ResCap Seeks $2M Bonus For Chief Restructuring Officer
By Maria Chutchian
Law360, New York (October 2, 2013, 4:01 PM EDT) -- Residential Capital LLC on Friday asked a judge to approve a $2 million bonus for its chief restructuring officer, saying his leadership has been key to major settlements between ResCap, its creditors and other stakeholders and the overall progress of ResCap’s bankruptcy proceedings.
CRO Lewis Kruger was brought in to oversee the case in February. The $2 million “success fee,” as ResCap has dubbed it, would be paid on top of his regular billing rate of $895 an hour.