As a I posted before thanksgiving, investors putting pressure on White House to block the sale. An investor lawsuit is also being prepped and should be filed before Christmas.
Told you this before thanksgiving and the ignorant tried to bash and showed their true colors, simply providing the truth here..... It's always about the money
Educate yourselves people, follow the money :
http://mobile.businessweek.com/articles/2014-12-04/congressman-urge-government-to-scrutinize-corinthian-deal
This whole thread sucks! CCI employees are so lame. One week after I got here it was so obvious. I'm only here because it pays better than unemployment. Once I get my offer letter from another company, I'm out of here. See ya' later suckers. Hope you enjoy working for a bunch of bill collectors.
This is the worst, most uninformative thread in the history of TLO. Congratulations.
Not referring to campus-level...
No one received any type of bonus at the campus level in the month of June.
Bonuses paid at the end of July were for the June quarter, paid at a time when cci was well into its cash flow crisis.
No one got a bonus. Not able to payout 3rd and 4th quarter.
The lenders should have enforced the lending covenants when they were first breached. CCI has been basically insolvent since early in the year as evidenced by its halting payments to vendors at the beginning of May. There's another good example of the ethics of this company; continue to receive goods and services often knowing it was unlikely they would be paid for, but still paying bonuses at the end of July even after threatening to close the schools and not pay staff unless the ED handed over more loot. The ED and the banks caved and look where it got them.
The DOE will need to support the buyer regardless of BK or not. Without support there is no title IV funding. In addition, all state agencies will need to approve the sale. They have to approve new applications and provide licenses. All required approving agencies have indicated that they will not be favorable to any for profit buyer. Furthermore, they will not consider any buyer that has any pending legal action.
The bigger issue is that if BK is filed -- CCi will cease to see funding immediately. Hence, no students and no value. Unsecured vendors will be looking for a continued financial relationship with the new owners. The will earn sale support. If not continued relationship -- then the vendor will be seeking restitution. However, the sale proceeds will not provide for restitution. Therefore, ECMC will either provide for or will let the court decide.
In either case -- the sale will still be completed. Legal action will not prevent the sale from coming to fruition.
What is embarrassing is that you continue to use the words fraud and scam, which makes you sound like a carbon copy short interest intellect incapable of original thought. You are the minion.
Without the DOE , CFPB , DOJ and AG involved, there would be plenty of other interested buyers. BK solves that problem, CCI files BK and those agencies are out, it's now in the BK trustees hands and they cannot intervene. Trustee ensures all creditors are treated fairly
OP -- the deal will be scrutinized -- but more then likely not stopped. I understand where you are coming from. The pending legal action may have a negative impact. However -- as one poster responded -- you would have to show that their are entities that would purchase at a higher value. If not purchased -- that selling assets would amount to more than 24m. In either case it is a bit of a challenge due to the economic environment and non growth in the education sector. Good luck in your pursuit.
Ha , nope, I have had the same honorable job for many years. It's just disgusting how you low life's keep avoiding the facts, obviously you're one of them. I called this weeks ago that the deal would be scrutinized and likely stopped. No low life former CCI employee would know this.....funny how you employees love to avoid the fact that the people who allowed you to keep getting paid, now want to be repaid their money! Remember when you were all whining on here wondering if you were getting paid orbit your direct deposit would go through? Ha, exactly, hypocritical low life's , expect people to give your company money to keep your checks coming, but expect CCI to be able to just walk away from that.
OP, you seem to be taking this very personally. You can shout from the rooftops that you are trying to protect your investors all you want, but I don't buy it. I have been reading your posts and you are very angry and bitter. Your tone is very harsh and you are not only attacking CCI but the employees personally as well which makes me feel there is something much deeper going here.
The way your are talking and the blame you are throwing around resembles an angry, bitter ex-employee. Is that what you are OP? Are you simply an angry and bitter ex-employee? I'm willing to bet you are!
And funny how you call yourself "hardworking" what did you work hard at? Defrauding poor people with low IQ? Ya, exactly , great hard work....scum
@851 we protect investors from lying , thieving scum like Jack ,CCI and its employees who helped perpetuate the fraud. I look at them great and proudly! We help people grow their wealth and invest, securing retirements and allowing people to live out their dreams, people who worked hard, honest lives. Unlike the CCI types who lies, stole and cheated from the most vulnerable! We help people, not ruin them and bury them in debt they will NEVER pay off and will haunt them forever. Not are how you scum live with yourselves . Everyone sees what low level scum CCI and the employees are, exact reason the AG is going after you , AGAIN! We only destroy things that need to be destroyed and CCI certainly fits that criteria...and if I get to make even more in the end, that's just a bonus! Funny how AGAIN you scum bags avoid the FACT that you helped CCI perpetuate this fraud for years, look at all the posts where you mocked these students, yet you still allowed the fraud to go on. Nobody feels bad for you and I look forward to tearing it all down and preventing it all from happening again
846 ... you question how others look in mirror. WOW ... this coming from a blood sucking POS that destroys instead of creates. A POS that positions value on asset of today ... not value of tomorrow. A POS that does not create anything. Does not build or sustain. Is the root cause of failure within this country. A prime player in the financial fraud within markets. A player that takes advantage of everyday Joes. A player that outsources jobs to drive up returns. A POS that lines their pockets with the misery of others. How do you sit at your dinner table and watch your loved ones eat. Eat food that you know was earned at the expense of others. Eat food that is tainted with the tears of those you have helped destroy.
You are part of the general filth that corrupts this great nation. The filth that subjugated values and ethics to meet your POS vision. You justify your existence and career ... a career that is based on phucking over hard working people. A career that celebrates finding the ethical loop hole that results in one more dollar made.
Brother ... you are the pot that calls the kettle black.
As a retired investment banker I find this whole post funny. As the OP knows, anyone has the right to sue and yes investors have rights and should be protected. However, in this case there are numerous variables at play. Variables that impact value. There are legal liabilities assumed at sale, numerous approvals required (government agencies), strict guidelines for defining a potential purchaser, limited timeframe and a very small pool of qualified buyers. The last two variables are ones that are not discussed much. First, the failure to include the California locations. The Everest schools have no real assets to sell. Buildings are leased as is much of the equipment. However, Heald and Wyo had assets to sale. However, they will move to teach out and/or close. Second, the political component. What are greater needs ... those of investors or students.
OP has a very strong point ... and a potential case. However, there are no other buyers that will be approved. A for profit or equity firm has no chance (read the MOU). The buyers have already prepared for this challenge as well. OP ... keep in mind you will only have a case if you dan prove there are qualified buyers that will get approved.
Auto correct dummy, again, nice way to divert from the FACT that the low life employees helped perpetuate the CCI fraud, notice how everyone keeps avoiding this very obvious FACT! You all knew! You commented about what a joke CCI had been, yet you kept the lie going and kept suckering in the poor and illiterate, you should all be embarassed of yourselves! How do you look at your families knowing you were low down , dirty , lying scum bags? You're just as liable as CCI
78313pm at least 819 can spell. Sounds like 819 hit a cord with you. I wonder if there was some truth to this.
@819 is obviously a low life CCI employee that had nothing intelligent to add, no wonder you work for bottom of the barrel CCI ! How did you go to work every day knowing the place you worked was/is a laughing stock? Do you have no professional prode or just that stupid and couldn't get employment anywhere else?
Learn to read, advisory firm, is your reading comprehension really that poor? Did CCI not instill any comprehension abilities at all, I make more than a PI attorney and get joy from piecing apart junk companies that should have been torn down long ago, CCI had already done enough damage to peoples lives, needs to be shut. Then the scamming employees indicted and held accountable for being a bunch of lying scum . How do you look at your families in the face when you know you scammed people and helped perpetuate fraud for years? Are you proud of yourselves? I am , I protect investors and their hard earned money, what have you done in your career? Helped scam the uneducated ad poor out of money they do not have, congrats , hope you feel good about your low life selfs
Op ... thought you were a fund manager thatv represented investors. Is that not what you said? Now you claim that you are concerned about shareholders ...
I think OP spends time on this site in order to facilitate a fantasy world. A world in which he is more thanjust a lousy day trader that has to advocate his mba to makeup for his shortfalls in life.
Op ... what if they pursue a 363 sale in the state of cali. Better yet they file for bk, receive exception from Ed and appoint a body to conduct the sale. In either case ... issues for unsecured. Do you not think that these issues have not been thought off? That a strategy does not already exist ... come on. They are prepared for blood suckers such as you. You are like a personal injury atty.
Read my prior posts, not interested in regular "share holders" plenty of other unsecured creditors seeking to get repaid, and wrong we never invested in CCI, we bet against them, and won big time by shorting the stock. Everyone knew it was a house of cards bound to fail. Irregardless, people who lent them money, again to keep your pay checks coming, deserve to get paid. Like it or not, they have rights and we will ensure we seek to protect them.
Funny pink sheets, moron, CCI hasn't hit the OTC yet....more moronic statements from the highly educated CCI workforce
OP ... you neglect to understand that your company, customers and yourself provided the investment funds that allowed this company to grow. Therefore, if such a fraud (as you claim) ... then you are part of the issue. You contributed to the problem in the same manner that you claim employees did. In reality ... you are the bigger problem. Furthermore ... if you follow the money (as you claim) you would clearly understand that once the secured debt is paid ... there are no remaining funds regardless of an increased sales price. Even at $100m (4x the value) ... the shareholders would see nothing. Furthermore, California schools are not part of the sale ... they represent the most value. Lastly, you have to have qualified buyers ... there are none.
Someone call file suit and hold up the sale. It will result in nothing of value. If the sale goes thru shareholders get nill. If the sale is held up ... bk is the result and shareholders get nill.
So you said your goal now is to help block this sale so you can profit more from selling this piecemeal? And going to this blog is one way to do it? Don't like getting attacked? Stay away and stop calling people morons and spouting the same line over and over. Go push some other pink sheet stock to keep you busy. Or buy a Kia with your boatload of money, or get some strippers.
Again , you avoid the FACT that you as a scummy CCI employee helped perpetuate the fraud, funny how you keep avoiding this FACT! Very telling when you cannot confront ANY of the FACTS , like why should the company who provided capital so YOU could be paid get screwed. You're just too much of a mental midget to address the real issue, you know you were a scum bag like the rest of CCI, you knew the operation was a total scam yet you helped them do it. What does that ultimately say about you ?
OP, we all got our PhDs and Doctorates from CCI schools? I want your next post to be sometime in January stating that you told us so. In the meantime go back to the trenches and focus your energies where there is real potential. Move along. ..
This was never out to a shareholder vote, read the 8k , don't post information you obviously know nothing about , makes you look like , well a CCI EMPLOYEE / STUDENT
Yes my real MBA (not from a joke like CCI) is a total embarrassment and bottom of the barrel! Hyaterical, yet you scamming losers actually have the gall to tell anyone you work for the worst of the bottom feeding, he jerry springer, Maury povich crowd, funny how you never confront the issue that YOU employees were just as much of the problem as CCI, Dunn take you were all whinning wondering if you were going to get paid last month, yet the company that made surenyou got paid, you now e pray to be screwed and not paid, how hypocritical if you! Shows your mental midget iq.....you people all knew of the scams at CCI, you helped them do it and I will be laughing when just go down with them. What other reputable employer would want you mowing you helped perpetuate one of the greatest frauds in the history of education? My form protects people, your so called company steals from them and you were and accomplice .
OP, the shareholders have obviously approved the sale or else it would have not gotten to this point. I'm sorry if the ones that you say you represent are unhappy, but the ball is already in motion. The deal will go through.
OP, you should just stop talking, you're embarrassing yourself at this point. Frankly your attitude is terrible. Go spout your bullshit elsewhere.
OP, in the meantime get off that moral high horse and stop thinking for a moment that your motive here is anywhere close to noble. I am choosing not to beat that dead horse of the relevance of career education, maybe in other forums or with unbiased audience unlike you. Give it a rest. I am sure those who are successful even in your line of work are those who know where to channel their efforts. You can thank me for the free advise that you will choose to ignore because you are at the bottom of the barrel
You keep thinking that, deal not set to close until Jan , plenty of time........ When it's all sold, I hope all the criminals that lied at CCI are indicted, including all the front line liars, people are disgusting what you did to the lower quartile IQ . Saddled them with debt they will NEVER pay off, for an absolutely USELESS degree, not worth the paper its printed on.
OP, too bad you do not get to decide. On this one go look in the mirror and repeat these words as many times as possible until it gets to your head "this ship has sailed". Then go look for more shorts elsewhere.
We exit all equities once they close under 5 , so not long coco, but we also advise funds and institutions on break up value, and the break up value is more than 24 million. investors and people who loaned CCI have rights, you know the people who provided CCI with capital so YOU could keep getting paid! So you think they should get screwed since they threw CCI a lifeline and then CCI tried to screw them (not really surprising considering CCI history). CCI should be shut down , sold in pieces and people who rightfully lent them money repaid. This "school" , if you can call it that, should not exist in any form of fashion.
OP, congratulations on making a killing being short. Do I gather since you and your firm are interested in halting the current sale because you consider there is more value to be unlocked than the $24M, that you are now long COCO?
OP, I get what you're saying but you also have to understand that not every CCI brand and not all campuses engaged in unethical and/or illegal behavior. There are some of us who do what we do because we have a passion for it and for our students. Some of us actually care and want to make a difference. I'm yet saying that what you are doing is adding gasoline to a fire here. I don't know, maybe that's your intention.
At first just trying to give a little helpful insight, now, make the morons look like the morons they are.... Funny how nobody ever addresses the FACT that all tou CCI employees knew of the scam , participated in the scam and helped defraud thousands of people and bury them in debt, yes you all knew, you talked about what a scam the place was, so you helped, now , you should get what you all deserve, because without the help of the low life scamming employees of cci , chi could not have continued the fraud.....truth hurts