D Peter Maus wrote:
clifto wrote:
D Peter Maus wrote:
CLEAR CHANNEL has agreed to be purchased by THOMAS H. LEE PARTNERS
and BAIN CAPITAL. But lenders including CITIGROUP, MORGAN STANLEY,
DEUTSCHE BANK, CREDIT SUISSE, ROYAL BANK OF SCOTLAND and WACHOVIA
have declined to provide the financing that they once said they would
issue.

Sounds more to me like the banks unilaterally and arbitrarily decided
to pull
out of an ironclad contractual commitment they made, and the court
told them
to live up to their contract.



I'm wondering how ironclad that is. This deal has been in negotiation
for a while, and market conditions, stock values of the company, and
earnings projections have all changed. The conditions under which the
letter of commitment were made no longer exist.

I can't see the courts forcing the banks into a deal they know is a
bad deal, especially when the banks are expected to shoulder all the risk.


Too bad. A deal is a deal; unless there are event triggered escape
clauses written in, too bad. I say let the whole POS financial system
collapse. Let the truly strong survive. **** the greedy VCs.