GM sells 51% of GMAC to Cerberus-led group

JPMorgan Chase  to buy Collegiate Funding

Wachovia to buy Westcorp for $3.9 billion

Fidelity National Title to go public in partial spin-off

Credit Acceptance to restate its auto loan financing

Doral Financial sued over financial restatement

PHH spun-off from Cendant

AmeriCredit

Countrywide Financial

PHH

Deal terms

• $340 mm total

• $109 mm in cash
• Balance in Accredited stock
• Subject to cash election

Announced 5.25.06

• Press release
• Slide presentation
• Form 8-K deal summary
• Seeking a buyer 5.10.06

Advisors

• Accredited: JP Morgan / DLA Piper Rudnick
• Aames: Credit Suisse / Sullivan & Cromwell

Agreements

• Merger agreement
• Asset purchase agreement

Cerberus-led group to buy 51% of GMAC

• Proceeds provide GM with much-needed liquidity

• GM to get $14B in cash over three years
• $10B at closing

• Deal expected to help GMAC's debt ratings

• By decoupling them from GM's junk credit status
• Thereby lowering GMAC's borrowing costs
• Initial reaction from rating agencies is to upgrade GMAC but not to desired investment grade status

• Funded with $25B in credit facilities

• $12.5B from Citigroup

Advisors

Announced 4.03.06

Agreements

JPM buys student loan company for $663 million

• $20 per CFSI share

• Reverse triangular merger

• Adversely affects First Marblehead

• JPM was important customer
• FMD stock chart

• Shareholder meeting set for 2.28.06 

Advisors

Announced 12.15.05

Closed 3.01.06

Proxy solicitation

Agreements

Creates nations ninth largest auto loan originator

• Westcorp owns 84% of WFS Financial
• Wachovia buying in WFS publicly-held minority interest
• $3.42 billion in Wachovia stock for Westcorp
• $0.49 billion in Wachovia stock for WFS public minority
• $3.91 billion total

Advisors

Announced 9.12.05

Proxy solicitation

SEC_CODE_REF_0090001192884

Agreements

Taxable distribution of 17.5% of largest US title insurer

• By Fidelity National Financial

• Which will retain 82.5% ownership

• FNT business description

• Has 30.5% of US title insurance market

• Board composition announced 7.27.05

Announced 5.17.05

• Press release

SEC Filings

Agreements

100% spin-off by Cendant

• Effected by a dividend to Cendant shareholders
• PHH was already an SEC registrant,
  so dividended shares were not SEC registered
• PHH had market cap of $1.2 billion at time of spin-off
• Cendant-PHH joint venture to originate mortgages through Cendants residential real estate brokerage and corporate relocation businesses
• Slide presentation Jan 2005

Announced 10.12.04

Closed 1.31.05

Information Statements

Agreements

Ancillary Materials

Employment Matters

Interim Communications

Industries

• Financial Services Companies