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- W2028064329 abstract "This chapter provides a case study of Cerberus and the U.S. auto industry, which led to the downfall of auto and hedge industry in America. In August 2005, General Motors Acceptance Corporation (GMAC) announced that it had entered into an agreement to sell a 60 percent equity interest in its commercial mortgage subsidiary, GMAC Commercial Holding Corp (GMACCH), to a high-profile investor group led by private equity giant Kohlberg Kravis Roberts & Co. (KKR). The KKR-led group later upped its ante in March of the following year, increasing its investment to almost $9 billion for a 78 percent stake in the mortgage business's equity. Less than two weeks after this announcement, Cerberus Capital Management—a multistrategy, $22 billion New York hedge fund led by manager Stephen Feinberg—made its own announcement, stealing KKR's headlines. With Citibank's private equity division and a large Japanese bank on board, Cerberus agreed to buy a 51 percent controlling interest of GMAC in a deal that would net the cash-starved General Motors (GM) $14 billion over three years. In May 2007, Cerberus acquired 80.1 percent of Chrysler LLC from Daimler-Benz AG for about $7.8 billion. At the time, Cerberus was hailed as a hero—the private equity firm that saved the American car industry. But two years later, Cerberus's dream had turned into a nightmare. Both GM and Chrysler declared bankruptcy, causing massive losses for Cerberus and the firm's co-investors, including the investment arm of Abu Dhabi, as well as hedge funds such as York Capital and Eaton Park." @default.
- W2028064329 created "2016-06-24" @default.
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- W2028064329 date "2009-07-01" @default.
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- W2028064329 title "And with one bound…" @default.
- W2028064329 doi "https://doi.org/10.1016/s0026-0657(09)70175-4" @default.
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