I wonder what's in it for him?
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Exactly 23501, he already had money. But by selling he will again reap in more money. If it was bankruptcy he would get nothing. The DOE knew of the financial trouble CCI is in and intentionally played the 21 day delay card. The mistake was the DOE didn't figure in the student loans. When Jack played the 1.4 billion dollar student loan forgiveness card, the DOE folded his hand. Then started the how do we all get out of this mess negotiations. At that point Jack held the upper hand and basically said to the DOE if you let me wind this company down quietly we'll all win. If you delay the funding I'll file for bankruptcy and the tax payers will be out 1.4 billion. Obama couldn't let that happen in an election year.
For the record, Jack did not get rich from CCi. He was already rich. He was the CEO of Talbert Medical Management when they sold for $200 million. He made enough off of that sale to retire. He joined CCi as a Board member which is essentially less than a part-time job. It wasn't until 2005 that he stepped in for David Moore. Obviously he has made millions of dollars with CCi but likely made most of his money before ever taking over CCi.
Jack will get to keep his assets and other income and property he has as a result of selling bull shit education to dumb people .
Cut a deal w Dept of Ed to avoid prosecution?