Thread regarding ITT Educational Services Inc. layoffs

Kevin M. Modany FIRED Sept. 14! Hallelujah!

ITT Educational Services form 8-K filing with SEC on Sept. 19, includes the following statement:

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

"The following officers of the Company ceased to be officers and employees of the Company, effective September 14, 2016: Kevin M. Modany, Chief Executive Officer; John E. Dean, Executive Chairman; Rocco F. Tarasi III, Executive Vice President and Chief Financial Officer; and Eugene W. Feichtner, President and Chief Operating Officer.

The appointment of the Chapter 7 Trustee will effectively eliminate the authority and powers of the officers of the Company to act on behalf of the Company."

http://www.ittesi.com/index.php?s=127

by | Post ID: @Ju5dyjY
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9 replies (most recent on top)

While technically true that the SEC only deals with fines and such for not following securities law... If they hint that his actions and fitzie boy were actually criminal in nature ... It will get referred to the FBI for investigation and the us attorneys office for prosecution.

Let's hope ... no more poorly tailored suits for that guy..

by | Post ID: @Ju5dyjY-xrzf

No sympathy for Modany. Employees wanted him gone a long time ago. Endless micro managing while pushing for more government funds. He was drag on the company and the Board of Directors failed miserably.

by | Post ID: @Ju5dyjY-2eri

SEC fraud charges - I don't think insurance will cover intentional fraud claims. Might chip in on the defense costs but I don't see any insurance company paying for anything after Kevbo and The Fitz are found guilty.

SEC case is a civil matter. Department of Justice puts people in prison. Right now I don't see them doing anything more than having to pay restitution and being barred from holding an officer's position at any public company.

by | Post ID: @Ju5dyjY-vak

The insurance company will pay all his legal fees, not him

by | Post ID: @Ju5dyjY-agg

When it comes to what was left of the ITT cash....Cerberus and Kevin Modany are basically the same entity.

by | Post ID: @Ju5dyjY-tsl

The good thing is that now he can'5 get protection from the company with his SEC issues. They will bleed him dry if all his money. Rest assure once they get done with him he will be in prison and broke.

by | Post ID: @Ju5dyjY-pds

He has not been fired!!! Read the filing, furthermore go to the case and the read the docket from the Court about the retainer fee for the Legal Firm; the firm has been working for them for about a year, it is not disclosed how much they have paid to the Legal Firm during that year, only what the Legal Firm has requested for the filing and Court representation. In addition read the docket with more than 4,000 pages where the vendors, suppliers and all of us with very few exceptions are included. Read the docket where Cerberus the financial entity seize the bank accounts so Cerberus can secure some of the money owed to them. If it up to the Court Trustee to sell all the buildings and from those incoming monies to establish a payment plan. Good luck if you see some sort of severance compensation from the bankrupcty

by | Post ID: @Ju5dyjY-ioy

Unfortunately that should have happened about 4 years ago. There might have actually been a company left at this point.

by | Post ID: @Ju5dyjY-txm

Fired from where? A shell of a comp?

by | Post ID: @Ju5dyjY-znt

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