#cerberus

We know that Chrysler put its Viper operations up for grabs as the company — and country — spiraled into economic disaster back in 2008, but the date of the V10-powered sports car’s near-salvation at the hands of investors is hazy.James Glickenhaus, the actor, economic adviser and small-batch supercar builder, told TTAC’s Ronnie Schreiber that a group of buyers almost saved the Viper and its Detroit assembly plant, but the deal fell through. Which is why the Viper is going away, right about….now.But Glickenhaus left out a key detail of his recollection — the date.

Famous for being a failed savior, a financial hound of Hades has come to the aid of Gawker Media and its many online publications.

Cerberus Capital Management L.P., the infamous private equity firm that produced headline gold — and not much else — after its ill-fated 2007 purchase of Chrysler, is now offering cash to another bankrupt company. The firm announced it will hand Gawker $22 million to keep the lights on while the media giant completes its bankruptcy proceedings and sell-off.

Billionaire investor Kirk Kerkorian died Tuesday at the age of 98, leaving behind a legacy which included the automotive industry in his twilight years.

My 25-plus years as a Big Time Auto Industry Executive afforded me many memorable moments. It would be difficult to single out one example, but I may be the only person on earth who has shaken hands with both Soichiro Honda and Derek Kreindler.

As for the low point of my career, there is no contest: the morning of May 7, 1998, four months after I joined Mercedes-Benz Credit Corporation. That was the day it was announced Daimler-Benz had merged with the Chrysler Corporation.

A long time ago, I was told a little phrase which stuck with me: “Sometimes, you may be done with history, but history isn’t done with you.” It made a lot of sense to me. Just because you’ve finished with something doesn’t mean it’s over for the other party. Seems like Daimler and Cerberus are learning this the hard way.

So it’s the dealers’ fault if Chrysler goes down in flames. Nothing to do with Daimler, who gutted the company like a fish. Or Cerberus, who want…

An increasing number of media reports are indicating that instead of a single “car czar,” Obama will appoint a team to oversee the auto industry turnaround effort. Current reports indicate that Democrat fundraiser Steve Rattner will likely take the top oversight position, but his total lack of (non-political) qualifications for the job is considered an issue. Which is where Stephen Girsky comes in. “They clearly need an adviser who knows the industry,” former Chrysler president Thomas Stallkamp tells Bloomberg. “Girsky certainly knows the industry, and he was close to both GM and the union.” And though I have questioned whether Girsky’s UAW affiliations are best described in the past or present tense, this 2004 presentation (PDF) to Original Equipment Suppliers Association is decidedly prescient. Especially for 2004. And this December 2008 presentation to UAW Local 14 seems to indicate that his recent advising stint with the UAW was a mission of truth and reconciliation rather than one of conniving and obfuscation.

Chrysler Sues Mega-Dealer Denny Hecker for $550m