52 million cash on hand, no ability to collect T IV monies until 45 days, 18 million (or more) payroll every two weeks...payroll ends this week for next pay period.... Sorry. Simple math. This week will be the last for most.
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As the librarian at three of ITT Tech's campuses I saw, at the campus level at least, nothing but commitment and dedication to student success. I wish every ITT Tech student, instructor, administrator and staff member the very best as this drama unfolds.
"Folks , it is and was all about wealth redistribution to minorities."
And saddling people with $40K of debt while teaching them little achieved that how?
This was big wealth redistribution welfare scheme anyway. The Democrats allowed these phony schools to exists for solely that reason. However, now they want to make real colleges free for minorities, and letting these schools sink helps their end goal. Folks , it is and was all about wealth redistribution to minorities.
Oh, and don't forget the $150,000,000 ITT has to hand over to DOE before end of September, or no title IV money will ever come in.
But Jim says their stock is a bargain, gonna go up a buck tomorrow for sure!
Amazing how quickly things go. No doubt the secured creditors are moving forward to protect their collateral. So I would not count on that entire $45 Million as being available for operating expenses. Expect a Chapter 11 filing in very short order.