Residential Capital, LLC and the official committee of unsecured creditors filed a plan of liquidation with related disclosure statement in the US Bankruptcy Court on July 3, 2013. As per the plan filed, the administrative expenses claims of GMACM debtors of $836.30 million and administrative expenses claims of RFC debtors of $249.80 million, shall be paid in full in cash. Professional claims and U.S. trustee fees will be paid in full in cash.

The priority tax claims, for the amount of $5.31 million, shall be paid in full in cash. Other priority claims of GMACM debtors, for the allowed amount of $0.13 million, shall receive in full in cash. Other priority claims of RFC debtors, for the allowed amount of $0.01 million, shall receive in full in cash.

Other secured claims of ResCap debtors, for the amount of $0.01 million, will be paid in full in cash or collateral shall be surrendered. Other secured claims of GMACM debtors, for the allowed amount of $0.04 million, shall receive in full in cash or collateral shall be surrendered. Other secured claims of RFC debtors, for the allowed amount of $0.01 million, shall receive in full in cash or collateral shall be surrendered.

Rescap's Allowed Private Security Claims Rescap & Allowed Borrower Claims will be paid in cash. Junior secured notes claims of ResCap debtors, junior secured notes claims of GMACM debtors and junior secured notes claims of RFC debtors, shall be paid in full in cash. The total claim amount would be of $2223 million.

The estimated recovery for ResCap debtors, GMACM debtors and RFC debtors, will be 8%, 62% and 30% of the allowed amount, respectively. ResCap unsecured claims, for the allowed of $2146.94 million, will receive 36.3% of the allowed claim. The recovery will be pro rata share of unit share of unit distribution.

GMACM unsecured claims, for the allowed amount of $2077.47 million, shall receive 30.1% of the allowed claim. The recovery will be pro rata share of unit share of unit distribution. RFC unsecured claims, for the amount of $9158.03 million, shall receive 9% of the estimated amount of claims. The recovery will be pro rata share of unit share of unit distribution.

General unsecured convenience claims of ResCap debtors, for the allowed amount of $0.3 million, will receive 36.3% of the allowed amount in cash. General unsecured convenience claims of GMACM debtors, for the allowed amount of $2.5 million, will receive 30.1% of the allowed amount in cash. General unsecured convenience claims of RFC debtors, for the allowed amount of $0.70 million, will receive 9% of the allowed amount in cash.

Equity interests will receive no distribution and shall be cancelled under the plan. There are no borrower claims of ResCap debtors. Borrower claims of GMACM debtors, for the amount of $88.57 million, shall receive 30.1% of the allowed amount.

The claims shall receive allocated share of cash available from borrower claims trust. Borrower claims of RFC debtors, for the amount of $333.09 million, shall receive 9% of the allowed amount. The claims shall receive allocated share of cash available from borrower claims trust.

There are no private securities claims, NJ carpenters claims and revolving credit facility claims. There are no FHFA claims under the plan, provided, that if Court determines the claims then the estimated claims shall receive 3% of the allowed amount. Intercompany balances shall not receive any distribution under the plan. The cornerstone of the Global Settlement is the $2.1 billion contribution by Ally to the estate assets in exchange for the Debtor release and Third Party releases.

Through the negotiation process, the parties determined to allocate the Ally Contribution as follows $782.7 million to ResCap Debtors, $462.3 million to GMACM Debtors & RFC Debtors each, $235 million to Private Securities Claims Trust, $57.6 million to Borrower Claims Trust, & $100 million to NJ Carpenters Claims Distribution. The plan shall get effective on or before earliest of 30 days after plan confirmation or December 15, 2013.