I was also since there were no announcements from the company. Alas, Reuters has the answer for us in an article titled "First Marblehead shares up on loan guarantor plan." Apparently, TERI, the largest not-for-profit guarantor of private student loans, is expected to file a bankruptcy reorganization plan by August 26th. TERI had acted as guarantor for First Marblehead student loan securitizations so coming out of bankruptcy would seem to be a positive for FMD (or at least that's what investors seem to be thinking today anyway).
- Boston Globe: "Big trades in First Marblehead trigger concerns"