Warren Buffett's Berkshire Hathaway Inc won a bankruptcy auction for a Residential Capital LLC loan portfolio with a $1.5 billion bid, ResCap said on Thursday.Berkshire had been the opening bidder for the portfolio of 47,000 whole loans at $1.44 billion. A second bidder participated in the auction, a source familiar with the situation said, but details weren't available.A Berkshire Hathaway representative was not immediately available. A sale approval hearing is scheduled for Nov. 19 before the bankruptcy court.ResCap, the mortgage lending unit of Ally Financial Inc, filed for bankruptcy in May. It will use proceeds of the auction to repay creditors, including its parent.
Berkshire Hathaway Inc. (Berkshire) is a holding company owning subsidiaries engaged in a number of diverse business activities. Shares of BRK-A traded higher by 0.11% or $137.0/share to $130582.00. In the past year, the shares have traded as low as $110092.00 and as high as $136345.00. On average, 48146 shares of BRK-A exchange hands on a given day and today's volume is recorded at 461.
Berkshire Hathaway Inc. (Berkshire) is a holding company owning subsidiaries engaged in a number of diverse business activities. Shares of BRK-B traded higher by 0.24% or $0.21/share to $87.15. In the past year, the shares have traded as low as $72.60 and as high as $90.93. On average, 3941370 shares of BRK-B exchange hands on a given day and today's volume is recorded at 3210492.
Source
