Wednesday, June 20, 2012

Buffett pushes to protect Wells Fargo stake

Warren Buffett’s Berkshire Hathaway stormed back into court yesterday in a continued effort to upend the government-sanctioned reorganization of crippled mortgage lender ResCap, the NY Post reports.

The billionaire investor, having already beaten Uncle Sam by gaining court approval to name an independent examiner to probe ResCap’s pre-Chapter 11 settlements, pushed Bankruptcy Judge Martin Glenn to name his firm as the leading bidder for ResCap’s mortgage business. Buffett failed on that account — although he forced Fortress Investment Group, run by New York hedge fund titan Wes Edens, to up its bid and cut its breakup fee.

The hearing yesterday capped a whirlwind two-day blitz of witnesses, charges and countercharges in Buffett’s full-frontal assault on the government-backed plan to rid itself of ResCap’s toxic mortgages. The court matter also left some lawyers at the hearing scratching their heads over why Buffett — whose Berkshire conglomerate is not in the mortgage-servicing game — is making such a hard run at the ResCap reorganization….

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