ResCap Judge OKs $2M Bonus For Restructuring Chief

Law360, New York (October 9, 2013, 4:22 PM EDT) -- Residential Capital LLC on Wednesday received court approval to amend its chief restructuring officer’s compensation agreement to allow a $2 million bonus to be paid once the fallen mortgage servicer’s proposed plan goes into effect.

U.S. Bankruptcy Judge Martin Glenn signed off on the bonus for CRO and Stroock & Stroock & Lavan LLP’s Lewis Kruger, dubbed a “success fee” by ResCap’s lawyers. The fee, which did not garner any objections, would be paid on top of his regular billing rate of $895 an hour....
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