ResCap Bondholders Grill CRO On Intercompany Debt

Law360, New York (November 20, 2013, 6:28 PM EST) -- The chief restructuring officer for the bankrupt Residential Capital LLC on Wednesday said the value of individual intercompany claims that are connected to a group of bondholders’ bid for an additional $342 million payout was never seriously considered during settlement talks during the bankruptcy.

At the second day of the once-hugely successful mortgage servicer’s liquidation plan confirmation trial, attorneys for an ad hoc group of junior secured noteholders questioned witnesses including CRO Lewis Kruger, former ResCap chief and current Chairman Thomas Marano and the former CEO...
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