The principals applied to the court to use their officers and directors’ liability insurance. It is typical for companies to have this insurance so officers and directors are not personally liable for mis-haps.
Good luck trying to sue a company that has filed Chapter 7 Bankruptcy
And we were told DCEH paid $60 million. On the Delaware website, The Art Institure of Pittsburgh alone shows $566 million in liabilities and 0 assets. There is more to this story.
All of the schools are LLC as well, no personal liability for DCEH or DCF executives.
They have already all declared chapter 7, as seen on other posts, Ai, AU filed bankruptcy 6/29/18, there have been additional filings since 11/9/18, some 12/4,
Case Title: The Art Institute of Pittsburgh LLC
Court: Delaware Bankruptcy Court (debke)
Chapter: 7
Filed: 06/29/2018
Last Filing: 11/09/2018
https://www.inforuptcy.com/filings/debke_173751-1-18-bk-11536-art-institute-pittsburgh-llc
It means you aren't getting anything even if you sue when they declare bankruptcy.
Can you please be more specific with your comment? I don't understand. Thanks