Berkshire served as the auction’s stalking-horse bidder with an opening offer of $1.45 billion. The auction began this morning at the Sheraton New York Hotel & Towers, following two days of bidding for ResCap’s loan-servicing platform that ended yesterday with a top bid of $3 billion. (See, “Ocwen makes winning $3B bid for ResCap’s mortgage platform,” LCD News, Oct. 24, 2012).
A hearing to approve both sales is scheduled for Nov. 19 before U.S. Bankruptcy Judge Martin Glenn in Manhattan. – John Bringardner