We start the new year with a trickle of news.
Jan. 1 (Bloomberg) -- PHH Corp., the New Jersey-based mortgage and vehicle leasing company, scrapped its $1.8 billion sale to General Electric Co. and Blackstone Group LP because Blackstone failed to get financing for the transaction.
And who is the Blackstone Group?
We are a world leader in private equity investing, having managed five general private equity funds as well as one specialized fund focusing on media and communications-related investments. We established this business in 1987. We pursue transactions throughout the world, including not only typical leveraged buyout acquisitions of seasoned companies but also transactions involving start-up businesses in established industries, turnarounds, minority investments, corporate partnerships and industry consolidations.
These people failed to get financing? We can only hope telling the truth wasn't one of their resolutions because it would be far worse if they are telling the truth.
Update: Save the Pig™!