I know DaimlerChrysler's claimed they sold the 'merican half of the business for $7.4 billion, but according to the Wall Street Journal as well as Brian O'Connor at the Detroit News, the sale price was significantly lower than that according to Cerberus CEO Lenny Tessler. He claims:
"In essence, they paid us to take the company...I'm not talking out of school."But according to the Journal's stat folks, a look at the deal has Cerberus shoving most of its money right into Chrysler. Daimler's check is only $1.3 billion — plus it's going to loan Chrysler money and eat up some of the current losses. The bottom line is Daimler actually pays out $673 million in the "sale." Although Daimler
...he's making any money off the sale:
"Cerberus invested $7.4 billion into this transaction, which obviously is not any form of being paid..."Key word there folks is "invested" not "paid" — just saying.
Chrysler sale cost DCX $673M [Detroit News]
[Photo: Thomas Niedermueller / Getty Images News]
Wolfgang Bernhard's Riding The Chrysler Group Like A Tomahawk Hemi-Cycle; GMA Knows Cerberus Is Not A Car Company; Lasorda E-mail on the Unmerger of Equals; Corporate Unmerger of E-mails: Dieter Style; Speculation No More! Chrysler Group Sold To Cerberus Capital Management! [internal]