OK, I don't think that's the correct takeaway, but this is dated today and posted prominently on Yahoo. Is it just late reporting or did something new happen? http://www.mainstreet.com/article/bank-of-america-signs-off-on-plan-to-save-corinthian-prelude-to-a-new-deal?puc=yahoo&cm_ven=YAHOO
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If BOA bails out the putrid barrel of loans held by CCi, I will write another cartoon similar to to "Smart Guys On Wall Street", i.e. the subprime bailout. Just take another step, guys, my creativity is busting past my political correctness.
737 is correct, this is not new. Just the 8k filing from last week. There is a good breakdown of the filing in a post from last week below
What I am reading is that BOA saved the day but not the company. They most likely were offered something in return to not send Corinthian into default and cause them to loose their title iv funding (that would cause them to shut down immediately and not be able to continue with the agreement they have with the DOE to wind down operations and sell their schools) The DOE has the students best interest at heart and this will mean that less students are directly affected by the demise of CCi. We can still say goodbye to Corinthian Colleges as we know (known) it!
Nothing new here - just an analysis/review of the last two 8K filings.