Flowers Proposes New Terms in Sallie Mae Sale

In the continuing drama over the sale of Sallie Mae, J. Christopher Flowers, on behalf of the buyers, proposed a revised deal that cuts the purchase price by $10 per share and replaces it with warrants that have a payout of up to $10 depending on Sallie Mae's performance.  The offer expires in seven days.  Stay tuned.  WSJ, SLM Buyers Propose New Buyout Terms.