Rochelle on ResCap Bonuses, Vitro Defeat, Repossessions: Audio
Residential Capital LLC had the unfortunate distinction of the being the second company inside one week where the bankruptcy judge refused to approve a bonus program for senior executives, for reasons Bloomberg Law's Lee Pacchia and Bloomberg New bankruptcy columnist Bill Rochelle explain on their podcast. Vitro SAB, the Mexican glassmaker, sustained another defeat when an appellate judge ruled the bankruptcy court should have put several subsidiaries into involuntary bankruptcy last year. The last item on the podcast explains why an auto dealer was saddled with almost $70,000 in actual and punitive damages for refusing to turn over a car worth only $10,000.
Running time 13:02