EDMC has its problems, yes, but COCO is just making excuses. There is no way that COCO can release an audited financial statement. I very much doubt that we will ever see it, as in never. COCO has a few reasons why they cannot produce the audited statements, including: 1. Heald Goodwill impairment, 2. the "Going Concern" portion of the audit (auditor will give the standard "unqualified opinion" (which means "no findings") but must disclose that there is a good chance that the organization will not make it until the end of the next fiscal year, and this would be a violation of the Title IV regulations, 3. The cost to publish the statements, which given the condition and nature of the business is likely about $1M, 4. I don't have the correct inside information, but I suspect that there would be additional disclosures needed in regards to all the legal problems, including the criminal investigation, 5. The $30M student refund fund has not been funded, which is a violation of the "Operating Agreement," 6. No reason to publish financial statements when the bankruptcy is arriving soon enough. There are other reasons, but any of the above is 'excuse' enough. My guess is that EDMC will eventually publish its annual report, but I am not sure when.