And they got it all without the liability of the pending lawsuits... they will recoup the $24M within the next year!
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More like an expensive, overpriced condo.
866: They are a very young company and overly ambitious. They've done well on government contracts and are feeling like life's easier than people make it out to be, but they're really just naive. They have taken on a monster, both in sheer size, potential legal liability, and nature of its culture. I fear this is going to be an unmitigated disaster, and will start to fall apart very quickly. It's hubris.
I'm trying to figure out what the deal is with ECMC. Buying a company teetering over from being so top-heavy with overpaid, useless managers, knowing that we have a long history of management sanctioned rule breaking, and that our staff have not only been mistreated but are actually traumatized from the last 5 months. All of this and they have no experience running schools. They can't stream in their own people to take over and right the ship, and it's not going to magically just stop sinking on its own. WTF are they thinking?!?
Actually, I don't believe that it is like buying a house. My understanding is that we lease most campus space and equipment. So $430K is buying a whole lotta nada, except for the responsibilities to keep paying rent and make sure the students finish up. That's why WE had to pay the last time for someone to take campuses off our hands.