Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By Corporate Justice Blog
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Never Ever, Thought I Would See This . . . . Warren Buffett Gets Bamboozled?

% of readers think this story is Fact. Add your two cents.


Just out . . .  Berkshire Hathaway, Warren Buffet’s investment firm, is suing international law firm Jones Day for fraud.  In 2017, a Berkshire Hathaway subsidiary Precision Castparts purchased Wilhelm Schulz, a German oil and gas pipemaker for $940 million dollars.  Only problem, Wilhelm Schulz fraudulently manufactured invoices, invented “phantom customers,” and misrepresented their financial position during the acquisition (they were in fact at the time in discussion with insolvency representatives).  Precision Castparts, the Berkshire subsidiary, ended up losing some $755 million in the deal as the fraud and misrepresentation later became clear.  In fact, an arbitrator recently awarded Precision Castparts 643 million euros ($756 million) based on Wilhelm Schulz’s true value at the time of acquisition of 157 million euros (approximately $200 million).  Because Wilhelm Schulz is in bankruptcy, it is very unlikely that Precision Castparts will recover much of any of the arbitration award.  Thus, the lawsuit against Jones Day, the lawyers that represented Wilhelm Schulz in the acquisition.

From Bloomberg:  “According to the suit, Jones Day conspired with Schulz to create a misleading picture of the German company’s value. Toward that end, the firm’s lawyers drafted documents including a securities purchase agreement and disclosure statements they knew were false, Precision claims.”
This represents a rare misstep in Warren Buffet’s empire, as he is recognized as one of the world’s savviest investors.  If Berkshire and Precision were taken in a “fast shuffle,” one has to assume that the fraud was deep indeed.
hat tip to Molly Curington, University of Arkansas at Little Rock Bowen Law School, 2L
photo: public domain


Source: http://corporatejusticeblog.blogspot.com/2020/10/never-ever-thought-i-would-see-this.html



Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.


Humic & Fulvic Liquid Trace Mineral Complex


HerbAnomic’s Humic and Fulvic Liquid Trace Mineral Complex is a revolutionary new Humic and Fulvic Acid Complex designed to support your body at the cellular level. Our product has been thoroughly tested by an ISO/IEC Certified Lab for toxins and Heavy metals as well as for trace mineral content. We KNOW we have NO lead, arsenic, mercury, aluminum etc. in our Formula.


This Humic & Fulvic Liquid Trace Mineral complex has high trace levels of naturally occurring Humic and Fulvic Acids as well as high trace levels of Zinc, Iron, Magnesium, Molybdenum, Potassium and more. There is a wide range of up to 70 trace minerals which occur naturally in our Complex at varying levels. We Choose to list the 8 substances which occur in higher trace levels on our supplement panel. We don’t claim a high number of minerals as other Humic and Fulvic Supplements do and leave you to guess which elements you’ll be getting.


Order Your Humic Fulvic for Your Family by Clicking on this Link, or the Banner Below.



Our Formula is an exceptional value compared to other Humic Fulvic Minerals because...


It’s OXYGENATED

It Always Tests at 9.5+ pH

Preservative and Chemical Free

Allergen Free

Comes From a Pure, Unpolluted, Organic Source

Is an Excellent Source for Trace Minerals

Is From Whole, Prehisoric Plant Based Origin Material With Ionic Minerals and Constituents

Highly Conductive/Full of Extra Electrons

Is a Full Spectrum Complex


Our Humic and Fulvic Liquid Trace Mineral Complex has Minerals, Amino Acids, Poly Electrolytes, Phytochemicals, Polyphenols, Bioflavonoids and Trace Vitamins included with the Humic and Fulvic Acid. Our Source material is high in these constituents, where other manufacturers use inferior materials.


Try Our Humic and Fulvic Liquid Trace Mineral Complex today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

MOST RECENT
Load more ...

SignUp

Login

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.