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Article: Sallie Mae privatization fight goes to mediation.
- Article from:
- American Banker
- Article date:
- May 16, 1997
- Author:
CopyrightCOPYRIGHT 1997 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Sallie Mae and its dissident shareholders fought to a draw Thursday, agreeing to mediation after neither side's plan for the student loan concern prevailed.
The parties announced the mediation effort after Sallie Mae's privatization plan failed to garner enough votes at the second meeting of the company's shareholders in a week.
"We will develop revisions to our plan that will address shareholder concerns and enable them to make privatization a reality," Sallie Mae president Lawrence A. Hough said.
A 1996 law requires the government to liquidate the $40 billion-asset, government-sponsored enterprise by 2013 unless half the shareholders approve a ...