Do you understand that this means if the company owes you money, you may not be paid on time, including payroll? "which would cause the Company to be unable to continue as a going concern." Do you understand this means that the company will close its doors and liquidate?
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No, that is not accurate. CCi bought many of the Phillips colleges. The were in fact the foundation of CCi's initial success. Remember FMU? That was the re-branding of Tampa College, Orlando College, etc., which had been owned by Phillips.
By amputating today, ED may minimize future damage.
Anonymous 12849, in response to you question, "There are tens of thousands of students who would be impacted, as well as thousands of employees. Does ED want to be responsible for the chaos that would ensue?"
The answer is ED doesn't care. Case in point, 1996 ED succeeded in the destruction of the largest for-profit company in the U.S., Phillips Colleges, who also had tens of thousands of students and thousands of employees.
It's not a trick. It's more in the nature of a threat. I'm not saying it's a good strategy. Have there been any good strategies at CCi in recent memory?
I'm team "get us paid" all day but can't blame the ED for CCI not providing the documentation that was requested 5 months ago...at the very least it should have been ready to go in the event the ED was serious.
Oh, so you are suggesting it's not really serious? CCi wants to trick ED into paying sooner. Ok.
Isn't that exactly what many posters here have been calling and wishing for and predicting? I think people understand what it means. But, Stan Mortensen, who signed the 8-K with that language in it, intended that to be a warning to ED as much as anything. There are tens of thousands of students who would be impacted, as well as thousands of employees. Does ED want to be responsible for the chaos that would ensue?