092) 1,360 (835) 22,742 (2,967) (333) (471) (95) (2,992) (425) (204) (112) (340) (1,791) (17,254)
Ending Bank Cash $ 27,666 $ 16,373 $ 13,586 $ 9,757 $ 6,665 $ 8,025 $ 7,190 $ 29,932 $ 26,965 $ 26,632 $ 26,161 $ 26,066 $ 23,074 $ 22,649 $ 22,445 $ 22,333 $ 21,994 $ 20,203 $ 20,203
Adjustments to Current Cash Balance
Total Amounts due to Fed, SBA, CRB & CUBI $ (15,961) $ (4,892) $ (2,275) $ (2,331) $ (1,531) $ (1,584) $ (1,752) $ (1,788) $ (1,910) $ (1,468) $ (1,572) $ (1,706) $ (1,764) $ (1,517) $ (1,584) $ (1,722) $ (1,802) $ (1,885) $ (1,885)
(2)
Current Cash Balance $ 11,705 $ 11,481 $ 11,311 $ 7,425 $ 5,133 $ 6,441 $ 5,437 $ 28,144 $ 25,056 $ 25,164 $ 24,589 $ 24,360 $ 21,310 $ 21,132 $ 20,861 $ 20,612 $ 20,192 $ 18,318 $ 18,318 Filed 11/07/22
(1)
In accordance with the terms of the Cash Collateral Budget, the Cash Collateral Cap for the six‐month budget shall be $8,500,000, where the Debtors and Reserve Bank also may agree in writing to a lower Cash Collateral Cap Amount for a period shorter than 6 months
(2)
Current Cash Balance represents the cash balance after deductions for amounts owed to the Fed, SBA, CRB & postpetition amounts on account of CUBI
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File and source
- File
- gov.uscourts.deb.188293.225.1.pdf
- Size
- 232,921 bytes
- SHA-256
- beb0656960ec59ccb64347be76b61050e72f7c3ca44de6b689273ae9911b600f
- Original
- archive.org