Residential Capital LLC wants to keep using the cash securing the claims of parent Ally Financial Inc. and bondholders, which ResCap says is necessary to complete the "great deal of work" that remains in its bankruptcy case, Dow Jones Newswires reported yesterday. In a court filing on Monday, ResCap asked Bankruptcy Judge Martin Glenn if it could continue using that cash as it works toward resolving the issues in its chapter 11 and filing a reorganization plan. The judge has already approved ResCap's prior requests to use the cash, which is secured by loans. ResCap said that it wants to use the cash to maintain certain loan portfolios, as well as to sell those loans.
