January 19, 2008 – 6:35 pm

It was only a matter of time…

Cerberus has extended itself beyond its reach. Its operational failures and lack of foresight will hinder any progress this year. What were they thinking in trying to bid for Northern Rock??? Didn’t they learn from their experience with AEGIS MORTGAGE??? In an act of desperation, they dismantled the employee benefit plan in anticipation of their bankruptcy filing.

Their Northern Rock bid was clearly designed to split votes for some other suitable candidates. Their experience with Aegis Mortgage would have eliminated them in the future and their current problems with UNITED RENTALS demonstrates some serious issues. Their bid was never a serious attempt at an acquisition for Northern Rock. Their commitments linger in the winds of ambiguity and only become firm when they have driven down the hopes of shareholders.

More to come…

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