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Ally Financial Inc. (ALLY): Cerberus Capital Management Cuts Its Stake

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According to a newly-amended 13D filing with the US Securities and Exchange Commission, Stephen Feinberg‘s Cerberus Capital Management owns 24.12 million common shares of Ally Financial Inc (NYSE:ALLY), which amass close to 5% of the company’s outstanding shares. This is significantly less compared to 41.52 million shares Cerberus Capital Management disclosed in its last 13F filing (for the end of 2015).

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Ally Financial is a bank and financial holding company that, with its subsidiary Ally Bank,  offers financial-related services and products such as Popmoney person-to-person transfer services, checking, savings and certificates of deposit, IRA deposit products, to name a few. Over the past 12 months, the company’s shares have dropped by 23.09%. For the first quarter, Ally Financial reported adjusted earnings per share of $0.52, versus estimates of $0.54, and a total net revenue of $1.33 billion, beating the estimates of $1.32 billion.

There was a decrease in the number of hedge funds long Ally Financial (NYSE:ALLY) and 48 investors from our database reported long positions in this stock as of the end of 2015, compared to 57  funds a quarter earlier. Stephen Feinberg’s Cerberus Capital Management held the largest position, valued at $773.9 million, followed by Richard Perry’s Perry Capital, with a $421.3 million holding. Other money managers that were bullish on Ally Financial (NYSE:ALLY) encompass Joshua Friedman and Mitchell Julis’s Canyon Capital Advisors, Howard Marks’s Oaktree Capital Management.

Investors who lost interest in Ally Financial and sold off their positions are Howard Guberman’s Gruss Asset Management, which dropped around $81.5 million in stock, and Christopher Medlock James’s Partner Fund Management was right behind this move, as the fund dumped around $47.9 million worth of shares.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Stephen Feinberg 24,116,297 0 24,116,297 0 24,116,297 5.0%

Stephen Feinberg
Stephen Feinberg
Cerberus Capital Management

Page 1 of 2 – SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of
1934

(Amendment No. 1)*

 

 

ALLY FINANCIAL
INC.

(Name of Issuer)

Common Stock,
Par Value $0.01 Per Share

(Title of Class of Securities)

02005N100

(CUSIP Number)

with a copy to:
Mr. Stephen Feinberg Robert G. Minion, Esq.
c/o Cerberus Capital Management, L.P. Lowenstein Sandler LLP
875 Third Avenue 1251 Avenue of the Americas, 17th Floor
New York, NY 10022 New York, NY 10020
(212) 891-2100 (646) 414-6930

  (Name, Address and Telephone Number
of Person

Authorized to Receive Notices and Communications)

May 2, 2016

(Date of Event which Requires Filing of this
Statement)

If the filing person has previously
filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule
because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following
box. o

Note: Schedules filed in paper format
shall include a signed original and five copies of the schedule, including all exhibits. See §
240.13d-7 for other parties to whom copies are to be sent.

*The remainder of this cover page shall be
filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for
any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of
this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934
(“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions
of the Act (however, see the Notes).

Cusip No. 02005N100
1. Names of Reporting Persons.  I.R.S. Identification Nos. of above persons (entities only):
Stephen Feinberg
2. Check the Appropriate Box if a Member of a Group (See Instructions):
(a) Not
(b) Applicable
3. SEC Use Only
4. Source of Funds (See Instructions):     WC
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e):
Not Applicable
6. Citizenship or Place of Organization:    United States
Number of 7. Sole Voting Power: 24,116,297*
Shares Beneficially 8. Shared Voting Power: 0*
Owned by
Each Reporting 9. Sole Dispositive Power: 24,116,297*
Person With 10. Shared Dispositive Power: 0*
11. Aggregate Amount Beneficially Owned by Each Reporting Person: 24,116,297*
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions):    [   ]
13. Percent of Class Represented by Amount in Row (11): 5.0%*
14. Type of Reporting Person (See Instructions):    IA, IN

* Based upon the information set forth in the
Annual Report on Form 10-K of Ally Financial Inc., a Delaware corporation (the “Company”), filed with the Securities
and Exchange Commission on February 24, 2016, there were 483,067,645 shares of common stock, par value $0.01 per share (the “Common
Stock
”), of the Company issued and outstanding as of February 23, 2016. As of the filing date of this Schedule 13D Amendment
No. 1, funds and accounts affiliated with Cerberus Capital Management, L.P. (the “Cerberus Funds”) own 24,116,297
shares of the Common Stock. Stephen Feinberg, through one or more intermediate entities, possesses the sole power to vote and the
sole power to direct the disposition of all securities of the Company beneficially owned by the Cerberus Funds. As a result, as
of the filing date of this Schedule 13D Amendment No. 1, Stephen Feinberg may be deemed to beneficially own 24,116,297 shares of
the Common Stock, which is less than 5.0% of the shares of the Common Stock issued and outstanding.

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