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Seitel, which makes software which allows the user to track seismic tremors and other data for the oil industry and other businesses,was bankrupt. Berkshire bought the bonds, and offered 40 cents per share for the common. The hedgie, whose fund owned 9.9% of the common, came up with a complex alternative plan, and it was adopted by the shareholders.

Berkshire apparently made 52% on the bonds. The hedgie made 7 times his money, and the stock now sells for $3.18.

Bottom line: Here's just another deal that WEB made lots of money for shareholders. Even when he's wrong, he's right.
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