Residential Capital Seeks Stay Extension; Underlying Case Should Not Proceed

Residential Capital Seeks Stay Extension; Underlying Case Should Not Proceed

NEW YORK - Bankrupt Residential Capital LLC (ResCap) and a group of its affiliated debtors on Aug. 28 moved in the U.S. Bankruptcy Court for the Southern District of New York to extend the automatic stay to enjoin the prosecution of claims against its nondebtor affiliate in an underlying, separate class action related to allegations of improprieties in residential mortgage lending (In Re: Residential Capital LLC, No. 12-12020, Chapter 11, S.D. N.Y. Bkcy.).

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