The Rational Walk has an excellent accounting of the Sokol/Lubrizol timeline, leading up to David Sokol’s resignation.
We have prepared the following timeline of events based on the information contained in Mr. Buffett’s press release along with Lubrizol’s latest proxy statement which was filed with the SEC on Friday, March 25. In combination, these documents allow us to reconstruct the chain of events that took place with respect to Mr. Sokol’s involvement with the Lubrizol transaction.
Fall of 2010
Lubrizol’s proxy statement indicates that Mr. Sokol met “from time to time” with various investment banking firms to discuss capital-raising and transaction ideas. During the Fall of 2010, Mr. Sokol requested that his contacts at Citigroup prepare additional information for his review concerning possible transactions in several industries including the chemicals industry. Citi prepared a list of 18 companies for Mr. Sokol’s review.
…
March 28, 2011
Mr. Buffett “received a letter of resignation from Dave, delivered by his assistant.”
March 30, 2011
Mr. Buffett announces Mr. Sokol’s resignation.
Read the full article here.
Talk to Frank about Sokol’s resignation
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