ResCap Liquidating Trust appoints John J. Ray III as trust manager

By Caroline Salls

Pittsburgh, Nov. 18 – The ResCap Liquidating Trust appointed John J. Ray III, senior managing director at Greylock Partners, LLC, as liquidating trust manager, according to a news release.

Ray has been serving as the trust’s chief legal counsel over the past year and, in this capacity, managed its RMBS litigation and was the principal representative in roughly 60 mediations.

Ray will replace John Dubel, who will remain a member of the trust’s board. Dubel was appointed as chief executive officer of SunEdison, Inc. in June.

“As we continue to vigorously pursue litigation claims against banks and financial institutions for their improper activities that we believe substantially harmed the beneficiaries of the ResCap Trust, John Ray’s strong track record and familiarity with legal matters will continue to benefit our efforts and the efforts of our legal litigation counsel, Quinn Emanuel,” board chairman Mitchell Sonkin said in the release.

Ray said in the release “I look forward to helping accelerate the strong momentum we established on the litigation and mediation fronts and to continuing the monetization of the trust’s other assets.”

Residential Capital, a New York-based mortgage originator and servicer, emerged from bankruptcy on Dec. 17, 2013.

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