Elliott Goes After Berkshire Hathaway With Subpoenas and Depositions
July 21 2017 - 5:43PM
Dow Jones News
By Soma Biswas
Skirmishes between Warren Buffett's Berkshire Hathaway Inc. and
Paul Singer's Elliott Management Corp. continued this week in
bankruptcy court over the parties' competing bids for Oncor, the
big Texas utility owned by bankrupt Energy Future Holdings Corp.
The latest battle is over several subpoenas Elliott sent on
Thursday to Berkshire Hathaway Energy Co. executives, including
Chief Executive Greg Abel.
On Friday, Berkshire Hathaway Energy sent a letter to bankruptcy
judge Christopher Sontchi asking him to deny Elliott's request for
documents related to its deal to acquire Oncor because the hedge
fund is only giving three days, until July 24, to respond,
according to a court filing.
Elliott, a $33 billion hedge is also seeking to depose Berkshire
Hathaway Energy CFO Patrick Goodman, Energy Future CEO Paul
Keglevic and David Ying, senior managing director at Evercore
Partners, which is advising Energy Future in its bankruptcy case.
The depositions of the Berkshire Hathaway Energy executives would
start on July 24, while Mr. Ying and Mr. Keglevic would be deposed
starting Aug. 7.
Elliott, Energy Future's biggest creditor, is challenging
Berkshire Hathaway Energy's all-cash, $9 billion proposal for 80%
of Oncor and has put forward its own proposal to take over the
Texas utility in a deal it says offers more value to
bondholders.
Elliott has complained that it should have been invited to the
deal negotiations between Energy Future and Berkshire Hathaway
Energy.
Write to Soma Biswas at soma.biswas@wsj.com
(END) Dow Jones Newswires
July 21, 2017 17:28 ET (21:28 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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