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Oh the days when money was easy and cars desirable..

Found this interview with Cerberus in Condé Nast Portfolio September 2007 issue
A nostalgic read with the benefit of hindsight.

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Cerberus/Chrysler: The Most Dangerous Deal in America

“This was a great deal,” Wolfgang Bernhard from Daimler tells Cerberus’ investors in New York. He rips through three reasons: One, Daimler*Chrysler just finished spending a “mountain” redesigning its front-wheel-drive system (meaning Cerberus won’t have to). Two, Chrysler is about to launch a new line of minivans and pickups, vehicle types that have boosted the company’s market share when new models have debuted in the past. “Three,” he says, “Daimler was desperate.” The crowd roars with laughter. “Or, more politely,” he continues, “they were motivated to sell Chrysler.”

At its investors meeting, Lenard Tessler estimated that by July 1, Chrysler’s automotive division would have $5 billion in cash on hand, and its financial unit an adjusted book value of $7.2 billion. Cerberus’ 80 percent stake would be $9.8 billion—36 percent above its initial cash investment. In other words, Stephen Feinberg (the 47 year old C.E.O. of Cerberus Capital Management) was already up $2.6 billion, and he hadn’t even closed the deal.

If investors wanted to own a car company they could have just bought DaimlerChrysler stock. Instead, they’re hungry for the big payday: the sale, partnership, or public offering of Chrysler that will reap billions.

"We hesitated [at making the deal],” said Feinberg at the annual gathering of Cerberus investors, “because we knew it would get an insane amount of press, and boy, we don’t like that. But the deal was so good.”
 

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Discussion Starter #3 (Edited)
“We were too optimistic on timing. Maybe what we should have done was not bought it.” Cerberus Capital CEO Steve Feinberg. “I don’t know what we could have done differently,” he says. “From the day we bought it, we worked hard to improve it.”

NYT Aug 9th
 

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Where are they now ? no memoirs (yet)

Rogues' Gallery

Bob Nardelli (Chrysler’s Chairman and CEO under Cerberus) still CEO of Cerberus Operating and Advisory Co., recently took over at NewPage Corp., an Ohio-based manufacturer of coated paper.

Tom LaSorda (Chrysler’s vice-chairman and president) ; lead director on the board of ALTe, LLC, an Auburn Hills, Michigan-based start-up working on hybrid powertrain systems for automotive applications.

Jim Press (Chrysler LLC vice-chairman and president) ; consultant for Nissan-Renault’s global sales and marketing operation, before Chrysler Press was with Toyota.
 

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And here I thought Tom LaSorda was still affiliated with the Los Angeles Dodgers origination. Shows how much I know, huh? LOL
 

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Whuda thunk it - money-back guarantee

Cerberus to be bailed out of Daimler purchase with cash from Chrysler Financial sale:

Bloomberg (December 21, 2010) Cerberus Capital Management LP will recoup about 90 percent of its initial investment in Chrysler after the sale of the automaker’s former lending unit to Toronto-Dominion Bank, according to two people with knowledge of the transaction.

Cerberus will get about 75 cents on the dollar in cash when the sale of Chrysler Financial Corp. closes, said the people, asking not to be identified because the New York-based firm is private. Including about $900 million of assets Cerberus is retaining as part of the deal, the company will be left with a loss of 10 percent on the initial investment in the automaker and its finance arm.

Toronto-Dominion Bank today agreed to buy Chrysler Financial for $6.3 billion in cash, adding an auto-finance company in its second-largest acquisition. The purchase includes $5.9 billion in assets and about $400 million in goodwill. Cerberus, the hedge-fund and buyout firm led by founder Stephen Feinberg, bought a majority stake in Chrysler for $7.4 billion from DaimlerChrysler AG in 2007, part of a wager on the U.S. auto industry that included the 2006 takeover of General Motors Corp.’s auto lender.
 

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Reign of Error

Minimum Bob "We ended up furloughing, unfortunately, 35,000 families, closed factories, got rid of nonearning assets, shut down some platforms, I think Chrysler is where it is because of what we were able to do."

Nardelli "laments" that the Obama administration gave Fiat such a sweetheart deal and believes--given the same deal--Cerberus could have turned around Chrysler too.
Daimler literally paid Cerberus to take Chrysler off its hands.

Cerberus tore the core of the company to shreds and rendered it so helpless that GM wouldn't even take it off their hands. Fiat scooped up what was left for free, knowing--if all else failed--they'd be left with the iconic Jeep brand. For free.

The Detroit News reports that Bob Nardelli now says that the government made the right decision to give Chrysler to Fiat. In an e-mail to the newspaper, Nardelli said, "I did not mean to suggest that the government did not make the right decisions about Chrysler and the auto industry. We fully understood and supported the government's decision to give Chrysler to Fiat."

http://detnews.com/article/20111003/MIVIEW/110030447/Vines--Nardelli-s-Reign-of-Error
 

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Cerebrus Capital, Bob Nardelli - both totally incompetent at doing anything useful.
Their only purpose in their pitiful lives - grab a business, decimate it, and pocket as much profit as you can in the process.
Unfortunately, two glaring examples of what is wrong with American businesses and businessmen.
 

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Discussion Starter #9 (Edited)
Hedge Funds concerned with image ? or reacting to future value

http://www.latimes.com/business/money/la-fi-mo-cerberus-freedom-bushmaster-connecticut-20121218,0,361930.story

Cerberus said in a statement Tuesday that it will abandon its investment in Freedom Group, which produces the Bushmaster line of firearms - the equivalent of the military's M-16 weapon.

Cerberus bought Bushmaster in 2006 and eventually added other gunmakers to create Freedom Group. The firearms company, which also includes the Remington brand, has been in business 194 years and has more than 3,000 employees, according to its website.

As of a 2010 regulatory filing, Cerberus owns more than 95% of Freedom Group.

On Monday, the California State Teachers’ Retirement System said it would review its investment in Cerberus.

Shares of Smith & Wesson Holding Corp. fell as much as 5% on Monday after sinking more than 4% on Friday.

Sturm Ruger & Co., another firearm maker, saw its stock price fall nearly 3% on Monday after dropping more than 4% on Friday.

Others such as Browning and Winchester maker Herstal Group, Colt Firearms, Beretta USA and Bushmaster are private so unlisted.

Shares of ammunition maker Olin Corp., however, were up Monday. Smith & Wesson reported this month that its revenue surged 48% in the three months that ended Oct. 31.

Shops are reporting record sales. Four parents at Sandy Hook have registered guns to protect their children. Some schools are calling for armed marshalls and guns.

Conneticut has guns in 1 in 6 homes compared to national average of 2 in 5. Despite 300 million personal guns registered market opportunity to double the figure.
 

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The way I see it, a crazy person does not need firearms to commit mass destruction and death. In fact, most terrorist attacks are committed without firearms, but rather with improvised explosives or other weapons.
The Oklahoma City bomber used industrial explosives.
The WTC attacks were performed with aircraft that were hijacked with 99 cent utility knives.
Arab terrorists trying to destroy Israel rarely fire a shot when they blow themselves and anyone else near them to bits.
The list goes on and on.

Yes, the kid's mother was at fault for allowing her deranged son access to military type weapons.
But, no, guns don't kill, people kill, firearms are just one of many possible instruments of death and destruction.
 

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I blame the mother as much as the son. The NRA preaches being a responsible gun owner. I live by that. This women was not a responsible gun owner and she is as much to blame as if she was standing right next to her son as he pulled the trigger. What sane person would buy the kind of guns she had, not keep them locked up, and take an obvious mentally deficient kid target shooting with them? Airsoft guns would have made more sense if you had to do that.

Too bad those teachers that ran towards the shooter didn't have guns. Maybe a bunch of kids would still be alive today.
 

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Too bad those teachers that ran towards the shooter didn't have guns. Maybe a bunch of kids would still be alive today.
Probably not. Unless you are trained (I don't mean how to use a firearm) how to react under that type of situation, I doubt anyone could have been very effective, and it may have exacerbated the already tragic incident. Unless of course someone got off a lucky shot. Bagging a deer is a lot easier than bagging a criminal during a violent situation.
 

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Probably not. Unless you are trained (I don't mean how to use a firearm) how to react under that type of situation, I doubt anyone could have been very effective, and it may have exacerbated the already tragic incident. Unless of course someone got off a lucky shot. Bagging a deer is a lot easier than bagging a criminal during a violent situation.
Obviously you haven't been through a Conceal/Carry Permit class. You are taken through many different scenarios and the proper way to react to them and use your gun effectively. At the school my wife teaches at there are 13 teachers with conceal/Carry Permits. Their class rooms are strategically located near exterior doors and throughout the school.

You can say what you want, but there were 6 adults at Sandy Hook Elementary that were killed. Some while attempting to stop the carnage with nothing but bare hands. You can't tell me that if just one of them had had a gun it wouldn't have made a difference.

Here's something else to think about. That nut case in Aurora CO that shot up the movie theater didn't randomly choose that theater. Out of 18 theaters, that was the only one that had a gun ban.
 

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No, I don't "conceal/carry", my only use for firearms is hunting and target shooting.
 

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Discussion Starter #15
The teachers are already trained, all were alerted in time, and hid their kids.

The teachers with weapons permits are volunteers and have extra training.

What age group are they limited to ? Imagine High School teachers being overpowered for their weapons.

With 300 million guns in circulation control will not be very effective, more likely is an ammunition ban.
 

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The teachers are already trained, all were alerted in time, and hid their kids.
If that was the case; then the shooter would never have made it inside the school. They reacted to the gun fire. Big difference.

The teachers with weapons permits are volunteers and have extra training.

That is a true statement, but none of the teachers at Sandy Hook had guns.

What age group are they limited to ? Imagine High School teachers being overpowered for their weapons.

These type shootings happen where the shooter feels he has a reasonable chance of not being shot at. He wants to be the only one with a weapon.

With 300 million guns in circulation control will not be very effective, more likely is an ammunition ban.

Will never happen. We have a constitutional right to keep and bear arms. This is only a "politically" motivated gun issue. The real issue is a metal health issue. These type of issues have grown mostly due to the hands-off approach that this country has taken on mental health. All these people have been proven to be mentally deranged. They had all the signs, but our laws have been "liberalized" to the point that nothing can be done until after the carnage has happened.
Now that Biden has been appointed to the task force to form new legislation; you can bet we'll get a lot of feel good legislation that will do little to keep these deranged people from getting guns.
 

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Discussion Starter #17
Unless it's some kind of mentalist premonitions or intruisive surveillance then any alert will happen when property security is breached.

The arming of teachers in junior schools is against external intrusion. I was suggesting that guns in high Schools with discipline issues could see pupils taking guns from teachers when they are strong enough.

The 300 million guns with rising sales will still be constitutionally borne.

The only place where ammunition could be available is inside licensed ranges.

But there is too much money involved.

Cerberus' Freedom Group sells 1.2 million guns and over 2.6 billion rounds of ammunition each year.
 

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The arming of teachers in junior schools is against external intrusion. I was suggesting that guns in high Schools with discipline issues could see pupils taking guns from teachers when they are strong enough.
Schools send the "bad" kids to special high schools that have armed policemen on duty. Even some regular high schools have armed police on duty. It just depends.

The 300 million guns with rising sales will still be constitutionally borne.

The only place where ammunition could be available is inside licensed ranges.
This will never fly for a variety of reasons. If you note; the most recent 3 mass shootings were carried out with guns and ammunition the shooter didn't buy themselves.

But there is too much money involved.

Cerberus' Freedom Group sells 1.2 million guns and over 2.6 billion rounds of ammunition each year.
There is no easy solution, but adding more gun laws will change nothing as long as the underlying issues are not addressed. Guns are a vehicle, not the cause.
 

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It simply boils down to this - "where there's a will, there's a way".

Guns or not, someone intent on mass murder will find a way, some way somehow.
Actually more mass murders are committed without the aid of firearms, than are committed with firearms.

Gun control is largely directed at people like me - outdoor sportsmen.

The M.S.M. hates hunting and fishing and will do anything to stop us from pursuing our favorite pastimes.
The M.S.M. on the other hand loves stories of disaster, death, and destruction - because it means more advertising revenue for them (pure profit motive).
 

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Latest rumblings - I've caught bits and pieces of news that the Obama administration wants to amend the second amendment of the US constitution. There are no details as of yet. But you can be sure the most passionate pleas are from anti-outdoor sports vegan, card carrying PETA members.
 
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