An examiner has been appointed by a bankruptcy judge to investigate Residential Capital LLC’s bankruptcy case following allegations that financial transactions between ResCap and Ally, a potential buyer of its assets, prior to its filing were improper.
Reports by Reuters state that Warren Buffet’s Berkshire Hathaway Inc. urged the investigation. Berkshire owns most of ResCap’s debt and says it will purchase some of the company’s loans.
However, ResCap’s unsecured creditors and attorneys do not support the investigation. They say there is already one underway by its creditors committee and fear that another investigation will slow down ResCap’s reorganization plan.
To be sure you don’t make any of the common bankruptcy mistakes, contact the bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC today at (239) 237-0675.