Percentage I believe we will hear news of the sale this week
10 replies (most recent on top)
599 not the title IV loans, I was referring to the 500 million in private loans the CFPB wants CCi to forgive.
Except that if those loans are forgiven, the DOE (which really means taxpayers) are on the hook for those loans...so, how is that a win-win for everyone?
Ok here are my feelings on the sale. The DOE is working with the buyer and probably arranged the whole thing. Once the schools are sold the government drops all suits and allegations except the 500 million suit by the CFPB. ECMC bought the debt for 19 million and that will be discounted off the sale price. Then those loans are forgiven. The government got what they wanted, Corinthian Colleges is gone and the government looks like heroes. Everest and Wyotech are now non-profit schools and all the crazy regulations that are put on for-profits won't apply. Now for the part I get blasted for. All campus employees and salaries go along with the sale. Here's my reasoning for this, there have no layoffs at the campuses for months and the 10% salary reduction will be returned as promised.
In most business sales, an agreement in principal is reached, subject to due dilligence by the buyer. This is conducted under non-disclosure, and provides the buyer access to documents and reports not otherwise available. The information that is already publically availavble to potential buyers (financial performance, law suits, investigations, DOE an other egulatory sanctions, etc). is disturbing enough. One wonders what else will ne uncoverd via due dilligence.
No we cannot hear who is buying before the sale closes. This would violate several laws and non-disclosure agreements.
It closes in November, but we cam still hear about who is buying
The sale is excepted to close in Nov.
Hahaha already sold!
except they've to us November is the earliest time period.
And that news will most likely be "more later."