IN RE RESIDENTIAL CAPITAL, LLC

No. 12-12020 (MG).

478 B.R. 154 (2012)

In re RESIDENTIAL CAPITAL, LLC, et al., Debtors.

United States Bankruptcy Court, S.D. New York.

August 28, 2012.


Attorney(s) appearing for the Case

Morrison & Foerster LLP, By: Gary S. Lee, Esq. , Jamie A. Levitt, Esq. , Larren M. Nashelsky, Esq. , Jordan A. Wishnew, Esq. , New York, NY, for the Debtors.

Tracy Hope Davis, By: Brian S. Masumoto, Esq. , Eric Small, Esq. , Michael Driscoll, Esq. , New York, NY, United States Trustee for Region 2.

Kirkland & Ellis LLP, By: Richard M. Cieri, Esq. , Ray C. Schrock, Esq. , Stephen E. Hessler, Esq., New York, NY, for Ally Financial Inc. and Ally Bank.

Kramer Levin Naftalis & Frankel LLP, By: Kenneth H. Eckstein, Esq. , New York, NY, for the Official Committee of Unsecured Creditors.


MEMORANDUM OPINION AND ORDER DENYING DEBTORS' MOTION FOR APPROVAL OF A KEY EMPLOYEE INCENTIVE PLAN

MARTIN GLENN, Bankruptcy Judge.

Pending before the Court is the motion (the "Motion") of Residential Capital, LLC and its affiliated debtors (the "Debtors" or "ResCap") for authorization to implement a key employee incentive plan (the "KEIP" or the "Plan") for certain key insiders of the Debtors (the "KEIP Participants").1

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