The three-headed dog barks...
Cerberus Capital Management LP accused Daimler AG of "intentionally and materially" misleading Cerberus before the German automaker sold Chrysler last year. And, of course, Daimler is saying there is no truth to the allegations.
Cerberus, states attorney Peter Henning, is essentially saying that "Daimler gussied Chrysler up to make it look good."
"They made it look better than it was and didn't disclose it, or actually even worse than not disclosing it, made misrepresentations."
Daimler spokesman Han Tjan said Cerberus performed due diligence before the sale and was given all the information it needed to close the deal.
"We reject these allegations as being completely without substance," he said.
It's getting ugly folks, and this during the Thanksgiving holiday no less.
Full story here and here.
dougtheeng says:
06:13 AM, 11/27/08
These sort of comments are never a good sign....the blame game won't sell cars.
albook says:
08:29 AM, 11/27/08
Cerberus for some reason wonders why Chrysler continues to plummit so quickly. It's because they openlysay that this brands sucks (to put it bluntly). Market share is going to drop tremendoulsy after this one...
estreka says:
01:30 PM, 11/27/08
If things are bad enough to publicly announce these claims, Cerberus must be hurting a great deal more than most would have thought.
If you invite wolves to dinner, there won't be any leftovers.
ateixeira says:
10:59 AM, 12/ 1/08
This is like saying Daimler had a crystal ball and knew this crisis was coming. Noone knew it would be this bad.