Rescap creditors motion - Thomson Reuters News & Insight

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REDACTED 12-12020-mg Doc 3412 Filed 04/11/13 Entered 04/11/13 22:31:56 Main Document Pg 8 of 52 28 U.S.C. § 1408 28 U.S.C. § 1409
REDACTED 12-12020-mg Doc 3412 Filed 04/11/13 Entered 04/11/13 22:31:56 Main Document Pg 9 of 52 TO THE HONORABLE MARTIN GLENN UNITED STATES BANKRUPTCY JUDGE: The Official Committee of Unsecured Creditors (the "Committe e") of the above- captioned debtors and debtors-in-possession (collectively, the "Debtor s") hereby moves (the "Motio n") for entry of an order, pursuant to 11 U.S.C. §§ 105(a), 1103(c), and 1109(b), in substantially the form as annexed hereto as Exhibit A (the "Proposed Orde r"), granting the Committee standing and authority to prosecute and settle on behalf of the Debtors' estates (the "Estate s") all claims (the "Claim s") arising from the Committee Investigation (defined below) and the Examiner Investigation (defined below) that the Estates may have against Ally Financial Inc. ("AF I") and certain of AFI's non-debtor affiliates (collectively, the "AFI Defendant s"). In support of the Motion, the Committee states as follows: PRELIMINARY STATEMENT 1. The Committee brings this Motion to obtain derivative standing and authority to prosecute estate claims against the AFI Defendants that, by AFI and the Debtors' own assertions, may be worth billions of dollars - and indeed may render AFI liable for the entire $20-25 billion of the estates' unsecured liabilities. The Debtors have consented to Committee standing to bring certain claims. The Committee continues to believe that a consensual plan resolving the Claims is the best solution for these Chapter 11 cases and is committed to seeking such a result before the expiration on April 30, 2013 of the Debtors' exclusive period in which to file a plan. However, if a negotiated resolution is not achieved, the Committee is preparing to file and 1 litigate the Claims. 1 While exclusivity expires on April 30, 2013, the Committee does not intend to file a Complaint relating to the Claims prior to the issuance of the Examiner's report on May 13, 2013 (assuming that this date is not adjourned).
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Rescap creditors motion - Thomson Reuters News & Insight

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