Bankrupt ResCap Seeks Approval To Jettison Fla. Property

Law360, New York (July 12, 2013, 6:42 PM EDT) -- Days after submitting a reorganization plan, collapsed mortgage servicer Residential Capital LLC on Thursday asked for court approval to jettison 68 acres it owns in a mixed-used development in Jacksonville, Fla.

In a motion filed in New York bankruptcy court, ResCap sought to abandon the land currently held by subsidiary DOA Holding Properties LLC that is scheduled to be developed into 300 lots within the Durbin Crossing Community Development District, an independent local unit that has issued more than $66 million in bonds to finance infrastructure...
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