Cerberus Capital Management LP, the New York-based investment firm that owns the largest U.S. gunmaker, will put the company up for sale, acting four days after one of its rifles was used in the Connecticut school shootings that left 26 people dead, including 20 six- and seven- year-olds.
Ally Financial Inc. investors who bought $2.38 billion of stock in an initial public offering yesterday join hedge fund manager Dan Loeb and private equity executive Stephen Feinberg seeking to profit from auto lending.
Ally Financial Inc., the largest U.S. auto lender, enlisted Cerberus Capital Management LP’s Lenard Tessler to help oversee turnaround efforts and salvage the government’s $17.2 billion investment, four people with knowledge of the matter said.
The father of Stephen Feinberg, the founder of the private-equity firm that owns gunmaker Freedom Group Inc., lives in the town where a Freedom Group-made rifle was used to kill 26 people in an elementary school.
Three years after the collapse of Bear Stearns Cos., which helped fuel the worst financial crisis since the Great Depression, former bond executives of the firm are running businesses at one-time rivals, including Bank of America Corp. and Goldman Sachs Group Inc.
Cerberus Capital Management LP, the private-equity firm led by Stephen Feinberg, agreed to buy the assets of insolvent German residential real estate investor Speymill Deutsche Immobilien Co. after restructuring 985 million euros ($1.26 billion) of distressed bank loans.
Cerberus Capital Management LP is seeking buyers for auto lender Chrysler Financial, which the private-equity firm acquired as part of its takeover of Chrysler LLC in 2007, said people with knowledge of the matter.