Last week, SLM's CEO, Albert Lord was contrite and apologized for his behavior on a previous conference call where he said he wanted to get the f%#@ out of there.
Seems it wasn't quite a change of heart, but of finances. Today it was announced that JC Flowers wouldn't have to pay the $900 million breakup fee, and that the banks involved, led by BofA and JPMorgan would just extend SLM's $31 billion line of credit for 364 days.
Looks like Blackstone took heart from JCFlower's win, and thus skedaddled on Alliance Data Systems.
What a bunch of beauties on the street!