hi sanlitun, I think your UGPA is going to be of question. A 2.67 at an ultra-elite (top 8 in nation) basically means that your GPA falls in the lowest 5 percentiles in the class, if that. Having said that, there are of course other criterias that b-schools look for. Have you thought of building up an alternative transcript? Taking some classes at a local community college to show that you're not the same kid who was in college anymore? Your GMAT score rocks, but I don't think the GMAT score alone can mitigate the low UGPA.

I truly believe enough leadership at work will be good enough if you don't have some, or any, leadership outside of work. This is a very subjective opinion. As long as you can come up with good leadership skills/examples in your essay, I think that's all that matters.

HBS and Wharton may be a bit of a stretch for you, simply because of the GPA. I believe European business schools, such as Insead and LBS, are a bit more lenient on GPA. (Someone else may need to chime in on this.)

Overall, I think you can present yourself well enough in an application that a low UGPA may be overlooked to an extent. If you don't have time to do the alternative transcript, you should go for applying to the schools. There's not much you can do anymore at this very moment if you're applying this year for the class of 2013. If you're aiming for class of 2014, then you'd have some time to work the transcript issue. However, if that were the case, you'll be facing other problems, such as your age. Anyway, I think at this very moment you should decide what to do on your very next step. Again, some of the problems that you mentioned are now a bit too late to worry about. If you think you can spin your application well enough for the adcoms to focus on other applicable traits about you, I think you'll find that more worthwhile than worry about something that's already happened in your past. Best of luck!
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