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Chrysler Sale: Full Employment Act for Bankers

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Fees tend to make everyone happy, especially the leaches at the receiving end of them. It’s even more fun when you can collect them by helping one company who made 36 billion mistakes nine years ago pay another company to take the unwanted child that never should’ve been carried to term off its hands. Deal Journal reports that there are 600 people involved in the DaimlerChrsyler proceedings.

The Cerberus team was led by the firm’s founder, Stephen Feinberg, and Lenard Tessler, who runs its leveraged buyout arm, another person said. At Daimler, the point people on the deal besides, of course, Dr. Z — the automaker’s chief, Dieter Zetsche — were Chrysler head Tom Lasorda, and Paul Knauss, who oversees auto lender Chrysler Financial.
The bankers that have surfaced so far as having some role on the deal include J.P. Morgan, which advised Daimler, as well as Citigroup, Goldman Sachs Group, Morgan Stanley and Bear Stearns, which helped finance it. The law firms working on the deal include Shearman & Sterling, Skadden, Arps, Slate, Meagher & Flom and Schulte Roth & Zabel, which has risen to riches counseling Cerberus, according to this post from our colleagues over at the Wall Street Journal’s Law Blog yesterday. (Considering how competitive the M&A world is, it wouldn’t surprise us if more advisers surface.)

The Chrysler Deal Making Army [Deal Journal]