Middleburg Financial, a small bank holding company with a base of operations in the prosperous suburbs of Northern Virginia, has been in the news over the past few days due to David Sokol’s comments on CNBC indicating that he plans to build a “mini-Berkshire” after resigning from Berkshire Hathaway in the wake of revelations regarding his trading in shares of Lubrizol Corporation. Read this article for our opinion on whether Mr. Sokol will use Middleburg Financial as the base for his future business activities.
In an article posted earlier today, we provided the video of David Sokol’s CNBC appearance along with commentary regarding his statements. As part of that article, we raised the issue of Mr. Sokol’s statements on CNBC contradicting the Lubrizol proxy statement account of the development of the transaction with specific reference to Mr. Sokol’s characterization of his discussions with bankers at Citigroup on December 13, 2010. Read this article for a more extended discussion on this topic.
David Sokol appeared on CNBC to discuss his resignation from Berkshire Hathaway which was announced by Warren Buffett in a very unusual press release on Wednesday afternoon. Read this article to view the video and for our comments.