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Table Of Contents

a. Misallocation Of Net Revenues On Loans Brokered By GMAC Mortgage
e. Failure To Obtain Independent Director Approval
2. Government Settlements
3. Causes Of Action Relating To Use And Allocation Of ResCap’s Tax Attributes
4. Minnesota Insider Preference Claims
5. Ally Bank Transactions
b. 2008 Bank Transaction And 2009 Bank Transaction
6. ResCap’s Directors And Officers
c. Breach Of Fiduciary Duty Claims Against ResCap’s Directors And Officers
d. Aiding And Abetting Breach Of Fiduciary Duty Claims Against AFI
7. Single Entity Theories Of Liability
a. Piercing The Corporate Veil
8. Debt Recharacterization
9. Equitable Subordination
10. Constructive Trust Claims
11. Prepetition Asset Sales
12. Financing Affiliate Transactions
F. EXAMINER’SEVALUATIONOFESTATECLAIMS
1. Negotiation And Entry Into AFI Settlement And Plan Sponsor Agreement
1. Third-Party Claims Against AFI
2. Third-Party Claims Against Ally Securities
3. Third-Party Claims Against Ally Bank
4. Unsecured Noteholder Causes Of Action
a. Tortious Interference Under 2005 Indenture
b. Claims Related To The 2006 Bank Restructuring
5. Junior Secured Noteholder Causes Of Action
I. EXAMINER’SEVALUATIONOFCONSIDERATIONFORRELEASES
1. Balance Sheet Test
2. Unreasonably Small Capital
3. Ability To Pay Debts As Due
4. Financial Condition Tests As Applied To ResCap’s Subsidiaries
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RESCAP 2013 Bankruptcy Examiner's Report -- #1 THE SUMMARY

RESCAP 2013 Bankruptcy Examiner's Report -- #1 THE SUMMARY

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Published by 83jjmack
ResCap and certain of its subsidiaries filed for bankruptcy on May 14, 2012. Prior to its bankruptcy, ResCap was the fifth largest servicer of residential mortgage loans in the United States, servicing
approximately US$374 billion of residential mortgage loans. ResCap anticipated a short stay in bankruptcy that would culminate in prearranged sales of its mortgage lending and origination business platform and
accelerated confirmation of a liquidating chapter 11 plan. The centerpiece of ResCap’s proposed plan was a settlement of all estate causes of action and third-party claims against ResCap’s parent, Ally Financial Inc., in exchange for a cash payment of US$750 million and certain non-cash contributions.

On June 26, 2013, US Bankruptcy Judge Martin Glenn, overseeing the chapter 11 case of Residential Capital, LLC (ResCap), unsealed a 1,900-page report produced by court-appointed examiner, Arthur J. Gonzalez.

ResCap and certain of its subsidiaries filed for bankruptcy on May 14, 2012. Prior to its bankruptcy, ResCap was the fifth largest servicer of residential mortgage loans in the United States, servicing
approximately US$374 billion of residential mortgage loans. ResCap anticipated a short stay in bankruptcy that would culminate in prearranged sales of its mortgage lending and origination business platform and
accelerated confirmation of a liquidating chapter 11 plan. The centerpiece of ResCap’s proposed plan was a settlement of all estate causes of action and third-party claims against ResCap’s parent, Ally Financial Inc., in exchange for a cash payment of US$750 million and certain non-cash contributions.

On June 26, 2013, US Bankruptcy Judge Martin Glenn, overseeing the chapter 11 case of Residential Capital, LLC (ResCap), unsealed a 1,900-page report produced by court-appointed examiner, Arthur J. Gonzalez.

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Categories:Types, Business/Law
Published by: 83jjmack on Jul 14, 2013
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