ResCap Judge Says $2M CRO Bonus Not Tied To Hourly Pay

Law360, New York (January 30, 2014, 2:26 PM ET) -- A New York bankruptcy judge on Thursday appeared amenable to Residential Capital LLC’s request to pay its chief restructuring officer a $2 million bonus, indicating that he was not persuaded by arguments that the bonus would more than double the CRO's hourly pay.

U.S. Bankruptcy Judge Martin Glenn did not make a ruling at a Thursday court hearing where a ResCap attorney made his case for paying CRO Lewis Kruger the “success fee.” However, he noted the benefits Kruger’s service brought to the estate and was...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers