Saw this. Not sure if it is pertinent..
http://www.reuters.com/article/idUSFWN1AY0QE
11 replies (most recent on top)
Today the fraud charges against Modany and Fitzpatrick are civil charges from the SEC. Department of Justice puts criminals in prison. The best share holders can hope for is to get few million from them in four to five years. I'm hoping they are barred from serving as officers of public companies. I think that is the sticking point. ITT would have settled and moved on but Modany can't live with the stigma of being barred from being an officer of a public company. Side note insurance companies don't cover fraud by executives. In a month or two ITT will be out of money and Modany and Fitzpatrick will have to pay their own legal fees. Ha!!!
As a long-time ITT employee (left in 2011) I hope that Modany and Fitzpatrick do some time in a luxurious federal prison for the disgrace they turned this once reputable (back when all they taught was Drafting and Electronics) company into.
Shouldn't really mean too much as the proceeds likely has to go to Cerberus due to the loan stipulations.
Did someone just seriously post a link that has a date in the URL from 2014 as being recent? Modany isn't going anywhere, people.
Making ITT's situation even dicier was the surprise announcement last week of Kevin Modany's resignation as CEO after seven years in the job. He'll remain in his post until February, but stepped down immediately as chairman of the board.
Elam said Modany's resignation came as a surprise but he wasn't forced out. It was more like he was burned out, from having to cope with a tide of legal and regulatory issues, she said.
http://www.indystar.com/story/news/education/2014/08/09/woes-stack-carmel-based-itt-tech/13807225/
How many of their properties do they actually own I wonder?
ITT also recently outlined a plan to sell and lease back 24 campus buildings it owns. The sale-leaseback deal would raise $120 million, ITT said. But last week ITT said the sale-leaseback fell through after the unnamed buyer asked .....
http://www.indystar.com/story/news/education/2014/08/09/woes-stack-carmel-based-itt-tech/13807225/
Doesn't mean much. Why own a building too big for you when you can improve liquidity and move to a smaller building?
Just goes to show the financial condition of the organization...they need that cash in hand not as a real estate investment. How many of their properties do they actually own I wonder?
Go ahead & say you saw it here:
http://www.4-traders.com/ITT-EDUCATIONAL-SERVICES-12499/news/ITT-EDUCATIONAL-SERVICES-INC-Entry-into-a-Material-Definitive-Agreement-Financial-Statements-and-22917367/
Looks like they are selling off some property. See the SEC filing.
lol...interesting