Elliott Goes After Berkshire Hathaway With Subpoenas and Depositions

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 [e-mail]

(END) Dow Jones Newswires

July 21, 2017 18:27 ET (22:27 GMT)

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