by Calculated Risk on 12/04/2007 10:20:00 AM

From MarketWatch: H&R Block, Cerberus call off Option One deal

... H&R Block Inc. said Tuesday it ... will close all remaining origination activities of Option One and has stopped accepting new loan applications.

H&R Block said the move will result in 620 staff cuts, the closure of three offices and a pretax restructuring charge of about $75 million. The company said it continues to pursue the sale of its loan-servicing activities.
...
H&R Block Inc. said ... it has agreed to terminate a previous agreement under which an affiliate of Cerberus Capital Management would have acquired ... Option One.

No surprise.