"Regenerative" braking is indeed where the power to be dissipated is returned to the source.
This is practical in electrified railways where there is a large bus from which power for all locomotives is obtained, and to which power from any locomotive (or set of locomotives) may be returned.
However, these railways use ac motors, usually at least four per locomotive, not a single dc motor, as does the Monarch 10EE.
There is a converter topology which is bi-directional, where the commutating devices, usually thyristers now, but initially mercury vapor converter tubes not unlike thyratrons, can indeed receive or send power.
My former employer, this nation's largest municipal utility, used this concept and system to receive and send more than 1,400 megawatts of power between Oregon and Southern California. This was the first such system in the United States, and it has been in operation for more than thirty years, first at +/- 400 kV (800,000 volts line-to-line) and currently at +/- 500 kV (1,000,000 volts line-to-line). The Pacific Ocean is utilized as the ground return.
Since the 10EE actually uses its brake for such a short time, essentially from the instant the operator commands the machine to stop (or reverse) the spindle motor, until the instant the spindle motor has been stopped (or has been reversed), I wonder what the advantages, if any, of true regenerative braking are, over the "dynamic" braking used in most 10EEs.
The Ward Leonard 10EEs use dynamic braking, as do the WiaD and Modular 10EEs (and most probably the first Solid State 10EEs), and this covers most 10EEs which have been produced to date.
If someone would e-mail or snail-mail me a schematic of the 10EE's regenerative brake and motor control system, I would certainly be willing to analyze that design and advise the group of any implications with respect to rotary converters.
Since the ac motor in a Ward Leonard 10EE is a conventional induction motor and not a "wound rotor" motor, this motor cannot be turned into a generator and thereby used to return power to the ac source.
Besides, such a wound rotor motor would need a separate exciter, and the Ward Leonard 10EE's exciter is driven by the ac motor itself, which, under this theory, would no longer be acting as a motor, but, instead, would be acting as a generator.