$2M 'Success Fee' For ResCap Restructuring Officer 'Not Reasonable,' Trustee Says

$2M 'Success Fee' For ResCap Restructuring Officer 'Not Reasonable,' Trustee Says

NEW YORK - The U.S. trustee in the Chapter 11 bankruptcy of Residential Capital LLC (ResCap) on Jan. 2 filed a brief in the U.S. Bankruptcy Court for the Southern District of New York objecting to ResCap's motion seeking authorization to pay a $2 million "success fee" to its chief restructuring officer in addition to the $1.2 million he is scheduled to receive (In Re: Residential Capital LLC, No. 12-12020, Chapter 11, S.D. N.Y. Bkcy.).

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