Student lender First Marblehead Corp. said Goldman Sachs completed a $132.7 million cash investment in the company as co-founder Daniel Meyers will return to lead the firm.

The news, coupled with the firm disclosing a fiscal fourth-quarter loss, sent First Marblehead shares up 72 cents, or 24% to $3.73 in recent trading.

First Marblehead said in December it received an investment commitment from GS Capital Partners to buy a 20% stake in its company for up to $260.5 million. At the time, the company said Goldman would get one seat on the firm's board but will never own more than 9.9% of the company's voting shares. First Marblehead said Monday the private-equity arm's total investment is $192.5 million.

Meanwhile, Chief Executive Jack Kopnisky will resign effective Aug. 31, with Meyers returning to the company to lead it "through this challenging operating environment."

Meyers, who will also serve as president, co-founded the company in 1991 and served as CEO until 2005. His annual base pay will be $1, although he will get $1 million and stock options if certain targets are met.

In addition, First Marblehead reported a fiscal fourth-quarter net loss of about $57 million, or 57 cents a share, which includes a $60 million charge from increasing discount rates used in determining the fair value of the company's service receivables. First Marblehead plans to release its results for the quarter that ended June 30 later this week.

In May, the company slashed its workforce in half, hoping to trim operating costs by $200 million amid what it called "an extraordinarily challenging business environment."


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