Jack

Company Update

In this communication, I want to share two pieces of good news - our plan for restoring the 10 percent salary reduction to previous levels for those employees affected by this action and the sale of QuickStart Intelligence.

First, we expect our cash flows to improve in October and, as promised, will restore the 10 percent pay reduction effective October 12. Full salary will be reflected in the October 30 paychecks. Thank you again for the personal sacrifices that you made to help our company bridge its cash shortfall with the pay reduction and the furloughs.

Second, I am pleased to announce that this past weekend we sold our QuickStart Intelligence division to 360training.com. They are a privately-held, leading provider of online and classroom-delivered training; learning and content management software; and enterprise compliance and risk management solutions. More than three million learners have chosen 360training.com to meet their training needs.

Under its new ownership, QuickStart will offer short-term certificate information technology training courses to more than 20,000 IT professionals and developers each year. Our best wishes to the more than 75 QuickStart employees as they begin their journey with their new parent company. It is our hope that new business and growth opportunities lie ahead for the combined company and its employees.

On other fronts, we are making steady progress on the sale of our Everest, WyoTech and Heald College schools, and hope to complete the sales process by mid-November.

None of our progress thus far would have been possible without your efforts to keep our schools and our operations functioning as smoothly as possible under difficult circumstances.

Thank you for your continued support and service to our students.

Jack

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What about all of the pending lawsuits Jack? If I was an investor, I would sure want a piece of that downside!

Anonymous41920: Since you are leaving, good luck. Check back to see who was right and who was wrong on the sell.

All of us at Socle got this email, came at 7:55 am. It was addressed "To: All U.S. Employees" so I would think no department would have not gotten it.

IF, Jack and his cronies cared anything for their employees or students, the 10% pay reduction would be reinstated effective immediately, and paid retroactive to when it was implemented. Selling off one portion of the sinking ship is hardly anything to celebrate, but I guess the board can celebrate as they will get their cut of it and that is all they really care about...

Thankfully I no longer have to worry IF there will be a next term or not as I have turned in my resignation as I am moving on to greener pastures. I wish the rest of you staying the course the best.

879 ACCSC has the schools under warning while they wait for an independent audit of our placement rates. The audit is due by December 31. The only reason we were put under warning is the allegations from the government.

873 ACCSC has placed us under warning specifically due to our placement rates.

It sounds like 869 is eluding to the fact we will be bought by a not for profit which in theory would make us not for profit. Also the dept of ED had hight placement rates than our accreditors have we are not in trouble with our accreditors regarding placement rates only the dept of ED

0919156 -- We won't have placement rates? Where are you getting that from? As I understand it, 90/10 is federal and for alll for-profits. Placement rates are required to be tracked and I believe many of our accreditation agencies have minimums that we need to meet. Why would that go away?

Why would we stop business operations when we are getting sold? No other normal business would. The sale will go through we will keep enrolling and after Christmas they will fire all the dead weight employees and rebuild with a smaller more efficient staff.

90/10 will be out the window as we will no longer be a for profit school.

Career services will only last as long as needed then they minimalists them as we won't have placement rates.

After the buyer does their mass layoff the remain staff can expect smooth sailing

They'll keep scheduling intro classes. They really aren't making decisions in terms of what's best for the students and it's common knowledge here that the 4th floor think the monitor is a joke. So scheduling of intro classes means absolutely nothing.

IT at CSC I can confirm that I received the e-mail and it says 100% the same. Looks like all the posts yesterday about the sale are pretty much accurate.

Face- The reported June 30, 2014 student count was 65,000, which is somewhere between 55 and 60% of peak. Without GI students from so many states, I expect that the current count is down, plus the so-called 90/10 compliance will be an issue. Just because ED is sending cash today for the major term start does not necessarily suggest the worst is over.

The best measuring stick will be to see how many Intro classes they have. If they scale those back, you are seeing a quasi teach out.

Will the cash last until December?

as of wed, there were scheduling classes for the Oct term. I don't know how many or which ones but they are defn in the process of scheduling classes.

we just got the email...its legit

Maybe they're trying to tell you something...

I am curious who this apparent email was sent as for I have not received it.

Since when does Jack care about the students? As far as I can tell, admissions is moving right along and classes are scheduled.

I received the same email. Is it safe to assume then that all classes are on hold for next term pending completion of the sale? That would seem to be the wisest move and the most beneficial for the students. Any thoughts?

Thread regarding Corinthian Colleges Inc. layoffs

Jack

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