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First Marblehead Announces Sale of Variable Interests in NCSLT Trusts for $13M in Cash; Deconsolidates Trusts and Books $1.2B Non-Cash Gain

By Insider Scoop
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Courtesy of Benzinga.

The First Marblehead Corporation (NYSE: FMD) today announced that it has sold to VCG Special Opportunities Master Fund Limited its variable interests in its National Collegiate Student Loan Trusts for $13 million in cash.

First Marblehead’s variable interests in the NCSLT Trusts consisted of service fees to which the company was entitled under certain structuring advisory agreements and an asset services agreement. As a result of the transaction, which closed today, the company sold and assigned all of its rights, title and interests in those agreements to VCG.

For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.

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