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ResCap Liquidating Trust Appointment Announced

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The ResCap Liquidating Trust (the “Trust”) announced the appointment of David Pauker to its board. Pauker is currently a member of the board of reorganized Lehman Brothers and is a turnaround manager and restructuring advisor with more than 25 years of experience in a broad array of industries.

Pauker succeeds John Dubel who has served on the board since ResCap’s December 2013 exit from bankruptcy. Board chairman Mitchell Sonkin comments, “David’s experience and strong track record in bankruptcies and restructuring in the financial services industry will significantly benefit the Board as we continue to vigorously pursue litigation claims against banks and financial institutions and resolve the remaining legacy matters of the Trust.  We look forward to David’s advice, guidance and counsel.”

Pauker was appointed to the board by KLS Diversified Asset Management, who succeeded to the right of appointment pursuant to the terms of the Trust’s liquidating trust agreement. The Trust was established in December 2013 under Residential Capital’s Second Amended Joint Chapter 11 Plan to liquidate and distribute assets of the Debtors.

This real estate financer filed for Chapter 11 protection on May 14, 2012, listing $15.7 billion in pre-petition assets.

Read more bankruptcy news.