The writing is on the wall. Look at the other failed for profit schools. You will notice the same trend. These guys will be out of business some time in the next year. No one attends these schools and if they do, it is only to get an excess funds check and then they disappear.
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At this point I don't believe the sale will go through. We are floundering right now and I have serious doubts as to whether the Dept of Ed is willing to hitch their wagon to us. If the sale doesn't go through I believe the greatest majority of the remaining campuses will phase out leaving a few in the west and a severely reduced online offering.
Previous reply is objective view of current state from an outsider.
Deal goes thru, $1.54/share upside. Deal doesn't go thru, at least a $5.00/share downside to share price pre deal announcement. Q4 earnings coming up will indicate whether bottom could be lower if deal doesn't go through (unlikely higher given historical trends). Delayed decision on deal by powers that be is likely an indicator of some challenges. Unlikely decision before election. Decision by end of Feb required. Much more risk to the downside than benefit to upside at face value. Good luck.