peHUB First Read

* Alan Patricof writes a public letter to Carl Icahn

* A post-post mortem on VC-backed bust Monitor110, from investor and former company chairman Roger Eherenberg.

* Unless is finds a sugar daddy within the next few days, California retailer Mervyn’s should be in Chapter 11 bankruptcy protection by this time next week.

* Cerberus sure doesn’t like the auto leasing business. First came Chrysler, and now comes GMAC (well, at least in Canada).

* Lone Star buys Merrill Lynch’s CDO obligations at a bargain basement price. Well, so long as someone doesn’t dig deep to build an even lower basement.

* More on Merrill, from Dear John Thain.

* Lots more KKR: Stephen Grocer has a tale of the tape between KKR and Blackstone Group. Heidi Moore asks if KKR is saving KPE, or saving itself? Dealbook says KKR has been spending big on Washington lobbyists (and it doesn’t just mean Ken Mehlman). DealBreaker has a related caption contest. A Bloomberg TV interview with Ron Geffner of Sadis & Goldberg:[youtube=http://www.youtube.com/w/?v=jcLjRraU8SI]