Ok so here I am on a Florida morning and just been introduced to Dave Hawn who was introduced to me as president of ECMC along with some dude named Dan Fischer, and a lady named Jan something or other... didn't get her name or what she does. Never been on here to post, but I wanted to do my part to keep all informed... Feels like a close knit family on this site :P apparently these people are touring my campus btu I hear they will be here for only a few hours before they move to another campus in our area... Gulp!!!!!!
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The perfect storm one sleaze bag company buying another. A match made in heaven. If it happens they don't want any employees just want to buy debt for pennies on the dollar. 12/31/14 is the end of more than the year 2014
So they're JUST buying debt?
Anonymous28526- Very similar. It's I want cash now, so instead of waiting for my customers to pay, so I will sell you $100 in debt for $75 dollars today, or whatever amount. Given the risk of not being paid ever, it's probably 50 cents on the dollar. CCi actually provided an estimate of the rate, pending bids. You can look it up, but if I remember right, it was about $16M on about $27M in debt. Previously CCi was guaranteeing a 100% collection rate, so the pay rate was higher. There were several problems with that, including the collectors violating various laws and sending back uncollectible debt to CCi at purchase price. The finance term is "factoring debt," which is very similar to the math use of the term. In the case of debt, the factor is from NPV.
Sort of like when I can't make it until payday and have to go pawn old jewelry? Gotcha
Oh, maybe they are the buyers of the sub-prime debt that was to solve CCi cash flow problem. That was to be done by June 30, but there was another amendment to the credit agreement by that time.
ECMC is buying our old debt at pennies on the dollar. We've done that lots of times in tight financial situations. It's a way to immediate bucks in so we can last a few weeks longer. They are NOT interested in buying CCi or any part of us.
The new pillars: Smile, Dial, and Enslave.
Which campus where they at? Where are they going next!
http://www.ecmc.org/details/leadership.html
http://ecmc.org/
They call themselves 'loan holders.' They own your ass. They are the mafia of loan collectors! Seems like a perfect fit for CCI!!!
Looks like ECMC is some sort of student loan debt collection agency!!!!!! Irony!!! CCI loses it. ECMC collects it. Maybe they just want to buy the debt?!?!
Yes I am guilty I read with my mind not my eyes Lol
For those who don't take the time to actually read the information, the short answer is ECMC is Educational Credit Management Corp., which is not EDMC.
422, it's NOT EDMC. Dave Hawn is CEO of something called ECMC. Different company altogether. Doesn't look like a college.
Do you mean EDMC?!?!
Interesting. They're also tanking, I thought.
These are EDMC schools Argosy University, The Art Institutes, Brown Mackie College and South University
CCi is transforming itself into a slave trade organization.
They seem to be a debt collection agency. They probably want CCi's database of indebted students. http://www.bloomberg.com/news/2012-05-15/taxpayers-fund-454-000-pay-for-collector-chasing-student-loans.html
http://www.nytimes.com/2014/01/02/us/loan-monitor-is-accused-of-ruthless-tactics-on-student-debt.html?_r=0
Here's an article on David Hawn and ECMC. It's difficult to say what the company actually does. It doesn't seem to be education. http://finance.yahoo.com/news/ecmc-group-appoints-david-hawn-160000951.html