http://www.bloomberg.com/news/articles/2016-09-16/itt-educational-services-files-for-bankruptcy-after-shutdown-it6byu6t
...ITT Educational Services Inc. began liquidation proceedings in an Indianapolis bankruptcy court Friday after closing 136 technical schools, leaving over 35,000 students stranded in one of the largest college shutdowns in U.S. history...
Can see it now ....
Modany with an even scruffier beard, in his flannel pj bottoms, empty pizza boxes strewn around, obsessively reading the Layoffs forum ....
PEAKS, CUSO, CPA, CFO, CEO, SEC..
If you received a check or payment from ITT-Tech anytime in the last 21 days.....its gonna be clawed back."
Re-writing federal banking rules now are we?
Turn out the lights, the party's over. The only real surprise here is the fact that they did not go the Debtor-in-Possession Chapter 11 route. I'm guessing their secured lenders had an air tight security agreement on their cash and cash collateral. Oh well. The "C" level leadership would have gone through what cash they did have in a couple of weeks. Come to think of it, they probably did and that's why it lasted a couple of weeks after the doors were shuttered.
Checks clear between major banks with electronic fund transfer in about 48 hours. If they haven't taken your deposit out of your account yet, then your bank has the money from the originator's bank.
If you received a check or payment from ITT-Tech anytime in the last 21 days.....its gonna be clawed back.
Chapter 7
...ITT listed liabilities of $100 million to $500 million in its Chapter 7 filing. Chapter 7 is the section of the U.S. Bankruptcy Code that covers liquidation proceedings under the guidance of a trustee.
“We are selling off the assets including the real estate,” Andy Graiser, chief executive officer of A&G Realty, a real estate adviser hired by the company, said in an interview Thursday...