Liquidating trust securitization

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The Chapter 11 proceedings for Residential Capital, LLC are being heard in the SDNY Bankruptcy Court, Case 12-12020, and are being presided over by Judge Martin Glenn.

The units are traded over-the-counter under the symbol “RESCU.” Throughout this writeup, RLT refers to Res Cap Liquidating Trust, Res Cap refers to Residential Capital, LLC, and RFC refers to Residential Funding Company, connection with its claims against JP Morgan Chase which resulted in a settlement valued at $ 7.5 billion.He was the lead attorney for MBIA in connection with its multibillion claims against Bank of America and others arising out of collapsed RMBS. Calamari represents the Res Cap Liquidating Trust in approximately 85 lawsuits seeking indemnity and damages from correspondent lenders arising from the defendant lenderss predecessor. The plaintiff, a liquidating trust established in connection with the Chapter 11 bankruptcy plan confirmed by Oakwood Homes Corporation, brought an action against Credit Suisse for negligence, breach of fiduciary duty, and breach of implied contract. The Court found that the plaintiff’s claims were barred by the common law doctrine of in pari delicto , an equitable defense whereby a plaintiff’s recovery may be barred by its own wrongdoing.

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