Two former Dana execs have found opportunities in troubled auto parts makers -- like the one they left. And they're working with big-money investors who are sniffing around their old employer.
Bill Carroll, Dana's former acting COO, and Gus Franklin, ex-president of Dana International, are in demand by the likes of financiers Carl Icahn and David Tepper, hedge fund managers and buyout artists sizing up investments in ailing suppliers. Both Dana and Delphi are in Chapter 11, a situation that attracts bargain hunters such as Icahn and Tepper. Carroll's firm is advising both.
Carroll, who left Dana in 2003, says these kinds of investors have money but may not understand auto parts. So his firm can help.
"We kept getting calls from people asking for help," says Carroll, who, with Franklin, formed Highland Jebco LLC of Toledo, Ohio, last April. "And I always wanted to be an entrepreneur."