Below is a synopsis of an open letter written to Davis Cameron in light of the appaling manner that british businesses are being treated at the hands on Cerberus Capital Management LP.
We would refer you to the Telegraph article, written by Rebecca Burn-Callander and as she is an excellent business journalist, it is a very well written article. The concern of Global Advisory Group, on behalf of our clients, is that your comments appear totally hypocritical, when it is considered that it is your Government that has unleashed Cerberus to do so much damage to “family businesses” or Small to Medium Enterprises.
We are only too well aware that Cerberus, through their spokespeople are extremely good at issuing blandishments that Cerberus reaches “consensual outcomes” with their victims, which are believed by your Government. Regrettably most victims of Cerberus do not have the wealth of Mr Gareth Graham and thus be able to take their case direct to the US Government, and so a continuing stream of people, which is rapidly growing in number, are having their livelihoods destroyed.
We have clients where Cerberus has issued default notices, based upon valuations that they have stated were carried out, yet when challenged cannot be produced. We have another client with three properties, who is unable to borrow sufficient funds to repay what Cerberus demand, so put one property up for sale. A cash buyer was found at an amazing price, and Cerberus refused to allow the sale to proceed, so that they can appoint LPA Receivers. The toll on clients of this firm is utterly appalling and we hear similar stories right across the UK and Ireland.
The reality therefore is that your “story” in the Telegraph lacks credibility, as confirmed by the attached news articles. Our clients would happily relate their stories to any Government body that you cared to nominate…