Skip to comments.Ally's ResCap Unit Files Chapter 11 (Still Owes $7.2Bil In TARP!)
Posted on 05/14/2012 6:59:31 AM PDT by tcrlafEdited on 05/14/2012 8:08:42 AM PDT by Admin Moderator. [history]
Ally Financial Inc.'s troubled mortgage subsidiary filed for Chapter 11 bankruptcy early Monday, potentially paving the way for Ally to sever itself from substantial litigation that has been a drag on its other operations and prevented it from repaying the remainder of its government bailout.
(Excerpt) Read more at online.wsj.com ...
So, they are going to sever the good part of the business from the bad part, keep the good part, and leave us holding the bag for the bad part?
GM strikes again.
And Government Motors (GMAC) continues to cost us money.
No doubt, huge bonuses MUST be paid to the executive team that skillfully guided this company into bankruptcy.
“So, they are going to sever the good part of the business from the bad part, keep the good part, and leave us holding the bag for the bad part?”
Therrrre ya go!
“No doubt, huge bonuses MUST be paid to the executive team that skillfully guided this company into bankruptcy.”
Count on it
iow all those fraudulent mortgage case claims are going to be wiped out. Then again, keeping those mortgages is a liability. The trustee would probably settle for pennies on the dollar in order to liquidate.
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