ResCap Judge Says $2M CRO Bonus Not Tied To Hourly Pay

Law360, New York (January 30, 2014, 2:26 PM EST) -- A New York bankruptcy judge on Thursday appeared amenable to Residential Capital LLC’s request to pay its chief restructuring officer a $2 million bonus, indicating that he was not persuaded by arguments that the bonus would more than double the CRO's hourly pay.

U.S. Bankruptcy Judge Martin Glenn did not make a ruling at a Thursday court hearing where a ResCap attorney made his case for paying CRO Lewis Kruger the “success fee.” However, he noted the benefits Kruger’s service brought to the estate and was...
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