ResCap Again Urges Approval Of $1B Ally Payout

Law360, New York (June 10, 2013, 7:46 PM EDT) -- Residential Capital LLC asked a New York federal bankruptcy court on Monday to approve a $1.1 billion claims payout to Ally Financial Inc., dismissing as unfounded an objection to the deal from one of the debtor’s largest bondholders, Warren Buffett's Berkshire Hathaway Inc. 

ResCap debtors asked the court to authorize them to pay out $1.1 billion arising from asserted secured claims under two so-called insider loans provided by Ally in 2009. ResCap, a former Ally subsidiary, has outlined the proposed payment in the case’s plan support...
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