In article ,
friendlyneighborhooddisease wrote:

D Peter Maus wrote:
dave wrote:
D Peter Maus wrote:
dave wrote:
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.


Then, why are you still here?



I am always here. I work in the escape business. We thrive during
crises.


As usual, you missed the point.


No, the point missed me.

The point is at the top of your head.

--
Telamon
Ventura, California