MINNEAPOLIS, March 29, 2017 /PRNewswire/ -- The ResCap Liquidating Trust (the "Trust") today announced the appointment of David Pauker to its Board of Directors. Mr. Pauker is currently a member of the Board of Directors of reorganized Lehman Brothers. Mr. Pauker is a turnaround manager and restructuring advisor with more than 25 years of experience in a broad array of industries. Mr. Pauker succeeds John Dubel who has served on the Board since ResCap's exit from bankruptcy.
Board Chairman Mitchell Sonkin commented: "David's experience and strong track record in bankruptcies and restructuring in the financial services industry will significantly benefit the Board as we continue to vigorously pursue litigation claims against banks and financial institutions and resolve the remaining legacy matters of the Trust. We look forward to David's advice, guidance and counsel."
Mr. Sonkin continued: "On behalf of the entire Board, I also want to thank John Dubel for his 3 1/2 years of dedicated service to the Trust both as a Board member and Liquidating Trust Manager as well as his service as Co-Chairman of the Official Committee of Unsecured Creditors during the bankruptcy. John's hard work and extensive experience in the residential mortgage area was instrumental in the Trust's success. We will miss John's exceptional skills and insights."
Mr. Pauker was appointed to the Board by KLS Diversified Asset Management LP, who succeeded to the right of appointment pursuant to the terms of the Trust's Liquidating Trust Agreement.
Forward Looking Statements
This press release contains forward-looking statements. They reflect the Trust's current views with respect to its operations and the potential for recoveries on the Trust's litigation and other monetization efforts. The efforts of the Trust are subject to many risks and uncertainties which may cause the actual recoveries to be materially different from results that may be suggested by the forward looking statements. Factors that could cause actual results to differ include the uncertainties of the litigation process, the possibility for settlement of litigations on terms that are acceptable to the Trust, opportunities for the disposition of the Trust's remaining legacy assets on favorable terms and the timing of realization on the Trust's litigation and other monetization efforts. The Trust disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About the ResCap Liquidating Trust
The ResCap Liquidating Trust was established in December 2013 under the Second Amended Joint Chapter 11 Plan of Residential Capital, LLC, et al. to liquidate and distribute assets of the debtors in the ResCap bankruptcy case. The Trust maintains a website at www.rescapliquidatingtrust.com, which Unitholders are urged to consult, where Unitholders may obtain information concerning the Trust, including current developments.
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SOURCE ResCap Liquidating Trust