Thread regarding Corinthian Colleges Inc. layoffs

SO what that it's .07 cents, ever hear of a short squeeze ? If you bought recently, the stock will pop on any news of a sale and the short squeeze will be on , can run back to .50 or .60 cents easily and if you bought a lot of shares at .09 or .10 cents, its a nice pay day

I have never seen so much pontificating on one topic. Seriously, you flatter yourselves. There are no compliant assets owned by CCi. Haven't you noticed the flurry of activity to pinch pennies, downsize, and whip those who are left into taking up the slack? ALL OF IT IS A BANDAID. $0.07

Obviously you have no legal training....Jack is shielded from civil liability and yes, BK shields to company. Why do you think all these people are settling with GM after GM clearly admitted fault ? Why , because if they push the issue, their cases will get tossed and their attorneys know it, so they are encouraging them to settle.

BK is absolute (with a few exceptions if you can prove BK fraud, which is very , very hard to do). The seconds a BK is filed, the company is shielded from civil lawsuits. Nobody will charge them criminally as its a waste of time and nobody really cares enough.

092, individual and corporate bankruptcy does not shield an individual or a corporation from student debt issues. These are one of many issues that cannot be resolved in bankruptcy. Jack(ass) will pay for his sins.

This company will escape all lawsuits, anyone who thinks otherwise is an absolute fool.

They will sell the schools, then file BK, shielding them from all the lawsuits.

Why do you think no law firm has taken on a class action lawsuit ? Why , because they all know there will be nothing left, the company is headed to BK, just when.

Sorry 937, but he/she was dead on. Even if they only purchase a quarter of the campuses, they are still going to be liable for the the ongoing litigation. A company cannot just sale a problem and the problem goes away. There are thousands of victims that have made the complaints (and provided evidence) of predatory lending, falsification of data, and outright fraud. The government won't let it all go away because someone else may want to buy it. CCI screwed over the government and the new buyer will have to deal with all of it. Please brush up on business law.

937 is misguided - so many potential buyers have backed out due to the public knowledge of the 90/10 issues and pending lawsuits. You purchase the OPEID. Due diligence by the potential purchaser may not go as smoothly as one could hope for. We all just need to hang on and see what happens.

860 you are wrong about your assessment. When BOA purchased Countrywide -- they purchased the company (stock). This was a merger. In the sale of CCi there is no merger and/or partnership. The buyer is purchasing an asset. Once the sale is completed, CCi will still exist -- but will have zero value. So in theory -- the suits and liabilities do go away and/or do not follow upon the completion of sale.

In addition, the potential buyer will seek confirmation of this from the DOE and more than likely the California AG.

860, totally agree with you about the AG cases and cfpb lawsuits not going away. Regardless ecmc will purchase a couple dozen select, compliant everest campuses and make the announcement in early Nov. The rest of them will be taught out, students transfered and doors closed

If anyone thinks a sale is going to make your life rosy...you are severly deluded. 42782 simply has bought into the BS some manager told him. He isn't taking into account the CFPB lawsuit among all the other investigations ongoing. In his picture, they magically disappear. In the real world, any buyer will still have to deal with them. Go ask Bank of America how that works. They bought Countrywide when Countrywide was going under. Bank of America had NOTHING to do with Countrywides crimes, but when they bought them, they bought ALL the problems. Bank of America had to pay MASSIVE fines for the pleasure of owning a POS. So, what happened to the Countrywide employees? Within three months, they were ALL laid off. CFPB is not going to withdraw its lawsuit and the state AG's aren't going to quit just because a subprime debt collector bought CCI. Even in the event of a sale, CCI's victims are still here and both CFPB and the state AG's will see that someone pays up for CCI's crimes. That someone will be a new buyer, at the expense of current CCI employees. You don't get to screw over the government like CCI does and get away with it. You should still be looking for another job.

Anonymous42823: I post what I know to be 100% accurate and still I am called a troll. Don't worry I will be the one laughing when this all comes true.

And the call centers in Thornton and Santa Ana? All The CSC employees that aren't Socle? What becomes not them?

This is all you need to know: one way or another CCI will cease to exist by 2015.

Fkn trolls! Hope you all die painfully.

Anonymous42803: Negative good buddy, please cite your source and it would be all over the news since we are publicly traded. There is not going to be a bk and by the agreement with the DoE the sale has to be done by 11/30.

Anonymous42797: Pure 100% BS. It is all EXCEPT Heald. In fact Heald was set to be sold back to the people we bought it from and everything was signed and approved by DoE and the monitor but the buyer wanted additional concessions so the board withdrew Heald. You do know there has been a mass exodus of IT, we are down 60% since June. Some of us in IT have been part of the discussions and know what is going on. Face it, if Jack released a statement tomorrow that ECMC acquired all the brands except Heald there would be 99% of the people calling it BS.

They've already filed for bankruptcy. That will never be allowed by the DOE or this Administration in my opinion. They dont want the taxpayers to be hit with 1.4 billion in student loan forgiveness due to the shut down by the govt of CCI. Select campuses will be bought by ECMC. The rest will be taught out and closed. The students who attend a closed or taught out campus will end up transferring their credits to another college in that area. If i was one of those students I'd fight tooth and nail to be allowed to transfer my CCI classes to a Regionally accredited college in my area. It's been done before.

Any chance they just file BK before a sale? Wouldn't that essential shut down the schoola and perhaps get the loans discharged?

794, still a chance that your niece could have her classes transferred to another college in her area, for profit or not, regionally accredited or nationally accredited. Especially if the CCI college she attended get loser down next month. The loan will most likely not be forgotten. But if she can transfer those classes she took to a regionally accredited college in her area and finish her BA and masters at a regionally a accredited college, it may not be as bad as it seems. Good luck to her and please thank her for serving and protecting all of us.

791, ECMC will not purchase all 85 Everest, Wyotech and Heald colleges. They won't be allowed to, even if they wanted to. There are a lot of campuses that the DOE, under it's investigation, has found to be grossly mismanaged and grossly non compliant. Especially in those states that have campuses involved in lawsuits. The only reason CSC is being told all campuses are being bought by ECMC is to avoid a mass exodus by employees and students. Remember they need to make payroll until these 30 campuses are sold. The rest will close.

We 'll find out after the monitor gets done reviewing what docs were sent in. If you read the letter the DOE sent to Jack informing him of their intent to put a 21 day hold on Title IV funding, you'll get a good idea of those campuses that were compliant or not. It was shocking. Another clue is what campuses did ECMC visit? If your campus has had good standing compliance docs and was profitable, ECMC didn't need to visit you and you will be included in the purchase. If ECMC did visit your campus, they were on the fence on wether or not to include your campus in their purchase. If ECMC didn't visit your campus and you were in the red, losing money every year, and CCI cooked your docs or blatantly disregarded the DOE's request for the docs they wanted, your campus will be taught out, closed and students transferred to other colleges in your area. It's pretty easy to figure out who's in the pot to be bought and who is not.

I only ask as my misguided niece got into a boat load of debt with this operation.

I was hoping they would be shut down so she can escape her onerous student loans, but it appears the government will not allow it to happen as they will then have to discharge the loans.

I had no idea she enrolled or I would have advised her of the mistake she was making. She is now in the Air Force getting real medical training, but not sure how she will pay for these loans.

ECMC is buying everything except Heald. Socle is part of the package. Lots of people know what is going on at CSC but people don't believe it when we post. I don't care if you believe this or not but maybe this week or next week I can post a big told you so. The terms are approved by the DoE and the monitor. Stay strong..

Are there any compliant ones?

ECMC will purchase only selected, compliant, properly run Everest campuses. ECMC will rebrand and operate under non profit college status and compete with Western Governors Univ and Southern New Hampshire Univ. The remaining Everest campuses will be taught out, closed and students transferred to other colleges in their area. ECMC will not be purchasing all Everest, Wyotech and Heald campuses. If you are fortunate to currently work for a compliant Everest campus, as determined by the DOE and ECMC, your life will change for the better. ECMC has been working under contract with the DOE and this deal WILL be approved and announced in early Nov. If you work for an Everest campus that has been proven to be grossly negligent and non compliant, we wish the best of luck to you, your students and staff. Your campus leadership and corporate leadership let you down.

The leaders barely know and if they could lead we would not be in this mess

I believe you answered your own question and I quote "obviously nobody truly knows what's going to happen".