Can anyone help me understand the rationale behind ECMC acquiring a company whose ruthless 'leaders' ran into the ground while defrauding the government.....AND.....deciding to keep said leaders in place? C'mon, Michael Stiglish cannot be a part of a turnaround when he was steering the ship right into the iceberg that sank it!
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Turn around was never the plan. Taking over student loans so that the DOE doesn't have to do refunds, in a nonprofit status, sounds like a sweetheart deal for the Feds and ECMC.
It all makes sense if you consider that no one plans to do a turn-around. Zenith is just a temporary vehicle to keep the wheels in motion until student population decreases to a level more tolerable for DOE for loan forgiveness.