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Shares of the student lender, which had shot up 70% on news of the infusion one day earlier, pulled back 26% to $3.79 after investors reconsidered their positions. The capital infusion of around $132 million was about $70 million short of what Goldman Sachs had promised First Marblehead last December, but still showed some confidence in the student lender.
First Marblehead shares have nosedived following the bankruptcy of TERI, which had at one time guaranteed the soundness of the loans that the company provides.
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