Cerberus is one of many hedge funds that will be opening their doors to redemptions in the coming weeks. The firm is certainly living up to their name as they keep investors who have crossed the river Styx from escaping their investment hell. Besides trapping investors in investment hell, Cerberus is well known for their 80% stake in Chrysler. Chrysler is not doing all that well in case you haven’t heard. Bloomberg says Cerberus is “drowning in redemption requests”. The firm currently manages $27B in assets although those figures are likely down substantially in the last few months.
Did anyone else think that last hour sell-off today was eerily reminiscent of the good old days of October and November when hedge funds were reportedly piling out of stocks in the final hour of trading?