ResCap Examiner Wins Subpoena Power In Prebankruptcy Probe

Law360, New York (August 16, 2012, 3:57 PM EDT) -- A New York bankruptcy judge granted Residential Capital LLC's shareholder-requested independent examiner subpoena powers Thursday in his investigation into prebankruptcy transactions the debtor entered into with parent Ally Financial Inc., private equity firm Cerberus Capital Management LLC and others.

U.S. Bankruptcy Judge Martin Glenn approved the request by Arthur J. Gonzalez, formerly chief judge of the Southern District of New York's bankruptcy court, allowing him to issue subpoenas without the need to file separate Rule 2004 applications for every respondent. Gonzalez made the request to facilitate...
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