I’ve somehow managed to avoid so much as mentioning the Clear Channel saga on this blog until now; for some reason I just couldn’t get excited about it. But Heidi Moore gets a good quote in her summing up today of why it was so difficult to get a deal done:
“The irony was that the banks were more overleveraged than the company.”
Remember, we’re talking about a leveraged buy-out here. Says it all, really.