Residential capital liquidating trust ashley parker angel dating 2016
§ 157(b)(1 ), but may not do so in “non-core” cases, where they are limited to submitting “proposed findings of fact and conclusions of law” for de novo review by the district court, 28 U. Similarly, while bankruptcy courts may conduct jury trials in “core” cases, they may not do so, absent the consent of the parties, in “non-core” cases.” See 28 U. provide for the retention of jurisdiction over the dispute.” Savoy Senior Hous. Resolving this split is not necessary here, as this action satisfies the more onerous “close nexus” standard. In 1982, Residential Funding Company LLC was formed as a subsidiary of Northwest Bank.In 2005, GMAC (now Ally Financial), a subsidiary of General Motors, transferred ownership of GMAC Mortgage Corporation and Residential Funding Corporation (GMAC-RFC) to Residential Capital Corporation (Res Cap) and contributed billion of equity. 42) pursuant to this District’s January 31, 2012 Amended Standing Order of Reference for Title 11 Cases (the “Standing Order”). (Confirmation Order.) The Plan became effective six days later, on December 17, 2013, at which time RFC’s remaining assets—including causes of action—were assigned to the Liquidating Trust. Upon referral to the Bankruptcy Court, Judge Glenn combined this action with several of RFC’s other state-law contract actions into a single adversarial proceeding (the “Joint Adversarial Proceeding”) ((“JP”) In re Rescap Liquidating Trust Mortg. 14-7900),  which he has indicated he intends to expedite, (Pl.’s Opp. 1), has coordinated discovery and mediation (id.), and recently approved a common expert loan sampling methodology intended to streamline discovery, (JP, Dkt. Of the six actions now pending in the Joint Adversarial Proceeding, five will proceed to a bench trial before the Bankruptcy Court; only in this action have the parties demanded a jury trial. 30), the Court found this matter related to RFC’s bankruptcy case, and referred it to the Bankruptcy Court ((“Referral Order”) Original Action, Dkt. ¶ 74.) On December 11, 2013, after RFC reached a global settlement (the “Global Settlement”) with investors in its securitization trusts, Judge Glenn confirmed the Plan. 6137.) Breach of contract claims and indemnification claims based on contracts to which RFC is a party are among the causes of action expressly preserved under the Plan. 13 at 3-4.) On December 17, 2013, RFC filed this adversarial proceeding against Sun Trust, a mortgage originator, alleging breach of contract and seeking indemnification. 1.) RFC has filed dozens of similar actions against other mortgage originators in this Court, as well as in Federal and state courts in Minnesota. Regardless, Sun Trust has since indicated that it would refuse to consent to a jury trial conducted by the Bankruptcy Court (id.), and RFC did not contest that there was a jury demand at oral argument. 8) at 5.) Judge Glenn required defendants to coordinate motions to dismiss by submitting a collective memorandum of law as to common legal issues (JP, Dkt.
In its motion papers before Judge Glenn, it only pointed to language in the Confirmation Order suggesting that the timing of this assignment might be flexible and could occur after—and not just on—the Effective Date of the Plan. 24 at 2.) RFC’s failure to produce sufficient evidence is ultimately rendered moot by the permissiveness of Fed R. at 14-21.) Consistent with this approach, the Court finds—as did Judge Glenn—that substitution of the Liquidating Trust as the real party in interest is appropriate and sufficient to cure any defects in standing. on timely motion of any party, for cause shown.” 28 U.
“Core” proceedings are those “arising under” or “arising in . “Non-core” proceedings are those “otherwise related to a case under title 11.” 28 U.
cases under title 11,” an exemplary, but non-exclusive list of which is provided in Section 157(b)(2).
1), the same day on which RFC’s assets were assigned to a Liquidating Trust pursuant to a Second Amended Joint Chapter 11 Plan ((“Plan”) Bankr. 6030) confirmed by Judge Martin Glenn of the Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) on December 11, 2013, ((“Confirmation Order”) Bankr.
8938 (“Original Action”).)  RFC filed its Complaint on December 17, 2013 (Original Action, Dkt. After Sun Trust filed a motion to dismiss (Original Action, Dkt. Only a summary of those facts directly relevant to the disposition of this motion is included below: Prior to its bankruptcy, RFC acquired and securitized residential mortgage loans.
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BACKGROUND The Court assumes the parties’ familiarity with the underlying facts of this case, a detailed account of which is provided in the Court’s Referral Order. ¶ 2.) It purchased the loans from originators, including Sun Trust, and then either sold them in pools to whole loan investors or placed them into securitization trusts. ¶¶ 3, 20-22.) After many of the loans defaulted or became delinquent, these trusts lost considerable amounts of money, with RFC facing billions of dollars in claims from investors and insurers seeking to recoup their losses. ¶¶ 1, 6-9, 48-50.) In response, RFC and fifty of its affiliated entities filed bankruptcy petitions under Chapter 11, 11 U.