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The Wall Street Journal reports that investors in the main hedge funds of New York-based private equity firm Cerberus Capital Management LP want out and are asking for the return of more than $5.5 billion, or about 71 percent of fund assets.
Relations between Chrysler's current and former owners turned ugly Wednesday when private equity firm Cerberus Capital Management LP accused Daimler AG of "intentionally and materially" misleading Cerberus before the German automaker sold Chrysler last year.
Chrysler LLC Chief Executive Bob Nardelli says a steep decline in U.S. auto sales has created an environment for industry consolidation, but he would not comment on reports that talks are accelerating for General Motors Corp. to acquire his company.
Maybe Daimler wants to cut its losses on Chrysler, or Cerberus Capital Management wants to own the U.S. automaker outright. Whatever the motivation, the companies confirmed Wednesday that talks are under way for Daimler to sell its remaining 19.9 percent stake in Chrysler to the private equity firm.
Even if private equity firm Cerberus Capital Management LP intends to sell Chrysler LLC in pieces, Chrysler Vice Chairman Tom LaSorda says it won't happen anytime soon.
After running Chrysler LLC for a year, Cerberus Capital Management LP must be wondering if its mascot, the three-headed dog that guards the gates of hell, is protecting it from the underworld or leading it into the flames.
H&R Block Inc. said Tuesday that a deal to sell its troubled mortgage lending arm has fallen through, forcing it to scrap most of the $1 billion business.
California, Oregon and Washington State Worker's Pension Plans Depleted in Private-Equity Investment GambleU.S. pension funds contributed to the record $1.2 trillion that private-equity firms raised this decade. Three of the biggest investors, state pensions in California, Oregon and Washington, plunked down at least $53.8 billion.
What's Bigger Than Cisco, Coke, Or McDonald's? CERBERUSEditor's Note: On May 14, 2007, DaimlerChrysler and the private equity firm Cerberus Capital Management announced that Cerberus would buy a controlling stake in Chrysler, ending the troubled eight-year merger of the two automakers.
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