Thread regarding Zenith Education Group layoffs

Don't Call It A Comeback........

Ahhh, spoken by the great LL Cool J.

Here's how this little plan will workout. The 3 remaining campuses Tampa - Norcross - Bissonnet will announce teach-out by Q2 of 2019. I attend all the meetings, see all the emails of the new programs, and watch the millions spent by ECMC. Why are they continuing to pump cash into a draining swamp? I'll tell you why. Non Profit Status.

By remaining a NON Profit, ECMC is able to filter millions through their "foundation" headed by Peter Taylor and in return reap the benefits of massive tax incentives. These incentives, also known as "grants" are used to build new programs at the 3 campuses. They will continue to "filter" funds until the DOE is satisfied.

Mic Drop !

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Post ID: @OP+T61i5I8

6 replies (most recent on top)

After all that has happened you really think your precious 3 campuses will remain open. Doltish to say the least

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Post ID: @pkmd+T61i5I8

Funny thing is that the guarantor business was/is NON PROFIT to begin with. The Foundation is in place to dispose of millions in profits that cannot be otherwise given out to the owners of the business. It was the trade off to get the sweetheart deals to handle the DOE's student loan portfolios from ECMC's initial charter. Are the remaining three teaching out? Wouldn't surprise me if they do but then it makes little sense to keep the remaining three going just to shutter them 6 months or so after the others. Then again very little of anything over the past four years makes much sense.

Zenith was at best an experiment that failed and at worst a fast grab for tax breaks for the profit-taking side of the group. In the middle somewhere is winning more favor from the career wonks at the DOE that needed to wind down the large number of toxic-quality of student loans generated by CCI that would have to be backstopped if the whole business folded. On that point, anyway, the plan actually worked pretty well.

For the rest of us, though, new jobs await with better opportunities...

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Post ID: @7bgz+T61i5I8

Everyone knew. I have more visibility then anyone in the company. Just as they announced yesterday that all IT is gone. Santa Ana - closed in Nov. Mather - downsizing. It has come full circle.

I am an Exec. Cant tell ya who I am...but you know me.

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Post ID: @6gfp+T61i5I8

Umm no crap Sherlock. Everyone knows there was a deal set up for a gradual shutdown once DOE agreed. That is why ECMC got schools very cheap. The funny part is I think Peter Taylor actually didn't know this plan at first. He suddenly resigned and Jeremy took over to close it down. Thanks Obama.

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Post ID: @6ldd+T61i5I8

Uhhh no. Let me repeat what I said earlier. The foundation exists only because of the NON Profit status of Zenith. This allows ECMC to filter $$$ through the "Foundation" to be tax exempt during the teach out of these campuses. Once the teach out is fulfilled per DOE regulations, ECMC will then retire back to "For Profit" status. BOOM.

And not for nothing. They aint keeping any schools. ECMC is a loan guarantor, not an education company. Wake up people.

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Post ID: @5owf+T61i5I8

Well if that is the case wouldn't they keep them open to keep that status? This post makes no sense to me.

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Post ID: @1eqg+T61i5I8

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