Settlement discussions with the lenders have not resulted in any offer that I can recommend to my clients. Still, all parties are talking and all parties say that they are interested in a fair settlement. Settlement discussions will soon be entering a critical phase during which I will not post further information about these discussions unless and until they are resolved one way or the other.
It is interesting to note that not one of my SSH clients has been sued by KeyBank, Student Loan Xpress or Citibank for his or her unpaid loan balance. To me, this indicates that these lenders are not eager to file thousands of individual collection lawsuits and that they may in fact be interested in trying to resolve these claims in a more economical manner.
Pending Motions to Dismiss against the pending class actions have also been postponed to give more time for settlement discussions.
Many of you know that my Senior Associate Georgeann Nicol and I enjoy running Marathons. My next Marathon will be on October 4, 2008 in St. George, Utah. Keep in mind that this SSH matter is much more like a Marathon than a sprint. We will continue to work on all aspects of this matter and to do everything that we can to help each and every one of our SSH clients. This matter is sure to go on to 2009 and may continue for years after that. As in a marathon, and as in life, the important thing is not how you start, it's how you finish.