I don't consider any campus to be for sale. Even the so-called Heald sale is only to avoid having to deal with, in my opinion, the lies about the $200M in goodwill. Heald supposedly, by CCi's calculations, has at least the $200M worth of value, but it is my opinion that was a result of financial engineering so that the goodwill would not need be impaired. I'd like to see the computations behind the so-called interim impairment test.
"During the third quarter of fiscal 2014, the Company’s market capitalization was below book value, which the Company considered an indicator of impairment. Consequently, the Company performed an interim impairment test on goodwill and other indefinite lived intangible assets. The Company believes that continued regulatory uncertainties, and the potential impact of new regulations, have had a sustained negative impact on the Company’s stock price and current fair value. The Company’s results of the interim impairment test did not indicate impairment. The Company will perform its required annual impairment test for goodwill and other non-amortizable intangible assets as of June 30, 2014.
At March 31, 2014, the Company has $205.6 million of goodwill; $197.9 million relates to the Heald reporting unit and $7.7 million relates to the 2013 QuickStart Intelligence Corporation (“QuickStart”) acquisition—See Note 10 — Business Acquisitions and Dispositions. The Company’s interim impairment tests, as of March 31, 2014 did not result in an impairment charge. However, goodwill impairment assessments of the goodwill related to the Heald acquisition involve significant judgments related to future revenues and earnings. For Heald, the Company assumed a weighted average cost of capital (“WACC”) of 12.9%, revenue growth rates ranging from (9.3%) to 11.7% for fiscal 2015 to 2017 and a terminal growth rate of 4%, which resulted in fair value exceeding carrying value by approximately 6.4%. These assumptions reflect the lower risk of Heald relative to the Everest schools resulting from less historic exposure to ability to benefit (“ATB”) students and to regulatory uncertainty. Although the Company believes the estimates made are reasonable and supportable in connection with the impairment analysis, changes in strategy or market conditions could significantly impact these judgments and result in future impairments."