So here we are again, nearly 18 months after Clear Channel first took the plunge to go private. And once more, the word is that the deal is finally going to happen. The Wall Street Journal reports that the new price per share is $36 rather than the $39.60 agreed to by shareholders last September (which had been raised previously when the shareholders complained the offer was too low). The difference between now and last fall is substantial though not catastrophic, around $18 billion compared to the previous $19.4 billion. The deal is anticipated to close in the third quarter of '08, dependent on shareholder and regulatory approval. Meanwhile, the two lawsuits filed against the banks backing the deal, one by Clear Channel and one by the participating private equity firms, have been suspended.

Is it possible this previously doomed deal might be rescusitated in the final hour? It's hard to say. Just a week ago, the biggest news coming out of San Antonio was that of CEO Mark Mays's inflated pay package, which reached around $5.2 million in 2007, according to the Associated Press, thanks to a generous salary, bonus, incentives, perks, above-market returns on deferred compensation, and the estimated value of stock options and awards granted during the year.

The banks still stand to lose money on the loans they agreed to make. The shareholders may feel that they're getting the short end of the proverbial stick. At least Clear Channel's management has the action focused on its favorite realm: esoteric finance. However this pie is finally cut, you can bet the Mays family will serve themselves a generous slice.