Last Friday, Cerberus Capital Management LP on defended a letter that the private equity firm sent to its investors. The letter stated that investors were facing ”significant risks” with its investment in Chrysler LLC. Cerberus says that the letter was letting investors know of the “worst-case scenarios” and said it was, and still is committed to its investments in Chrysler.

“Cerberus has an obligation to be forthright with our investors about all possible risks and uncertainties that could impact their investment. Although we prepare for the worst-case scenario, it doesn’t mean that it will certainly happen — in fact, we are committed to doing everything in our control so that it doesn’t,” Cerberus said in a statement Friday.


So what dirty things did Cerberus actually write in the letter? Dated Jan 22nd the letter included information about a “potent recession” or a “meltdown in the automotive market,” which it felt could have a negative influence on Chrysler financial ability to fund car loans. However the letter did say that Chrysler could handle an “ordinary recession.”

“We believe we bought (Chrysler) very cheaply, and we do not need to be heroes to earn a good return on the investment,” Cerberus’ managing member Stephen Feinberg and senior managing director William Richter wrote in the nine-page letter.

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