Corrected: Skadden Helps Fortress Add AIG Finance Unit

Law360, New York (August 11, 2010, 2:05 PM EDT) -- In its bid to build up cash to repay a massive government bailout, American International Group Inc. on Wednesday announced the sale of an 80 percent stake in its consumer lending unit to Fortress Investment Group LLC.

While neither AIG nor Fortress would divulge the actual sale price for American General Finance Inc., a source close to the deal said Fortress' purchase price was for far less than American General's estimated $2 billion to $3 billion equity value.

“It's a fraction of that,” the source said....
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