300 million spent on a turn-around and the executive structure is still being changed. 15 months and no President of Zenith. Does not bode well for the future. This constant change means chaos. There is no plan.
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Once again, ECMC is playing with the Feds money. They never had any of there money at risk.
Even if it is billions, it's not like they were given the debt for free.
Where the hell do you come up with BILLIONS of dollars in a collection portfolio? ECMC only assists in the collection of student loans that are delinquent.
Ladies and Gentlemen, ECMC never invested their money; the money is being fronted by the Feds, who were on the hook for billions of dollars, in potentially defaulted loans. ECMC never had that kind of capital to begin with; so of course, they can afford to go through the growing pains and illicit outside firms and marshal whatever resources that are needed, to turn the ship around. Good luck
Keep in mind the parent company still will own the collection portfolios on the billions in outstanding student loan money that they will collect on. Hopefully the koolaid drinkers are starting the realize the truth behind this deal.
$300 million? How many students would it take to obtain a favorable return on investment?
To succeed.