DCEH defaulted on the purchased agreement with EDMC
They Stopped making payments to EDMC
EDMC filed for Bankruptcy on behalf of all AI locations.
17 replies (most recent on top)
“I love what I do here” Margaret Sanger 1921
“I love what I do here and wish them luck getting through this” Dr Joseph Mengele 1945
I love what I do here, which is not much. I love getting money for nothing. I would be mostly full of love If it weren't for for the sh-- that mostly occupies the hollow spaces of my being.
Can an admissions rep from our group of recently bought universities please sign Brent Richardson up for one of our Online , 4 week per class MBA programs! He has a BS from , Univ if IL only! Maybe it would better assist him in minimizing his continual blunders with this buyout.
Yes DCEH bought everything for $60K upfront then $2.5K due in 6 months and another $2.5K in a year stated on purchase contract! So they probably defaulted on the installment payment of $2.5k , after EDMC announced filing bankruptcy. EDMC claimed to have only $50,000 remaining solvency. Where did that $60K initial DCEH payment go ??? Hello Washington, DC are you checking into this?
3ruc --- then dceh really really needs to ax all the online admins and restructure leadership with NON edmc people -- this is a must
Wow - this is news - interesting - I'm for the students -- if this is true -- I hope dceh can salvage the sinking -- sunk ship before it's too late --
Wow, talk about wrong information . . . EDMC was to pay DCEDH to take the schools and attempt to keep as many as they could open. This is what is in the legal agreement between the two companies and the only reason the DOE let it happen. Had DCEDH not stepped in to take over, EDMC would have had to close the schools by year end 2107. So, we are all on borrowed time but not because of DCEDH, but because EDMC took us all that far down the rabbit hole. My hope is that DCEDH can salvage as many of the physical sites as possible and keep all the online entities open and running. I love what I do here and wish them luck in getting through this . . .
Remember most of the Ai schools listed in the bankruptcy were the ones EDMC chose to keep and close rather than include them in the sale.
Thanks for the info. Decisions, and communication has been so cryptic - This clarifies so much if it is true.
Isn't DCEH be required to stand by their contract/commitment to the purchases, though? Does this mean that EDMC and/or accreditors can come after DCEH and get $$$ or shut it down?
The plot thickens....
@UHwaAjs-mws Thank you. What's interesting and maybe you as an attorney can clarify. The schools listed were yes all the AI schools but I fact checked the EIN of the school I work for (closing) against my W2s- both DCEH and EDMC. They're listed as a different EIN... which just confuses the situation even more.
Follow the Money or Lack Thereof:
https://bmcgroup.com/restructuring/GenInfo.aspx?ClientID=419
All part of the plan... conceived in advance in attempt to continue profit making businesd for those at the top under the cover of nonprofit. All the debt stays with edmc who wenr iBankrupt.
I’ve read the EDMC bankruptcy documents and am a licensed Attorney. They do indeed list every AI-open or closed- within the filing. Now whether that fact can be extrapolated to the conclusion of this post is another issue. But it’s clear the cascade of financial, regulatory, legal and student retention problems at DCEH doesn’t bode well for a long future for the AI system.
is this for real or guessing?
DCEH was making payments to EDMC for all the schools with somebody's money. The "somebody" stoped making payments because the schools are in such bad shape... EDMC then went bankrupt.
This is why we got letters in the mail, In July.
What does that mean?