MINNEAPOLIS, Dec. 31, 2015 /PRNewswire/ -- The ResCap Liquidating Trust (the "Trust") today announced that its Board of Trustees has adopted a revised compensation program for the Liquidating Trustees. For information concerning the revised program, please refer to the "Governance & Other Documents" tab on the Trust's website, www.rescapliquidatingtrust.com.
In addition, the Trust announced that notice of any future modifications to the compensation program for the Liquidating Trustees (including any additional retainer payments or incentive compensation payments to the Trustees or their affiliates), any material modifications to the Liquidating Trust Agreement of the Trust and any appointment by the Board of a Liquidating Trustee to fill a vacancy will be provided to Unit holders at least 30 days in advance of effectiveness. Such notice will be made by issuing a press release of general circulation and posting to the Trust's website. If the holders of 25% or more of the outstanding Units register objection to any such actions, representatives of the Board will consult with the holders concerning such objection.
The Trust also announced that, effective January 1, 2016, Dubel & Associates, LLC will replace Quest Turnaround Advisors, LLC as Liquidating Trust Manager. John Dubel, the principal of Dubel & Associates, remains a member of the Board, but as part of this transition will step down as Chairman. Mr. Dubel will be replaced as Chairman by Board member Mitchell Sonkin.
SOURCE ResCap Liquidating Trust