Detroit Free Press In a move that has largely been anticipated by the Detroit area for months, Cerberus has sold half of its stake in GMAC and Chrylser to unnamed investors. By the looks of it, there isn't one big concern that has bought in to this, rather, a great many investors who had to cough up big bucks for a stake in it. Little is known yet but you'll likely be hearing more about this soon.
Stands to reason, Cerberus is a capital management company (an equity firm) who are in the business of making money, not running a huge automaker. If they can sell it for a profit, more power to them. ZC1
Detroit News Flipping Financial Times (which is evidently the source that the Free Press was reporting from) got it wrong. Cerberus has not, in fact, sold half of its stake in either Chrysler nor Cerberus. The FT will have to work a lot harder if they ever want to actually surpass WSJ in influence.
