by Calculated Risk on 2/14/2008 09:59:00 PM

For a little evening reading, here is the 9 page Cerberus letter to investors (via the WSJ Deal Journal)

After sketching the grim state of affairs with references to the “liquidity crisis,” a “market panic” and a “widespread decline across all sectors,” Cerberus boss Steve Feinberg (pictured) and his co-founder William Richter addressed its highest-profile deals.

The bigger concern of the two: GMAC, the former lending arm of General Motors that finances billions of dollars worth of homes and cars. “We have significant concerns,” they write in this nine-page letter to their investors, which was first reported on by Bloomberg. “If the credit markets continue to decline and we find ourselves in a prolonged environment of capital market shutdown, GMAC could run into substantial difficulty.”