https://www.insidehighered.com/news/2014/08/19/education-department-reviews-its-monitoring-large-profits-wake-corinthian-collapse......"ITT Education appears to be the most vulnerable. The for-profit chain, which enrolls 55,000 students at 135 locations, lost 46 percent of its value in the stock market on a single day last week. ITT’s CEO, Kevin Modany, announced his resignation the same day, citing personal reasons. The company’s share price took a dive after ITT announced the collapse of a real-estate deal that would have injected almost $120 million into its cash-deprived coffers. Just as importantly, ITT and its major bank lenders this month amended their credit agreement to include a clause that is related to the Corinthian crisis. Now the company will be in default with its creditors if the department freezes its financial aid payments for five days or more...The major banks appear to be signaling that ITT might not survive a five-day halt in payments. Lenders are worried about the company’s liquidity, said Bradley Safalow, an industry analyst and founder of PAA Research, and wanted a way out of being left holding the bag."
3 replies (most recent on top)
@Anonymous29081, exactly where did I take credit for the collapse of the for-profit colleges? This was a self-imposed crash, created by years of greed. I just pass on the news, listen to students and workers, and suggest action by principled people. Who are you? You sound like management.
28724 - You read it!
Dahn is persistent. He tries to take credit for the changes going on in the for-profit education industry. I'm not sure how he got on his high horse, with his magazine-based doctorate and his dead-end jobs at piddly no-name community colleges in armpit locations such as New Jersey.
Camden - nobody is reading this