Each school is setup as its own LLC, therefore, each needs to file for bankruptcy. Looks like this has been in the works since mid-summer. The chapter 7 trustee just filed to Joint Administration all cases (campus bankruptcies) into one case.
Bottom line, not good news. The entire company is ceasing operations and will soon start to have its assets liquidated to the benefit of creditors. Meaning, you'll get shafted if you are owed any money because your not a secured creditor.. last in line
There is no money to be made anywhere with EDMC or DCEH. All these sales are fronts to unload all the off- balance obligations ( leases, student obligations, loans, etc. . . ).
How did the DoE actually allow Goldman and KKR to sell EDMC to DCEH? It was obvious EDMC owners were unloading toxic assets. Our own DoE is more inept than DCEH.
How does this happen? Where is the governance?
KKR and Goldman should be responsible for this. They did the leveraged buy- out in the first place.
1rog. Does that include Argosy. No one claims to knows what’s happening there. Lots of whispering though.
Evidence of your rediculous claim?
Guys, stop listening to these rumors and listen to me. I work where this sh-- is decided and am trying to tell you all. The bankruptcy filings are not important for the moment. South and AIs (minis Las Vegas and Pitt) are being “given”to EPF, the nonprofit. They’re gonna keep you around till June then liquidate the sh-- out of the place and sell off what they can. It’s a dollars game, just like it was when EDMC sold us to DCEH.
@XaGZkb7-msa Better wake up soon - that gravy train is pulling into station any day / week now. You might want to think about finding your next cream puff job.
All I care about anymore is riding this out and getting my 55k as long as possible.
in the case of bankruptcy employees salary come before creditors. It's up to 11k in salary
https://www.post-gazette.com/business/career-workplace/2019/01/14/Dream-Center-Education-Holdings-bankruptcy-reorganize-Art-Institutes-campuses-EDMC-accreditation/stories/201901140087
Under the plan, Dream Center will keep the Art Institute of Pittsburgh, Art Institute of Las Vegas and the Argosy University campuses.
Ownership of the other dozen or so Art Institute campuses that are still accepting students would be transferred to a nonprofit called Education Principle Foundation, based in Delaware.
In early January 2019 most of the Art Institutes and all of South University became independent organizations that are managed by their own boards of trustees.
DCEH no longer has an ownership position in these institutions, nor does it have a role in the administration or oversight of those institutions.
Citation please.
What state was this BK case filed in? I would like to see proof of this. We keep hearing a bunch of rumors about BK and I’m not saying they aren’t true but can’t find anything online.
So if I’m getting this right, DCEH tried to say each campus was it’s own entity and the chapter 7 trustee is saying no. I get that as you can’t say one Toys R Us is bankrupt, it’s all or nothing.
Question though - does this only effect DCEH (Argosy) at this point or all of it?
And now EPF /SE is a cover up...
EDMC pretty much scammed us all because DCEH was a cover up if u ask me!