Judge Says No Dice To ResCap Homeowners Committee

Law360, New York (October 23, 2012, 4:08 PM EDT) -- A New York bankruptcy judge on Tuesday denied several homeowners' request to form their own official committee in Residential Capital LLC's bankruptcy, finding that such a constituency would be redundant because the official committee of unsecured creditors covers homeowners.

U.S. Bankruptcy Judge Martin Glenn sided with ResCap and the creditors committee, which had objected to the motion for the appointment of an official committee of borrowers under Section 1102(a)(2) of the Bankruptcy Code on the grounds that it would be an unnecessary cost to the estate...
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