Uh-Oh! Sokol May Be in More Hot Water! (LZ) (BRK-A)
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New information as to when David Sokol knew about a possible buyout of Lubrizol (NYSE: LZ) by Berkshire Hathaway (NYSE: BRK/A)(NYSE: BRK/B) has surfaced.
In an filing with the U.S. Securities and Exchange Commission today, Lubrizol (NYSE: LZ) amended it's Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934.
One of the statements from the filing, specifically on December 17th, 2010, originally said:
"On December 17, 2010, Citi called Mr. Hambrick and relayed the substance of the conversation between Citi and Mr. Sokol on December 13, 2010. Mr. Hambrick indicated that he would inform the Board of Berkshire Hathaway’s possible interest."
But then was amended to say:
"On December 17, 2010, Citi called Mr. Hambrick and relayed the substance of the conversation between Citi and Mr. Sokol on December 13, 2010. Mr. Hambrick indicated that he would inform the Board of Berkshire Hathaway’s possible interest and discussed that Citi would so inform Mr. Sokol. Later on December 17, 2010, Citi informed Mr. Sokol that Mr. Hambrick had indicated that he would discuss Berkshire Hathaway’s possible interest with the Board."
From Berkshire CEO Warren Buffet's comment press release following David Sokol's resignation: "[On] January 5, 6 and 7, [Sokol] bought 96,060 shares pursuant to a 100,000-share order he had placed with a $104 per share limit price."
Initally, Sokol sold a 2,300 share stake in Lubrizol on December 21st, 2010. Those shares were bought on December 14th, a rather short holding period if you're into the growth of the Company.
In an filing with the U.S. Securities and Exchange Commission today, Lubrizol (NYSE: LZ) amended it's Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934.
One of the statements from the filing, specifically on December 17th, 2010, originally said:
"On December 17, 2010, Citi called Mr. Hambrick and relayed the substance of the conversation between Citi and Mr. Sokol on December 13, 2010. Mr. Hambrick indicated that he would inform the Board of Berkshire Hathaway’s possible interest."
But then was amended to say:
"On December 17, 2010, Citi called Mr. Hambrick and relayed the substance of the conversation between Citi and Mr. Sokol on December 13, 2010. Mr. Hambrick indicated that he would inform the Board of Berkshire Hathaway’s possible interest and discussed that Citi would so inform Mr. Sokol. Later on December 17, 2010, Citi informed Mr. Sokol that Mr. Hambrick had indicated that he would discuss Berkshire Hathaway’s possible interest with the Board."
From Berkshire CEO Warren Buffet's comment press release following David Sokol's resignation: "[On] January 5, 6 and 7, [Sokol] bought 96,060 shares pursuant to a 100,000-share order he had placed with a $104 per share limit price."
Initally, Sokol sold a 2,300 share stake in Lubrizol on December 21st, 2010. Those shares were bought on December 14th, a rather short holding period if you're into the growth of the Company.
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