peHUB Second Opinion 10.23.08

Zero: Daimler’s 20% stake in Cerberus-backed Chrysler, once worth $1.18 billion, is now valued at zero. That will make for an interesting deal if Daimler succeeds in selling that stake back to Cerberus, as planned.

Bloomberg: Joe The Plumber versus Joe The Hedge Fund Manager.

The Real Vultures: From Spirit Halloween Stores, the ACON Investments-backed seasonal costume store that has moved into former Linens ‘N Things stores. “ACON might just be the poster child for other companies looking to prey off the economy’s growing pile of stiffs and zombies,” Business Pundit writes.

Comeback: Citigroup’s architect, Sandy Weil, is thinking about raising a PE fund to invest in undervalued financial firms. The fund would have a target of $5 billion.

Start Worrying: If you’ve ever been a patron of Kristin Davis, the “Manhattan Madam,” because she’s writing a tell-all book that promises “reveal the ‘naughty exploits’ of powerful politicians, Wall Street bigwigs, Hollywood celebrities, lawyers and maybe even an Indian chief.”

Leveraged Sellout: Getting Sentimental for the good old days of elitism, machismo and the bad deals that got us here.

More On Bankruptcy Lite: An Interwest bankruptcy wouldn’t be all that lite for Fortress Investment Group, it seems. Intrawest represents 10% of Fortress’ $17 billion private equity portfolio, Dealbook reports.

More Bidders Enter The Fray: In addition to Hellman & Freidman and Bain buying Lehman’s US PE assets, it looks like Goldman Sachs, Coller Capital and Lexington Partners are expressing interest in Lehman Brothers’ European assets.