ResCap Marked by Robust Bidding

, New York Law Journal

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In her Distress Mergers & Acquisitions column, Corinne Ball of Jones Day writes: Just about a month ago, Residential Capital and certain of its affiliates commenced their Chapter 11 cases with two proposals for the sale of substantially all of their assets. Last week, during the hearing to approve bidding procedures, ResCap faced challenges to both proposed sales as to price and the terms of the stalking horse sale agreements. Concurrently, one of the competing bidders successfully sought the appointment of an examiner to investigate ResCap's pre-bankruptcy actions, especially regarding transactions with its affiliates.

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