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TheStreet.com's Jim Cramer wonders what's going on with the Clear Channel deal. The focus on this Clear Channel (NYSE: CCU) (Cramer's Take) breakdown, the endless focus, is on the $500 million that the private-equity team, Bain/Lee, will have to pay Clear Channel.
What's more important, I believe, is the billions of dollars I believe the bankers will owe Bain/Lee if they don't find some way to cut this price and make this deal smaller.
There have been dozens of deals that were struck during this period that the bankers wished they could walk away from but didn't. Which says to me, how desperate are they now NOT to have to pay the $22 billion in this very large deal. How desperate are they given the fact that a judge will, I believe, find against them and the damages will be immense, as big as the billions that Lee/Bain can show -- and will -- they would have made if the deal closed in the out years.
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