Joel Greenberg Quoted on Lawsuit Filed by Sallie Mae
October 9, 2007
Joel I. Greenberg, Co-Chair of the Corporate & Finance Department, was quoted in the October 9 Reuters articles titled "Sallie Mae Future in the Balance" and "Sallie Mae $25 Billion Buyout Ends Up in Court." The articles discussed the $900 million lawsuit filed by Sallie Mae on October 8 against the group that agreed to buy the student lender but later proposed to lower its offer. Mr. Greenberg commented that it will be difficult for buyer J.C. Flowers to get out of the contract based on the argument that there was a material adverse change clause (MAC).