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Berkshire Hathaway Offers To Buy ResCap Unit

Berkshire also said in the filing that it will not require any expense reimbursement. Fortress may get up to $10 million in expense reimbursement if it loses the auction for ResCap's assets.

Berkshire also says it will offer better terms for ResCap's loan portfolio, which Ally wants to purchase. Berkshire said it will pay $1.45 billion for the portfolio, compared with Ally's $1.4 billion offer. But Ally could pay $1.6 billion if a deal is made under ResCap's Chapter 11 bankruptcy and reorganization plan.

Berkshire wants to replace Fortress and Ally as the "stalking horse," or initial bidder, for the ResCap assets. The company says its offers will stay open until June 19 for the court to approve.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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