ResCap Judge OKs 2nd Try At Employee Incentive Plan

Law360, New York (October 18, 2012, 4:07 PM EDT) -- A New York bankruptcy judge approved an amended key employee incentive plan Thursday for Residential Capital LLC, a plan that provides that payment of 40 percent of the award will be deferred until after a Chapter 11 plan is confirmed.

It was ResCap and its affiliated debtors' second attempt at getting the KEIP approved, after U.S. Bankruptcy Judge Martin Glenn on Aug. 29 denied its initial bid for the program, which will award key insiders between $4.1 million and $7 million, finding that much of the...
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