Reuters: Bankruptcy News: ResCap examiners' report filed under seal

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ResCap examiners' report filed under seal May 13th 2013, 19:34 Mon May 13, 2013 3:34pm EDT May 13 (Reuters) - A report by a court-appointed independent examiner into dealings between Residential Capital LLC and the bankrupt lender's parent, Ally Financial Inc, has been filed under seal, a lawyer for the examiner said on Monday. The report is expected to clarify if ResCap creditors are owed up to $25 billion by Ally for allegedly stripping ResCap of valuable assets before it filed for bankruptcy. Howard Seife, an attorney for the examiner, told Reuters the report had be filed with the U.S. Bankruptcy Court in Manhattan under seal. The report will be unsealed if ResCap creditors and Ally fail to reach a settlement agreement by 11 a.m. Tuesday, the Manhattan bankruptcy court was told on Monday. ResCap creditors have alleged they could be owed billions of dollars by Ally because it stripped valuable assets from ResCap prior to its bankruptcy.

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