Friday, May 1, 2009

Chrysler holdouts flip flop

Perella Weinberg, one of the Wall Street firms that didn't go along with the Chrysler bankruptcy terms, has now agreed to those terms, after the fact, in a thinly veiled PR attempt.

“The Perella Weinberg Partners’ Xerion Fund has today agreed to the Chrysler settlement offer extended yesterday to the Secured Lender Group. We believe that this is in the best interests of all Chrysler stakeholders, and our own investors and partners. We are working with other non-TARP Lenders to encourage broad participation in the settlement.”

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