November 27, 2008
Cerberus Reads Its Covenants
Cerberus has just read the covenants in its stock purchase agreement with Daimler Benz for 80 percent of the stock of Chrysler and has decided that Daimler "intentionally and materially" violated the value of its lease and loan portfolio. This will end up in court on the contract language. Proving again that contract language matters when deals do not work out and that lawyers "bothering" clients about contract language are doing their clients a real, valuable, often under appreciated ("don't kill the deal"!!) service.
November 27, 2008 | Permalink
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