Nationstar, Berkshire Hathaway Named ResCap Stalking Horses

Law360, New York (June 19, 2012, 2:22 PM EDT) -- Following an intense bidding war, a New York bankruptcy judge on Tuesday approved two stalking horses for Residential Capital LLC assets — Nationstar Mortgage LLC for its mortgage loan servicing business and Berkshire Hathaway Inc. for its legacy loan portfolio.

U.S. Bankruptcy Judge Martin Glenn approved the two stalking horse bids in a 30-minute hearing Tuesday. Fortress Investment Group LLC's bid came in at $125 million above its original $2.3 billion bid, while Berkshire's bid beat out ResCap parent Ally Financial Inc.'s $1.4 billion bid for...
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