Posts Tagged ‘GMAC’

Cerberus Restructuring Won Some Votes

August 26, 2010

It sounds like some key investors favored the restructuring plan instituted last year for the main Cerberus Capital hedge fund, even as many customers made it clear they wanted their money back.

The plan gave the manager the right to transfer the assets in Cerberus Partners to a new fund, a special-purpose vehicle, and charge a management fee for this SPV. Reportedly clients asked to withdraw 70% of the fund’s assets  in 2009.   (more…)