Will we see some radical re-valuing of sponsor-driven deals? Or even cancellations? That would be huge news. We just might. For the moment, all eyes remain on Home Depot. According to Dow Jones, negotiations are underway between the private equity buyers--Clayton, Dubilier & Rice, Bain Capital Partners and the Carlyle Group--and the company. If Home Depot caves in and reduces the $10.3 billion price, we may see a lot of similar action with other deals. Another bellwether deal: KKR's agreement to buy First Data. This one would require a huge amount of financing, in the $22 billion to $24 billion range. Many assume that KKR wants to play hardball with the terms, but you have to think that investors will raise a stink and ultimately prevail. People would be surprised if the covenant-lite approach were to stick in these troubled times. The power has shifted.