The Wall Street Journal reports that Judge Martin Glenn of the U.S. Bankruptcy Court in Manhattan rejected ResCap's request to extend the filing deadline until next March, adding that he was ‘not very happy’ at the progress being made in the high-profile Chapter 11 case.
‘I want to keep tight reigns on all of you,’ the judge said. ‘I want to see that you're making progress, or at least making an effort to make progress.’
ResCap, a unit of Ally Financial, filed for Chapter 11 protection on May 14. ResCap's mortgage servicing portfolio has been the subject of a bidding war between Fortress Investment Group's Nationstar Mortgage Holdings Inc. unit and Warren Buffett's Berkshire Hathaway Inc.