It's amazing to me that everyone is posting the same old rumor bs but virtually nobody has mentioned the 3 separate major things that happened on Friday the 19th. 1) Corinthian received two more federal grand jury subpoenas in Florida and Georgia - http://www.bloomberg.com/news/2014-09-19/corinthian-colleges-faces-further-criminal-investigations.html 2)The accreditation agency put Corinthian under "warning" and if they lose accreditation they lose all T4 funding - http://finance.yahoo.com/news/accreditation-agency-places-corinthian-under-224105369.html;_ylt=A0SO80uxBR1Uss8Azf1XNyoA;_ylu=X3oDMTEzbmdkM3Y0BHNlYwNzcgRwb3MDMQRjb2xvA2dxMQR2dGlkA1ZJUDUwNF8x 3) Corinthian filed a form 8-K dated Sept 19 which is a second amendment to the operating agreement. If case everyone forgot, when the first amendment was filed, all interested parties signed it because they were in agreeance with the terms of the amendment, this included all lenders. It specifically stated that a second amendment would be considered a violation. The second amendment had only Jack's signature on it rather than all the lenders and stated that CCi had until only Sept 25th to get all the other signatures (ie: the agreement of all the lenders). If they failed to do so they would be in violation of the operating agreement and would lose T4 funding. I don't know about you, but I'm interested to see what happens at work this week, especially Friday if they haven't gotten the signatures. Here is the link to the filing but you have to actually open the documents listed to read them - http://www.sec.gov/Archives/edgar/data/1066134/000110465914067331/0001104659-14-067331-index.htm
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Good informative post "finally".
Oh how self-righteous this thread is...
We spent friday mostly watching spammers and admins post and delete. I think the deleted over 100 post, mostly spam, but some legit things were deleted. I reported at least 10 posts, cannot keep up though. And, if you scroll down all three pieces of information you refer ti were discussed on Friday too.
363- It may have something to do with legitimate posts being deleted.
The impact is this: CCI is closing. It won't exist. The only news will be is if hastens it's closing.
343 makes valid points 1 - 3. Its not being negative, just being realistic. Seems we hear things from the Executives then read the documents they are filing. Then learning additional suits are filed Friday.
Bob Bosic was telling us to ignore the news reports. Ok. But we can not ignore documents and that includes legal filings. And this matter with accreditation can have serious implications. While its true we have to ignore most of what is being said in the news and by Democrat Lobbyists. We can rely on what internal documents are floating around, legal filings, and SEC filings. More importantly, we can measure the future by looking at the numbers. Enrollments are plummeting and our best people are resigning and moving on to new opportunities.
Unfortunately, those of us with families may not have the luxury of waiting for the the final curtain call or a legitimate sale. With cuts in pay and the prospect of future furloughs. It hits harder for us than many. And to trust in the words of the executives seems futile. From rumors to half truths to lies. We have seen it all. Its always appropriate to give and do your best no matter what. If your professionals. That does not mean you can not or should not look for new opportunities.
I think you'll find trolls and bullies have sent most employees away. Nobody wants to post or comment, because the comments are usually rude and offensive.
I think everyone knows where this is going. CCI is closing. A sale seems unlikely at best. And that's it.
So what! Jack is the man. He can take it. Nobody can bring this man down. I guess it will take 10 subpoenas to bring him to his new home, JAIL. Where is the pad lock to all the campuses? Put the pad locks on the door!! We are use to all this negativity. It's not a big deal.
This is old news. These have all been mentioned.
Friday there was a important meeting, with top executives. The problem is we have to play guessing games and read news reports to try to figure out what is going on. I wish Jack would keep everyone up to date. Thanks for this update.
Yes that does not look good I cannot see the win for lenders to approve. But I probably do not have all the facts they would take in to account. A loss of Title IV funds would probably turn lights off for employees.