ANALYSIS-UPDATE 1-Cerberus loses bet on Chrysler


* Fund long said would forgo profits on Chrysler auto * Exposure to auto and financial estimated up to $1.7 bln * Observers say a blow but just one part of portfolio (Adds quotes from professor in paragraphs 22-23) By Megan Davies NEW YORK, April 30 (Reuters) - When Cerberus Capital Management struck a $7.4 billion deal to buy Chrysler in May 2007, it made a big, risky bet that it could succeed in turning around an American icon. It declared that the carmaker would benefit from ...

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