Judge raps Berkshire (Warren Buffett ) company (docked in Omaha court for $32 million)

[Omaha Steve]

Source: Omaha World Herald

By Joe Ruff

MidAmerican Energy, the Iowa-based international power subsidiary of Berkshire Hathaway, got docked Friday in an Omaha court for $32 million. The judge found that the company had intentionally miscalculated future profits to force out minority stockholders in a project in the Philippines.

The company also must give the stockholders group 115,000 shares in the project that could pay dividends through 2021 of an estimated $12 million a year. Total future payments could top $140 million.

Douglas County District Judge Gary Randall said MidAmerican Chairman David Sokol decided to change profit calculations in a way that eliminated the San Lorenzo Ruiz Builders & Developers Group's rights in the project. MidAmerican acted “willfully and intentionally,” Randall said.

MidAmerican spokesman Mark Reinders said the company disagrees and plans to appeal.



Read more: http://www.omaha.com/article/20100403/NEWS01/704039871

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I used to play football in the street with Sokol and many other neighborhood friends.

This is another case of the filthy rich trying to screw those lower on the feeding chain. Micheal Moore's "Capitalism" comes to mind.

[iamjoy]

1. I Expected Better of Buffett

more fool me

[No Elephants]

2. You're not alone. I'm very disappointed.

[naaman fletcher]

8. Nah. Buffet has always been a fraud.

His carefully crafted image is crap.

[No Elephants]

3. So, Omaha Steve, did Sokol cheat then, too?

[Omaha Steve]

5. His parents were Dems, I think his dad worked at Safeway as a meat cutter

He is a far right winger that contributes to the party and it's candidates. At least Buffet is a Dem and is pro-choice.

[No Elephants]

6. thanks. I always wonder what makes people turn away from the Party of their parents.

[Critters2]

4. Obsessively, relentlessly

lying and cheating

[Lost4words]

7. the wealthy and powerful have 1 goal, MORE MORE MORE

even if it kills the little people.