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Blackstone couldn't pay, so it's gotta pay
PHH, a New Jersey-based mortgage and leasing company, wants Blackstone Group to cough up a $50 million break fee. Blackstone was in a deal to buy PHH with General Electric for nearly $2 billion, but Blackstone couldn't get financing to hold up its end of the deal. The Times of London reports this morning its not clear whether Blackstone would agree to pay PHH the fee.
Posted on January 2, 2008 5:44 AM PT | Permalink
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