Recall John Snow
http://www.buzzflash.com/analysis/06/02/ana06011.html from the Dubai Ports World deal?
I didn't notice Snow's name in the "Leadership" or "Board" links at IAP's website, but this is an interesting explanation:
Mr. Snow's Cerberus Capital Management LP owns Cape Canaveral, Fla.-based IAP, which is led by former executives from Halliburton's engineering, services and construction subsidiary KBR (formerly Kellogg, Brown & Root). KBR is currently the Army's sole contractor for providing food and shelter to the military in Iraq and Afghanistan. But the Army now wants multiple contractors for these services and KBR is bidding again. Some defense analysts are predicting both KBR and IAP, which is run by former KBR executives, will each win one of the 10-year deals that start in 2007.
http://www.politicalfriendster.com/rateConnection.php?id1=1929&id2=30More:
~snip~
Cerberus has been shopping up a storm for a year now, seemingly coming out of nowhere to build a corporate empire. With more than $16 billion of investors' assets on its books -- almost double what it had in 2003 -- it has bought 28 companies and snapped up stakes of at least 15% in an additional 15 over the past decade. According to BusinessWeek estimates, Cerberus controls companies that ring up at least a combined $30 billion in annual sales, more than McDonald's, 3M (AXP ), Coca-Cola (KO ), or Cisco Systems (CSCO ). With more than 106,000 employees, Cerberus companies have a bigger payroll than Exxon Mobil Corp. (XOM ). Its trophies include 226 Burger King restaurants, the National and Alamo car-rental chains, building-products maker Formica Corp., and the old Warner Hollywood Studios, where blockbusters such as Basic Instinct were made. Its companies connect BlackBerrys, provide medical therapy, and set up military-base camps in Iraq.
PICKUP TRUCKS AND BUD
The mind-boggling rise of Cerberus -- from a fringe vulture fund started with a grubstake of about $10 million in 1992 to a Wall Street powerhouse -- has been driven by its enigmatic boss, Stephen A. Feinberg, 45. Like other hedge-fund managers and buyout kings, Feinberg has a penchant for secrecy, although his is more developed than most. While co-founder William L. Richter deals with investors, and lieutenants such as former Vice-President Dan Quayle jet around the globe to seal deals, the mustached Feinberg keeps very much to himself in a nondescript office on the 22nd floor of a high-rise on Manhattan's Park Avenue.
~snip~
http://www.businessweek.com/magazine/content/05_40/b3953110.htmCreated in 1992, Cerberus is a hedge fund, a type of private investment group that's not regulated by the Securities and Exchange Commission. It's named after the mythical, three-headed dog guarding the gates of Hades.
Often called a "vulture fund," Cerberus invests mainly in companies in or on the verge of bankruptcy, buying those firms' bonds in the hopes of converting them into cash or stock in a revived company. In 2000, the company hired former vice president Dan Quayle as a top executive.
In 2003, Cerberus owned more than $140 million in stock and bonds of the bankrupt telecommunications giant WorldCom, financial records show. Its stake in the company, which had filed for bankruptcy protection the previous year, was large enough that a Cerberus executive joined the board of directors of MCI, the company's post-bankruptcy name.
~snip~
http://www.usatoday.com/news/washington/2006-01-19-cerberus-cover_x.htmSmall firm targets Halliburton contracts
November 4, 2006
ASSOCIATED PRESS
A small defense contractor now controlled by former Bush Treasury Secretary John W. Snow is taking on Halliburton Co. by bidding for one of three Army contracts worth up to $50 billion each to provide food and shelter to U.S. troops in Iraq and Afghanistan.
Within days of Mr. Snow becoming chairman of the New York hedge fund that owns IAP Worldwide Services Inc., the company submitted its bid for huge Army contracts that will be awarded by year-end.
Mr. Snow's Cerberus Capital Management LP owns Cape Canaveral, Fla.-based IAP, which is led by former executives from Halliburton's engineering, services and construction subsidiary KBR (formerly Kellogg, Brown & Root).
KBR is currently the Army's sole contractor for providing food and shelter to the military in Iraq and Afghanistan. But the Army now wants multiple contractors for these services and KBR is bidding again. Some defense analysts are predicting both KBR and IAP, which is run by former KBR executives, will each win one of the 10-year deals that start in 2007.
IAP Chief Executive Officer Al Neffgen, who joined the company in December 2004, served as KBR's chief operating officer of government and infrastructure for the Americas, while President Dave Swindle was vice president of KBR's business acquisition and national security programs before joining IAP in April 2005. Chuck Dominy, a retired Army lieutenant general, joined IAP in July 2005 after serving for years as Halliburton's chief lobbyist in Washington.
IAP was founded in 1990 by a former Army logistician as the United States was preparing for "Operation Desert Storm," and now has 5,500 employees. Cerberus became majority owner in May 2004. ~snip~
http://www.kuwaittimes.net/Navariednews.asp?dismode=article&artid=1781875144
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