A Student Lender Walked Into A Bar....

The WSJ (subscription required) gives a glimpse today of one of the characters in Sallie Mae's high-profile court fight to force its one-time buyers either to follow through with their $25 billion deal or pay a $900 million breakup fee.

"Presiding over a hearing Monday was Delaware Vice Chancellor Leo J. Strine Jr., known for his entertaining style of jurisprudence. Herewith, Judge Strine's finest lines, from the transcript:

• On the long introductions of lawyers for the hearing (10 present from the buyout side, three for SLM's): "It's good to know how many people in America it takes to screw in a light bulb or handle a scheduling conference."

• On SLM's contention that a quick ruling was needed because of a cloud hanging over the deal: "With having a potentially $900 million receivable, plus interest? I wish I had a cloud like that."

• On what $900 million means to the buyout group: "If they have got that much spare change, then I would think they would just do it as a matter of sympathy for Sallie Mae, who they believe has been dealt a huge body blow."

By Dan Beyers  |  October 24, 2007; 7:56 AM ET  | Category:  Sallie Mae
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