"If you know how long...then say it." I can tell you this, sometimes it takes months for state approval, other times the approval comes right away. Some times it takes months for DOE approval, other times it comes quicker. Some times it takes months for accreditation body approval, other times it comes sooner. The total process could take from a few months to many, many months, depending on how fast the various approvals are secured.
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Bwahahahahahahahahaha...jobs will be saved....Bwahahahahahahahahaha. So, let me get this straight: a reputable organization is going to go through an extensive, exhaustive process of due diligence to purchase a school that the federal government is forcing out of business. In this process, they will be trying to stop state AGs, along with the CFPB (oh, you all forgot about them, huh), from finishing their investigations regarding the full extent of the distressed schools crimes. And then, after that, they are going to buy the school and KEEP the very people who were the whole reason of the extensive and expensive due diligence on staff. Bwahahahahahahahahaha. What a f-ing dream people have. Is THIS the extent of desperation with CCI employees? Bank of America just paid a big fine from a distressed company they bought called Countrywide. These crimes were commited long before Bank of America bought them. Bank of America had NO involvement with the crimes, but, since they bought it, they bought the problems too. But hey, even though a major financial institution that did the federal government a favor by buying the pos mortgage company was penalized, I am sure that the Feds will be open to washing all of CCIs sins away and give the new owner a fresh slate. I mean, is fraudulently getting title iv funds, falsifying information, and stone walling the ED's repeated requests REALLY that bad? God, really, do you people REALLY play out this scenario of hope in your pee brains?
24012, there is no question that many jobs will be saved, although certainly less than are employed now. I think you and others underestimate the DOE"s desire to keep CCi from completely collapsing. and shoving 70K students out of schools and asking for loan refunds. They don't want CCi to continue but they don't want all the headaches and bad press that comes with massive shut-downs either. Remember, once the DOE realized how dire CCi's financial position was they suspended the 21 day funding rule.
Most of the campus students are diploma (with the exception of Heald) so the longer they can keep those diploma schools afloat, the lower the risk for the DOE. Both the DOE and the accreditation agencies are going to look VERY closely at the buyer(s), but if a buyer with a solid reputation shows interest, they will do what they can to expedite the process. The process itself can take months, but once the sale goes through, the new buyer will likely put a lot of money into marketing to rebuild the student populations of both the campuses and online.
If I had to guess, the potential buyer(s) will speak with the applicable accreditation agencies/DOE BEFORE they start the expensive due diligence process. They would want to know if there are any red flags from the accreditation agencies or DOE upfront. There would also be significant conversations with the attorney general's who are investigating and other regulators to see what if any heat will remain on the schools and be assumed by the new owners if the deal goes through. If it were a reputable buyer, it would be difficult for the AG's to continue the litigation since the parent company and all executive management will no longer be working with the company. Major cases can take years and millions of dollars. The AG's will not want to pursue that if they believe the new buyer is going to bring systemic change to the schools. The new owners will want assurances that those suits will be dropped so they aren't spending millions on legal right out of the gate. The investigations will very likely go away since there are no current charges against CCi.
I think it is very likely that some of the locations scheduled for sale will not make it to sale. The money will just dry up. However, the stronger nationally accredited schools, Heald, ECP and Wyotech will likely make it through this, though starting from a much, much smaller student population than where they are right now.
Employees still thinking they can save their jobs.
Oh, is this a riddle? Let me guess. Longer than CCI can keep afloat? The answer is Titanic! I got the riddle!!!
Also if an entire OPEID is purchased over many states, then there is more than one state approval, and if that state include Illinois, then it could be much longer. If I remember right, and I'm just too lazy to look it up right now, the Florida Online OPEID includes a Illinois campus.
I don't know. But maybe longer than CCI can last.