Deal announced: 03/15/2007
Deal withdrawn: 01/01/2008
Investors: GE Capital Solutions and Blackstone Group
Value of the deal: $1.7 billion
Finance companies have proven to be Blackstone's big misstep--witness the hit it's taking on its completed investment in bond insurerFGIC.
In September the lenders who agreed to finance the PHH deal, including J.P. Morgan Chase and Lehman Brothers, wanted to severely cut back the amount of money they would provide.
After much disagreement, the parties missed the Dec. 31 deadline to get the deal done, and Blackstone paid a $50 million termination fee.NEXT: NIBC Holding (merchant bank)