Cerberus is nothing more than a loan broker. They get money from those that have it, lend it, collect fees from the borrower, then service the debt to create profit for the investor.
Guess who backed the loan to ITT? That's right, Modany and Champagne. Now they just seized all of ITT's assets and they are cashing out.
F-- the students, taxpayers and employees. The DOE and John King got what they wanted and Modany got out of the nightmare he was in.
Everyone wins except those who were claimed all the actions were taken for.