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
Hey OP, what are really doing here?
Anything embarrassing about spoting dysfunction and failure and capitalize on it! Sorry you cannot invest, maybe your next job will pay better and you will be able to enter the market
CCI not a fraud, right, reason they have agreed to shut themselves down, delusional CCI minion
Yes Bill Acketman is a dummy! The biggest short on the street, yet he is a billionaire many times over, yet here you are working for CCI .... Lol! I would be careful calling dummies and limited vocabulary, unemployed is on you should look up and get accustomed to
Shorts use the words fraud and scam very liberally to make a point. They will use those words when talking about any company. Being short doesn't make you smart. Short's generally have a very limited vocabulary and intellect. They are usually the lowest form of humanity, feeding on failure and often too dopey to think there is anything embarrassing about that.
I originally came here simply to advise you people to watch out, have a plan b as the sale was not absurd thing, look at my original post, professional and simply sharing info. Yet after attack, after attach by the uneducated CCI employees, I will simply let my true thoughts ( and those of others in the finance industry). You ( employees) helped perpetuate this fraud, you knew (or should've known) this entire operation is/was a scam. Everton knew, that's why we went short on the stock long ago. So , now you get to hear the truth, nobody respects your so called company and certainly nobody feels bad for you, you helped create this lie and mess known as CCI, truth hurts....now deal with it....
So that's your thing OP? It's not enough to sue and block people from keeping their jobs. You have to take to blogs about the company and belittle the employees as well? Talk about a guy who loves his job. You must have the least interesting life ever. The more I think about it, the sadder it becomes. I won't fight with you OP. If u need help getting your life back on track, let us know.
@634 you're correct creditors and unsecured second, we do not advise individuals any idiot who didn't sell this when it dropped below 5 a share deserves to lose their money. However, CCI made assurances to funds and unsecured creditors, they lied, again, hence the reason for investor recourse . I understand most who read this are to intellectually challenged to comprehend all this, but you can take some free online financial education courses that have far more value than your CCI obtained education
The sale will go through; that is part of the plan. Some other things won't go through, though. I'm curious what the payment terms of the sale are - how much cash is ECMC initially paying out of their own pocket? Harris already has a deal in the works for Cali students to get their loans paid off so those schools don't need to be purchased. Wait and see what happens in 2015....Jack & Co. are going to pay their way out of prison time. Maybe Heald will go public? I thought they would have a buyer by now so I can't tell what is going on with them. The Canada schools are not the United States' problem so, whatever.
Morons , no b of a did no approve, idiots , just idiots and read my post morons I was short (along with our advisory firm from 35 to 5) I made a a boatload, more than you made in two years working for cci. My goal now is to assist in blocking this give away and facilitate selling this crap show for parts and make even more money. Again if you had a real eduction, you wouldn't be stuck working for a scam, fradulent company like CCI. We will do our best to stop the fleecing if the investors, and even better, make more money in the process!
Op ... the major shareholders have already been consulted and approved the sale. If the majority approve ... not much that can happen.
612 ... cost is accurate. There is also political fallout to consider. 90 percent of students will not be able to transfer due to program design and inability to assess credits.
BK would provide for secured creditors first, unsecured second and shareholders third. There would be nothing remaining after secured are paid. In theory, if you remove legal liability and constraints on thecsale ... the sale price would be higher. However, no one is willing to take on risk.
OP sounds like you followed the wrong money trail and got burned. The majority of this sale are everest ground schools that have minimal assets. For example, none of the ground schools are owned only leased. The only value is in student revenue which translates into a loss once costs are taken in. Also, you have to have buyers ... and there are few.
OP why do you spend your Friday nights fighting with people at a company you don't work for? Why do you need the satisfaction of an "i told you so"?
That is not accurate AT ALL, you obviously know nothing about BK . Shareholders have an opportunity to recover, depending on their status, common shareholders would see a spike in price as Wall Street knows the company is worth more in pieces than the laughable amount CCI gave itself away for . That's nice that you don't care about the investors, you obviously have no savings to invest, but my advisory firm does care as people have the right to have their assets protected and not give away. Perhaps if you had a better employer than CCI , you would be able to have some skin in the game and be an investor , somewhere
"If the deal falls through the DOE needs to eat over 2 billion in loans. Not going to happen." This is an exaggeration to say the least. CCi's annual revenues are below $2B, and most programs are under 1 year. Students who transfer to a nearby school in a similar program do not qualify for discharge. Sure it would be costly for ED is CCi shuts its doors, but no where near $2B.
Don't you pay these mean old people no nevermind OP, they don't understand you, I do! You are a special snowflake! It doesn't matter that you name your toes, that's what makes you unique!
Even in bankruptcy the share holders would get nothing. The government and the banks get their money first. When you buy into a company you're taking a risk. You didn't see the share holders get any money when the feds bailed out the financial institutions and that was billions. Many lost their entire portfolios and retirement plans. There's no grantee for your investment when companies go under. And I for one could care less about the investors loss. They were the stupid ones that invested in CCi and didn't see the writing on the wall years ago. If the justice system allows people to sue for stupidity, then this country is in far worse shape than I thought.
As an aside: DOE is the abbreviation for the Department of Energy. The Department of Education goes by ED.
The sale will be done before the "scrutiny" goes anywhere. 51585 is right. There is no way with CCi's cash-flow issues and the extremely limited buyer's pool, and the DOE being on the hook for 10 figures if it doesn't that they are going to let this happen.
Oh I have been following the money for some time, we shorted this stock from 36 to 5 a share, didn't take a rocket scientist to see where this was going. As I have mentioned in the past , the company is worth far, far more broken up into pieces than as a whole. The US government wastes 2 Billlion dollars at the blink of an eye, you really think that would stop anything, please , it's 2b , nobody cares.
However, I do not believe they will let that happen, they will push for a higher sale amount and to a different buyer. You're going from one company with an atrocious and despicable track record, to another less atrocious track record of debt collectors, this has disaster written all over it. I do know the California schools will never be sold, this will be closed . The California AG will not back down , she wants them closed to look like a hero and freeing her constituents of these loans. Harris did. It back down even with pressure from the White House ( Goes to show you how little juice Obama has within his own party anymore).
Even so, the assets, intellectual property and infrastructure is worth far, far more than 24m, that amount is a joke . An investor has the right, and a fund manager has a fiduciary responsibility to individual investors to ensure their rights are protected.
OP ... follow the money. If the deal falls through the DOE needs to eat over 2 billion in loans. Not going to happen. Any law suit will get squashed.
OP ... a few things that you forget to mention. Any potential buyer has to be approved by the DOE, CFPB, Accreditation, state boards and any AG involved in legal action. Furthermore, no party will be allowed to purchase that has any pending legal action. That reduces the potential pool of buyers by approximately 95 percent ... leaving only equity partners. Which there were few showing intetest in the beginning stages of sale process. We also need to consider value. From a bottom line perspective ... Cali had the most profitable schools ... but there is no sale allowed. Everest owns none of the buildings or any assets ... leaving student population and Wyotech. Lets agree that there will not be a sale to a for profit entity ... it will not get approved. In addition, value is limited a declining. Due to the fact that the only asset is the revenue stream of students. Just follow the money.
I am pretty sure you known nothing, otherwise you wouldn't be working for CCI...funny thing is, I called this over 2 weeks ago, but you idiots were too stupid to see it , again , the reason you work for CCI. !
Oh man, the OP took the bait
OP, if you indeed made some money you would not be this bitter. Sounds like a sour grapes situation to me. I am pretty sure I know who you are.
Oh please , nobody saw this coming when I posted this before thanksgiving, save the "loser" title for tourself, you're associated with CCI. Nothing but a bunch of rejects that couldn't get jobs anywhere else....feel good about yourself, you helped perpetuate CCI 'S fraud.
Company should've been shut and closed years ago, been a scam from the start, but hey , my advisory firm made a fortune shorting this pathetic company, oh and so did I! Follow the money.......LOSER!
What OP? I'm so confused. You are a pathetic loser. Your suspicions could be made by any casual bystander, yet you act like you are some kind of legal savant.
I look forward to your next in-depth analysis of this company.
We shall see who the douches are when your useless company files by and no sale.....enjoy your 250 a week unemployment , perhaps if you attended real schools you would have been able to get better jobs than working for CCI.
I cannot wait to see this company sold off piece by piece and laugh all the way to my nice fat commissions.....
All about the money fools!
My Everest degree in CI leads me see a pattern in colloquialisms here I have not seen in months... Is that you Mr Trade Craft? We've missed you.
There is no blocking but only a review of details. The sale going through. Go sit down some where.
The douchbag doth protest too much me thinks. Step on a corn?
That article is shit. Doesn't say much. I don't understand your angle either. You are a loser with a weird hobby.
Oh, I see you are back. We've already established that you are not a CCI employee, so why are you doing this? Why post this stuff? Are you just trying to piss people off who are already pissed off? You got bashed for your postings by many people a few weeks ago, and I presume the same will hold true for you this go around. What's your angle man?