Re "going to the dogs", I do appreciate your sensitivity, but we parted ways with Cerberus ages ago when he decided to go to Hades for a "filthy lucre". In other words, he is not one of us, though I understand he's doing quite well financially.
Here's more details on Cerberus (and Chrysler), from D&B:
Named after the mythical three-headed dog that guards the gates of hell, Cerberus Capital Management has become a driving force among private equity firms. One of its more recent acquisitions is an 80% stake in DaimlerChrysler Motors (soon to be renamed Chrysler Corp. LLC). Cerberus was also the lead investor of a group that acquired 51% of GMAC, the financing arm of General Motors. The company currently owns bus manufacturer Blue Bird and is buying car parts maker Tower Automotive. Other holdings include a majority stake in Japanese bank Aozora, manufactured home loan servicer Green Tree Servicing, real estate services firm LNR Property, and ACE Aviation Holdings, the parent company of Air Canada.Because the company believes that the sector has long been undervalued, Cerberus has become heavily involved in the automobile industry. In addition to its GMAC and Chrysler holdings, the company now has an interest in CTA Acoustics (automobile insulation), GDX Automotive (auto seating products), Guilford Mills (auto seating products), and Peguform Group (auto interior products).
A key to early success for the Cerberus-Chrysler deal may well be found in its new labor agreement with the United Auto Workers (UAW) union (the current contract is set to expire in September 2007). While Chrysler has already announced plans to reduce its workforce by some 13,000 and to shutter at least one manufacturing facility, it's biggest battle will be to reduce labor and the associated health-care costs.
The task may seem daunting, given the current state of American automakers, but Cerberus does have several things in its corner. For one, because it will be a private company (the first private major US automaker since Ford went public back in the '50s), Chrysler will not live and die by daily share prices. Also, because Cerberus has extensive investments in the auto parts industry, it will have added leverage when dealing with suppliers. (To underscore its importance, a change in supplier relations was announced just hours after Cerberus emerged as the new Chrysler owner with the announcement that Simon Boag would become the new vice president of procurement.) Cerberus chairman John Snow should also give Chrysler an edge. Snow, the former Treasury secretary in the Bush administration, briefly served as the head of the National Highway Traffic Safety Administration while Gerald Ford was president.
Although no official offers have been made, Cerberus could also be a potential buyer for both Jaguar and Land Rover--a couple of automobile companies Ford is looking to unload.
With a majority stake in GMAC and the financing company that comes with the Chrysler purchase, Cerberus will now control an influential share of the automotive financing market in North America.
The company is selling its stake in Vanguard Car Rental Group (parent company of Alamo Rent A Car and National Car Rental) to Enterprise Rent-A-Car.
The private equity firm has not been solely concerned with auto industry however. Cerberus agreed to buy UK home improvement chain Focus (DIY) from Apax Partners and Duke Street Capital in 2007. It is also buying UK firm Torex Retail, which makes software for retailers.
In early 2006 Cerberus joined with SUPERVALU grocery, CVS Corporation, and Kimco Realty to buy grocery chain Albertsons in a deal worth $9.6 billion.
Cerberus' NewPage Holding (formed after the acquisition of MeadWestvaco 's paper business) filed and later withdrew an initial public offering.