Wednesday, 26 November 2014
Last updated 9 hours ago
May 18 2012 | 4:09am ET
Prior to its bankruptcy filing and a deal to sell its assets to Fortress Investment Group, Ally Financial's Residential Capital unit was approached by Berkshire Hathaway—led by one of Warren Buffett's new hedge fund protégés.
Berkshire's Ted Wechsler sought to buy the lender prior to its bankruptcy filing this week. Berkshire offered almost nothing up front for the unit, but would have taken on its liabilities.
Buffett assigned Wechsler, who ran his own hedge fund, Peninsula Capital Partners, until being tapped by Buffett as a potential successor at Berkshire last year, to try to buy ResCap due to Berkshire's investments in the mortgage lender's unsecured debt.
But Ally, the former GMAC Financial Services, which is majority owned by the federal government, decided that a bankruptcy filing and sale to Fortress and the private equity firm's Nationstar Mortgage Holdings unit would serve to better protect it from future ResCap liabilities.
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