Residential Capital, LLC

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Case overview

Case Number:

1:12-bk-12020

Court:

New York Southern

Nature of Suit:

Firms

Companies

Government Agencies

Sectors & Industries:

September 11, 2012
Judge Threatens To Bump ResCap RMBS Hearing To 2013

A New York bankruptcy judge threatened Tuesday to kick a settlement hearing on residential mortgage backed securities issues in loan servicer Residential Capital LLC's fast-tracked Chapter 11 case to the beginning of next year if the company and its creditors cannot resolve their discovery issues.
September 05, 2012
Creditors Want ResCap Held To Ch. 11 Talks

Residential Capital LLC's unsecured creditors moved Wednesday to block the bankrupt real estate finance firm's bid for extra time to formulate its own restructuring plan, claiming ResCap is evading negotiations with its creditors to protect a pre-existing $750 million deal with its parent company.
August 29, 2012
ResCap Hits Snag In Bid For $4M To $7M Incentive Plan

A New York bankruptcy judge on Tuesday denied Residential Capital LLC's bid for an incentive program that would award key insiders between $4.1 million and $7 million, saying much of the work for which the employees would be rewarded was done before the company went into bankruptcy.
August 27, 2012
Homeowners Seek Committee In ResCap Ch. 11 Case

A group of homeowners with mortgages from bankrupt Residential Capital LLC asked a New York bankruptcy judge Friday to appoint an official committee of borrowers, arguing that the official unsecured creditors' committee cannot represent their varied interests.
August 16, 2012
ResCap Examiner Wins Subpoena Power In Prebankruptcy Probe

A New York bankruptcy judge granted Residential Capital LLC's shareholder-requested independent examiner subpoena powers Thursday in his investigation into prebankruptcy transactions the debtor entered into with parent Ally Financial Inc., private equity firm Cerberus Capital Management LLC and others.
August 08, 2012
Judge Wants More Info Before Ruling On ResCap Bonuses

A New York bankruptcy judge declined Wednesday to rule on Residential Capital LLC's plan to pay nearly 200 employees and executives up to $18 million in bonuses, asking the debtor for more information about a portion of the plan that would reward insiders.
August 02, 2012
ResCap Trustee Says $18M Employee Bonus Plan Is Unlawful

The U.S. bankruptcy trustee for Residential Capital LLC objected to the troubled mortgage lender's plan to pay nearly 200 employees and executives up to $18 million in bonuses, saying the payments constitute an unlawful retention program.
July 30, 2012
ResCap Examiner Gives Court Outline Of Prebankruptcy Probe

The court-appointed examiner in Residential Capital LLC's bankruptcy on Friday submitted a filing to a New York bankruptcy judge outlining the intended scope of his investigation of transactions the debtor entered into with parent Ally Financial Inc. and others before its bankruptcy.
July 18, 2012
FHFA Can Pursue MBS Claims Against ResCap Affiliates: Judge

A New York judge on Tuesday allowed the Federal Housing Finance Agency to move forward with mortgage-backed securities claims against Residential Capital LLC affiliates by denying the bankrupt mortgage lender's request to halt any prosecution or extend its automatic stay.
July 06, 2012
FDIC Says Bankruptcy Stay Doesn't Block Ally Suit

The Federal Deposit Insurance Corp. asked a New York bankruptcy judge Thursday to dismiss an adversary proceeding filed by bankrupt Residential Capital LLC seeking to bar the agency from suing its Ally Securities LLC affiliate for allegedly violating the Securities Act of 1933 in connection with mortgage-backed securities.

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