Cerberus to suspend withdrawals from fund

Reuters ^ | Tue Dec 23, 2008 2:34pm EST | Reuters

[unique]

NEW YORK, Dec 23 (Reuters) - Cerberus Capital Management CBS.UL plans to pay 20 percent of year-end withdrawals in cash and suspend the remaining withdrawals for investors in its Cerberus Partners fund, television network CNBC said on Tuesday.

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[unique]

This is huge and very bad news.

[Travis T. OJustice]

OUCH!

[BGHater]

Well, at least they got their bailout.

[mylife]

Glad I didnt invest in Chrysler

[mylife]

Here comes another investor screwing...

[massgopguy]

Is that cash from the Chrysler bailout? Did someone named “Margin” call?

[Virginia Ridgerunner]

"When we wrote to you at the end of September we thought the trading levels for debt were ridiculously low and there was a great buying opportunity ... we we were wrong," Feinberg wrote in the letter cited on CNBC.

Understatement of the year.

[mylife]

We believe it is necessary to suspend withdrawals in part so as to to unduly increase the illiquidity of the fund for remaining investors">

Increase liquidity for remaining investors by freezing assets? I call BS

[mylife]

Oh... Illiquidity..

thats never a good position.

[OldNavyVet]

Pulling one’s foot out of a quagmire might take time.

[mylife]

I mucked up L0L

[mylife]

only if both feet are in

[Travis T. OJustice]

Never mind.

[mylife]

I am with the other freeper last night who noted what cerberus means http://en.wikipedia.org/wiki/Cerberus

These guys are doing the final pillaging and will discard this company at which time the gubmint will bail it out

[dennisw]

Well, at least they got their bailout.

This is a very evil firm and politically connected. Dan Quayle fronst for them.. They own 51% of GMAC and are trying to get a TARP bailout on that. I don't know the status on that one

Their business model has changed from private equity firm to stealing from the taxpayers via bailouts

[mylife]

☺ L0L

[mylife]

Our country is broke, and I mean that on 2 levels.

I used to work for CTAS and they were a great company, until the pillagers arrived

[unique]

They also own 51% of GMAC.

I’m not one to call on Chinken Little to start yelling that the sky is falling, but 2009 will be a huge gamble at every level in America. I just don’t see anything that can happen to bring us out of this mess for several years.

Plus, at least 4 years of Obama may dig a hole that prompts a lot of people to just keep digging.

[mylife]

Yup. This is going to hurt

[mylife]

I feel like the gubmint and wallstreet sharks are playing 3 card 3 monte with me