The largest private equity sponsored deal ever inked is finally kaput. It's no big surprise. Fortune notes that a recent report by KPMG found that the amount of debt involved in the $51 billion privatization of BCE, the parent of Bell Canada, would essentially render the company insolvent. So all parties have agreed to call it off. But that doesn't mean there's no controversy. The consortium led by private equity firm Providence Equity Partners and Ontario Teachers' Pension Plan, a major shareholder of BCE, argue that they don't have to pay a termination fee because terms of the deal were not met. BCE, of course, would rather they pay the $1.2 billion.

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