Deals backfire as investors seek $5.5bn from Cerberus

Times Online – Investors in Cerberus are seeking the return of more than $5.5 billion (£3.3 billion) from the fund, which has made a series of poor investments, including the acquisition of GMAC, General Motors’ finance division, and of Chrysler, the bankrupt carmaker.

The collapse in confidence caps a remarkable fall from grace for Cerberus. The American investment fund, which has several hedge funds and a private equity unit that invests in distressed businesses, was once the darling of Wall Street, but it lost its way with bets on the US automotive industry.

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