did Corinthian initiate the deal? What happens if all schools are not sold by Jan? Does CCI or the D of E call the next series of steps? Does Heald automatically go into teach out mode?
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Wishful thinking, 610. The schools that will not sell will be closed. The DOE is not going to modify that. Continue to keep your spirits up on that modification of the written agreement. Bottom line, the DOE wants the CCI entity shut down by the beginning of January and those schools who do not have new owners will close. The California schools are still for sale, but the California AG has to agree to drop all the charges. If they do not, it will not attract a buyer. Good luck.
Remember that agreements can ALWAYS be modified IF the parties are agreeable to it. Just because the original agreement did say that everything needed to be sold within 6 months. If significant progress is being made OR a "butthead" California AG is trying to build up her political capital, modifications are always possible.
If Heald is not sold it will be closed (as per the 8-k from 7/7/14). There are 12 schools that have to teach out. 85 schools have to sell within 6 months of 7/5/14 date or close. There are no other options. 6 months of 7/5/14 is 1/5/15.
http://investors.cci.edu/secfiling.cfm?filingID=1104659-14-50216&CIK=1066134
462, January makes more sense, to coincide with term breaks.
I spoke with a regional curriculum director (not a regional vp) a few weeks ago. He said if there were no sale by the end of January, the schools would go into teach out. I always thought it was end of December before speaking with him, so take it for what it's worth, which could be nothing. Nevertheless, if there's no sale by whatever deadline the D of E has set, the schools go into teach out. Long and short: you should be in job search mode to control your own fate.
If you have been to this site before, you should no better than to ask all of these questions. No one here knows the answer, although many think that they do. If you haven't been to this site before, you will not get any answer to your questions here. Jack, the DOE, and the banks are in control (that's the way the game is played) and they cannot tell us anything until an agreement is signed. Just be patient and prepare for the worst. That way you can control of your own fate.