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IN RE RESIDENTIAL CAPITAL, LLC

Jointly Administered Case No. 12-12020 (MG). Adversary Proceeding No. 13-01277 (MG). Adversary Proceeding No. 13-01343 (MG).

501 B.R. 549 (2013)

IN RE RESIDENTIAL CAPITAL, LLC, et al., Debtors. Official Committee of Unsecured Creditors, on behalf of the estates of the Debtors, Plaintiff, v. UMB Bank, N.A., as successor indenture trustee under that certain Indenture, dated as of June 6, 2008; and Wells Fargo Bank, N.A., third priority collateral agent and collateral control agent under that certain Amended and Restated Third Priority Pledge and Security Agreement and Irrevocable Proxy, dated as of December 30, 2009, Defendants. Residential Capital, LLC, et al, Plaintiffs, v. UMB Bank, N.A., as successor indenture trustee under that certain Indenture, dated as of June 6, 2008; and Wells Fargo Bank, N.A., third priority collateral agent and collateral control agent under that certain Amended and Restated Third Priority Pledge and Security Agreement and Irrevocable Proxy, dated as of December 30, 2009, Defendants.

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

November 15, 2013.

Attorney(s) appearing for the Case

Morrison & Foerster LLP, Attorneys for Debtors, 1290 Avenue of the Americas, New York, NY 10104, By: Gary S. Lee, Esq. , Jamie A. Levitt, Esq. , Stefan W. Engelhardt, Esq .

Kramer Levin Naftalis & Frankel LLP, 1177 Avenue of the Americas, New York, NY 10036, Counsel for the Official Creditors' Committee, By: Kenneth H. Eckstein, Esq. , Gregory A. Horowitz, Esq .

Pachulski Stang Ziehl & Jones, Conflicts Counsel to Official Creditors' Committee, 780 Third Avenue, 36th Floor, New York, NY 10017, By: Robert J. Feinstein, Esq. , John A. Morris, Esq .

White & Case LLP, Attorneys for Ad Hoc Group of Junior Secured Noteholders, 1155 Avenue of the Americas, New York, NY 10036, By: J. Christopher Shore, Esq. , Douglas P. Baumstein, Esq. , Dwight A. Healy, Esq. .

Akin Gump Strauss Hauer & Feld LLP, Special Counsel to UMB Bank, N.A., One Bryant Park, New York, NY 10036, By: David M. Zensky, Esq. , Deborah Newman, Esq. , Brian T. Carney, Esq .

Reed Smith LLP, Attorneys for Wells Fargo as Collateral Agent, 599 Lexington Avenue, 22nd Floor, New York, NY 10022, By: David M. Schlecker, Esq .

MEMORANDUM OPINION, AND FINDINGS OF FACT AND CONCLUSIONS OF LAW, AFTER PHASE I TRIAL

MARTIN GLENN, UNITED STATES BANKRUPTCY JUDGE.

ResCap and the Creditors' Committee (the "Plaintiffs") are co-proponents of a reorganization plan that treats the junior secured noteholders ("JSNs") as undersecured, but would pay them the face amount of all principal and prepetition interest ($ 2.222 billion, less $1.1 billion repaid

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