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Dheeraj Grover
Dheeraj Grover
Articles (493) 

Berkshire Sells Some ResCap Debt

June 11, 2012 | About:
Warren Buffett's Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) sold more than a third of its Residential Capital bond holdings this week, shortly after calling for a probe into the mortgage lender's pre-bankruptcy transactions.

Ted Weschler, a Berkshire investment manager, said his company sold its holdings of more than $500 million of unsecured ResCap bonds on June 5 and 6, according to papers filed Thursday in U.S. Bankruptcy Court in Manhattan.

Weschler did not disclose sale prices. Berkshire had held the bonds for several years.

The sales followed Weschler's June 4 request for the court to appoint an independent examiner to investigate "potentially improper" transactions, in which ResCap moved large amounts of assets to its parent, Ally Financial Inc.

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About the author:

Dheeraj Grover
I am an individual investor with deep interest in the field of value investing. My ideas and thinking is inspired by highly respected value investors like Ben Graham, Warren Buffett, Walter Schloss, Bill Ruane and Tweedy Browne

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