Nothin like a 7pm email on a Friday that pretty much says argosy is bankrupt.
11 replies (most recent on top)
Here's the email
From: _DCEH Comm
Sent: Friday, January 18, 2019 8:04 PM
Subject: DCEH and Argosy Receivership (Updated)
Colleagues,
In follow up to the DCEH Corporate Restructure message that was sent on Monday, January 14, 2019, today marks a major milestone in the significant work to provide education that is relevant, accessible, purposeful, and affordable.
As the next phase of our transformation plan, DCEH and Argosy University are entering into federal receivership. Federal receivership protects the listed institutions allowing them to continue operations while the legacy leases, contracts, and claims from the EDMC bankruptcy are dealt with by a seasoned court-appointed receiver with higher education experience. Entering into receivership will also provide DCEH and Argosy the opportunity to work with new financial partners who will be assisting with restructuring the vast amount of debt and overhead we inherited when we acquired the school systems from EDMC in October 2017.
Most South University and Art Institutes locations are not entering into receivership. (See list below for further detail.)
Included in receivership:
· DCEH
· Argosy University (including all campuses in teach-out)
o Western State College of Law
o The Art Institute of California – Hollywood (a campus of Argosy University)
o The Art Institute of California – San Diego (a campus of Argosy University)
· The Art Institute of Las Vegas
· The Art Institute of Pittsburgh (to include its online programs)
· The Art Institute of Seattle
· All Art Institutes currently in teach-out
· South University of Ohio (Cleveland Campus)
· South University of Michigan (Novi Campus)
Not included in receivership:
· South University (all campuses and online except Cleveland and Novi)
· The following Art Institute locations:
o The Art Institute of Dallas
o Miami International University of Art & Design
o The Art Institute of Atlanta
o The Art Institute of Austin
o The Art Institute of Houston
o The Art Institute of Tampa
o The Art Institute of Virginia Beach
o The Art Institute of San Antonio (updated)
DCEH and Argosy University are continuing work to develop new educational delivery models and new curriculum that will expand opportunities for our students. We remain focused on working with our accreditors, the U.S. Department of Education, and the attorneys general to provide favorable outcomes for our students.
Thank you for your patience and professionalism during this transition. You will continue to be informed as we work toward a successful outcome.
Respectfully,
Randall Barton, JD
Chairman of the Board
Dream Center Education Holdings
RUN from these DEVILS!! Scientologist??
So basically one step away from bankruptcy & many people will lose their jobs. That’s the only way they avoid liquidation, which is the next step after receivership.
The school is protected, ur job and ur office are not protected. Only someone who failed business 101 would think its a “good” thing
People at work seemed to think it was a good thing like we would be protected and can continue to remain open
What email? Can you post?
Please share email!
Youll still be able to enroll etc because its highly unlikely that itll cause argosy and ai to close entirely.
Its fairly obvious that many campuses, and possibly online offices or staff sizes will be reduced.
Ultimately the gov is trying to protect students and creditors, not too concerned with who stays and who goes on a campus or staffing view
I don't get how we can still enroll for students
Oh well it was a wild ride
Sigh