CERBERUS at the Gates of Bankruptcy Reloaded


>Following obsessive requests from ours fans and faithful visitors
we reload for the new site this article / collection :
Dragging out from the Underworld the Cerberus .
We have collected some article about them and
We are exposing them to the Mass .
Their force is to be hidden behind Medias …
But if you exist then you have to deal with the rest ,
especially a Capital Management that is biggest than Cisco or McDonald’s…
The Cerberus Hidden Empire at the corner:
On October 19, 2006, John W. Snow,
President George W. Bush’s second United States Secretary of the Treasury,
was named chairman of Cerberus.
-Pharmaceuticals – In December 2004,
the company announced the acquisition of Bayer‘s plasma products business
and renamed it Talecris Biotherapeutics.
-Government Services (Military, Energy, and Food & Drug)
– owns IAP Worldwide Services, which bought Johnson Controls‘ World Services division
in February 2005, and Netco Government Services.
-Transportation – Acquired bankrupt ANC Rental, owner of the National and Alamo car rental chains, for $230 million in October 2003 and purchased DaimlerChrysler‘s 45% share of debis AerFinance, an aircraft leasing business, in May 2005.
Complete acquisition of debis AirFinance (later renamed AerCap) was concluded in July 2005. Also acquired North American Bus Industries, Optima Bus Corporation, and Blue Bird Corp. in the bus manufacturing sector.
Cerberus also owns bus companies Coach America and American Coach Lines,
which were acquired from Stagecoach Group.
Automotive – Peguform, GDX, and Chrysler.
-Financial ServicesGeneral Motors sold a 51% stake in its GMAC finance unit
to an investor group led by Cerberus Capital Management.
GM expects to receive $14 billion over the next three years from the sale of General Motors Acceptance Corp.
In December 2006, Cerberus acquired the Austrian bank BAWAG P.S.K. for a reported EUR3.2 billion.
In August 2007, Cerberus announced that it was closing one of their mortgage companies, Aegis Mortgage.
And these entries are only the small pieces of a big growing blob…
Cerberus emerges from the underworld

Wednesday, August 24, 2005
By Randall Smith, The Wall Street Journal
NEW YORK — In myth, Cerberus is the fearsome three-headed dog at the gates of the underworld.
One speciality of Cerberus Capital Management LP is investing
in debt of companies at the gates of bankruptcy.
The scary name has intimidation value for Cerberus founder Stephen Feinberg,
a reclusive former Princeton tennis captain with a regular-guy streak. A onetime Army Reserve paratrooper,
he hunts deer when not hunting financial deals and drives an aging Ford pickup truck,  friends and colleagues say. Cerberus, with $16 billion of capital, has expanded beyond its original “vulture” investing specialty into lending,  real estate and buyouts of healthier companies.  Cerberus has mushroomed in size from $5 billion in 2000. And Mr. Feinberg, despite his penchant for the simple life,has become rich, with a net worth in the hundreds of millions of dollars.Cerberus is a prominent example of hedge funds,
which historically focused on short-term trading,
“expanding into longer-term private-equity buyouts in search of high returns,”  according to Ilan Nissan, a private-equity lawyer at O’Melveny & Myers LLP. To soften a combative image won in the smack-down arena of bankruptcy court, Cerberus hired former Vice President Dan Quayle as an ambassador and door-opener.  Mr. Quayle, who has worked full time for Cerberus since 2000,
is chairman of Cerberus Global Investments LLC.
For example, Mr. Quayle said, he helped Cerberus with its investment in bonds of MCI Inc., the former WorldCom until it emerged from bankruptcy court.
He served in the same 1989-1993 administration of President George H. W. Bush as Richard Breeden,  the former Securities and Exchange Commission chairman, who was MCI’s court-appointed monitor.
Mr. Quayle has also served as a point man in Japan, where Cerberus has made several large investments, including an $850 million investment in Nippon Credit Bank, since renamed Aozora Bank Ltd.
Cerberus has participated in buyouts of healthier businesses, often cast-off units of larger companies. They include the Mervyn’s retail unit of Target Corp.,
a paper business from MeadWestvaco Corp.
and the LNR real-estate business that was once part of home builder Lennar Corp. Because Cerberus invested heavily in vulture situations like WorldCom during the stock-market downturn of 2000-2003,
its returns were aided by the subsequent market rebound.
But Cerberus has held stakes in some companies that made multiple trips to bankruptcy court,  such as music retailer Wherehouse Entertainment Inc.
Most recently, Anchor Glass Container Corp. said
it will restate results and announced plans for its third bankruptcy in the past decade.
Two years ago Anchor went public in a $120 million initial public
offering of stock in which Cerberus reaped two-thirds of the proceeds.
Cerberus is known for tough tactics. It made last-minute cuts in its investments in Teleglobe Communications Corp. and ICG Communications Inc. Cerberus says it was contractually entitled to make the cutbacks based on adverse developments.
Civil lawsuits have accused Cerberus of failing to hand over profits on short-term stock trading to companies, as required, where it owned more than 10 percent,
and thus might have had access to material nonpublic information.
Cerberus says it repaid “a small amount” of such trading profits to Komag Inc.,
where it held 29 percent, after one lawsuit.
In a bankruptcy-court battle for control of Coram Healthcare Corp., another vulture investor,Sam Zell, accused Cerberus of failing to disclose $1 million in annual compensation it paid to Coram’s chief executive.
Cerberus acknowledged the disclosure could have been made sooner, but the court ruled no damages resulted.
Mr. Feinberg isn’t intimidating in person. With thinning light-brown hair and a mustache, he is in constant, restless motion.He is also self-effacing. If asked by potential investors about lessons learned from past mistakes, he “can go on and on” too long, says Bob Mast, a fund marketer.” Sometimes you have to kick him under the table.”
Mr. Feinberg, 45 years old, grew up in blue-collar Spring Valley, N.Y.,the son of a World War II Army veteran who fought in the Pacific, according to his friend T.K. Duggan,a hedge-fund investor at Durham Asset Management LLC. Mr. Feinberg declined requests for an interview. His college tennis coach, David Benjamin, recalls Mr. Feinberg had “an extra level of ferocious intensity.” Even when he was bed-ridden with a fever in the spring of his senior year, he said, Mr. Feinberg would show up for matches and win. Mr. Feinberg also played chess in college and rode a motorcycle.
After a mid-1980s stint at onetime junk-bond powerhouse Drexel Burnham Lambert, Mr. Feinberg worked at Gruntal & Co. and formed Cerberus in 1992, near the end of a junk-bond market downturn that followed Drexel’s collapse. Staffers at Cerberus know their way around a courtroom. The firm’s chief operating officer, Mark Neporent, is a former bankruptcy lawyer. But some friends say Mr. Feinberg gets a bum rap because of the fund’s name.Calling it Cerberus is “probably the worst thing he ever did,” Mr. Duggan says. Cerberus “is not this fearsome figure. He protected humans from falling into the abyss.” One of Mr. Feinberg’s early coups,Mr. Duggan recalls, was investing in the bank debt of Morrison Knudsen Corp. in the mid-1990s,around the time its chief executive was ousted and the company went through a bankruptcy-court debt restructuring.The loans roughly doubled in price from about 50 percent of face value to 100 percent.Some executives who run companies Cerberus controls recall dinner meetings with Mr. Feinberg at an Italian restaurant in midtown Manhattan,after which the workaholic Mr. Feinberg would often return to the office.“I would give him presentations at dinner,” said Randall Curran,the former CEO of ICG Communications. Mr. Curran recalled it was “frustrating”when Cerberus reduced its planned investment in ICG, requiring ICG to spend extra time in bankruptcy court. On May 12, 2005, Joseph D. Martinec, the bankruptcy-court trustee for World Satellite Network Inc.and its parent WSNet Holdings Inc.,charged that Cerberus improperly usurped WSNet’s plans to buy two cable companies.Cerberus, a WSN investor with two board seats, gained control of the cable companies by snapping up their bonds,Mr. Martinec charged.Cerberus contends the companies couldn’t finance the purchases at the time.For a so-called master of the universe, Mr. Feinberg spends little.He has a modest country house with a swimming pool in Stamford, Conn.,and an ordinary-size apartment in Manhattan.On business trips he prefers Holiday Inn to Hyatt, one colleague says.”He wants to be an everyday, average guy,” says Mr. Duggan.
In 1999 Mr. Feinberg was featured as one of the 40 wealthiest Americans under age 40 by Fortune magazine,which listed his net worth as $274 million.Yet even family members remain in the dark about his income.At his 40th birthday party,his father approached one guest and asked how much his son made, the guest recalled.Minutes later, Mr. Feinberg warned the same guest, in case his father asked, not to say how much he made.
What’s Bigger Than Cisco, Coke, Or McDonald’s?
Steve Feinberg’s Cerberus, a vast hedge fund that’s snapping up companies — lots of them — Shares of Albertson’s Inc. (ABS) were soaring in mid-September on rumors of an impending bid for the Boise (Idaho) grocery chain. A pair of private-equity funds — giant pools of capital just waiting to pounce on takeover targets – had been circling, preparing offers that were said to top $16 billion.But then a new player showed up: hedge-fund group Cerberus.The Albertson’s drama is still playing out.But even as Cerberus Capital Management LP pursues the grocer,it has been quietly discussing an offer for Morgan Stanley’s (MWD ) aircraft-leasing business for up to $2 billion and negotiating for a big stake in Israel’s second-largest bank,Bank Leumi.
And it’s still digesting a $2.3 billion purchase in May of Meadwestvaco Corp.’s (MWV ) paper businesses – a deal that included 900,000 acres of forest.

Exposing Cerberus’ Hidden Empire (extended) :

BlueLinx Holdings Building products distributor http://www.bluelinxco.com/home.asp
Anchor Glass Glass container manufacturer for Anheuser-Busch and other companies N.A.
NewPage Corp. Coated and carbonless paper producer http://www.newpagecorp.com/mpd/home.nsf/
Escanaba Timber Major wood supplier managing 900,000 acres of forest
Debis AirFinance Aircraft leasing and financing company with 250 jets and turboprops leased to 85 airlines worldwide http://www.debisairfinance.com/
LNR Property Corp. Real estate investment and management company http://www.lnrproperty.com/
Vanguard Car Rental Umbrella company form Alamo Rent-a-car and National Car Rental http://www.vanguardcar.com/
Strategic Restaurants Acquisition Corp. Burger King’s second-largest franchisee with 226 restaurants N.A.
SSA Global Technologies Leading provider for enterprise software and services http://www.ssaglobal.com/
Global Home Products Manufacturer of Burnes picture frames, Mirro cookware, and Anchor Hocking glassware

Aozora Bank 48-year-old Japanese bank with $43.5 billion in assets http://www.aozorabank.co.jp/en/company/
GDX Automotive Auto parts manufacturer http://www.gdxautomotive.com/
Talecris BioTherapeutics* Protein therapy provider for rare and chronic illnesses such as immune disorders, shock, and burns http://www.talecris.com/
Mervyn’s* Department store chain with 257 locations in 13 states http://www.mervyns.com/
Guilford Mills One of America’s largest auto seat suppliers http://www.guilfordmills.com/fibers.html
IAP Worldwide Services U.S. Defense Dept. supplier of services such as base-camp support http://www.iapwws.com/
Velocita Wireless Wireless services provider to companies, government organization, and 20% of all BlackBerries http://www.velocitawireless.com/
Inovis* B2B solutions provider http://www.inovis.com/
Sports Brands International Controls, directly or indirectly, 20 international companies that create and distribute sports apparel and footwear under the Fila and Ciesse brands. http://www.fila.com/
Exco Resources* Oil and gas acquisition, exploitation, development, and production company http://www.excoresources.com/
Flexible Flyer Swing set, hobby horse, and tricycle manufacturer http://www.flexible-flyer.com
G+G Retail Teen clothing manufacturer http://www.gorave.com/
General Fiber Communications Residential CATV installation services provider http://www.generalfiber.com/
Aegis mortgage Mortgage banking company http://www.aegismtg.com/
CTA Acoustics Fiber-related automotive parts supplier to Ford, GM, and DaimlerChrysler http://www.ctaacoustics.com/
Tandem Staffing Solutions Staffing services provider http://www.tandemstaffingsolutions.com/us/default.aspx
Formica Corp.* Leading supplier of decorative surfacing materials http://www.formica.com/
Rafaella Sportswear Manufacturer of women’s casual and career wear, mostly in missy sizes N.A.
Kokusai Kogyo Japanese leisure services provider that runs bus services and owns golf courses as well as hotels http://www.kokusaikogyo.co.jp/
Peguform GmbH & Co. KG*** German automotive components supplier to auto makers such as Porsche and Volkswagen

Jade GmbH German property company N.A.
Airway Industries Manufacturer of luggage sold under the Atlantic Luggage brand www.atlanticluggage.com
Pitney Bowes Capital Services** Commercial financing business N.A.

*Cerberus is a co-investor with other private investment firms
**Cerberus will own 48% of the company when the pending spin-off is completed.
***Operations in Germany, Spain, Mexico, and Brazil
DATA: Capital IQ, Dealogic, Standard & Poor’s, Dun & Bradstreet, Hoover’s, Companies
We posted this Collection of articles about Cerberus at that Wikipedia page ,
but Cerberus thought very well to set up a software that would delete systematically
our external link to the W_entry ,
then We officially gave up because We could set up a bot as well to re_add the link instantaneously as soon as it is deleted but this would end up in a Ddos attack to Wikipedia
and We respect this last much than Cerberus respect others .

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