"A Corinthian spokesman, Kent Jenkins, said the company has since paid the rent in full and had "sufficient financial resources to make this payment at all times." He did not respond to questions about why the lawsuit was filed, saying the company cannot speak for the landlord."
15 replies (most recent on top)
That is the financial policy of this company at this time. They will not pay any vendors until they shut us off, then they will send them just enough money to have the credit reinstated. Some vendors have gotten wise to this policy and will not sell us anything on credit, it's cash only.
Were testing vendors like we did the govt. we had 3 people working on the documents and data requested. It was delayed and the AG got pissed and filed suit. We have enough to pay rent, but delayed and went into rears until the landlord got pissed and filed suit. How many times are we going to play chicken with everyone? Pushing our luck until suits are filed?
Anonymous31361- Given the current state of affairs, $19M is probably a fair price.
Time to play 'We are the champions' at a faculty meeting! And have pizza. But, we can't have oizA and sound systems have all been hocked. So, meeting sucks. So does Jenkins. And Jack Ass. And Owens.
*That was supposed to be $420M.
I still agree with 132...you can say it was 40 worth of loans sold for 19. The purchaser still won't see 15 cents on the dollar of the purchase "value."
Anonymous31343 is absolutely correct...add another 30% on top of that number to account for the loans not being paid on.
Anonymous31342- The $75M was net, including the bad track record of repayment. In other words, the actual amount of the loans was much higher, but given the track record, it was only worth about $75M, and sold for $19M.
I say we came out on top by selling the loans. Based on the track record of the borrowers repayment history I doubt the purchasing company will even see 19M
That's why CCi sells $75M in loans for $19M.
It's the landlord's fault. Jack wanted to pay, but the landlord wasn't available.
Jenkins suggest CCi has plenty of money. Next slide please.
He didn't actually say that the rent was paid, just that CCi had "sufficient financial resources to make this payment at all times." I imagine that the owner of the corporate center had not completed the necessary Talisma reports appropriately. Once he does that, I'm sure CCi will come through. http://www.latimes.com/business/la-fi-corinthian-colleges-rent-20140827-story.html
How can he speak for the landlord? He sure can't speak for cci.
Jenkins is a lying butt wipe f***ball. Is that too much? It doesn't feel like too much.