.... No one even knew they existed within the CCI System. The Wyotech equipment and commodity sale was more lucrative than selling QuickWhat? Wyotech got more Press than this so-called QuickWhat training. Notice how jack put so much emphasis on the QuickWhat sale in his memo. To give us the impression that it was a real division of CCI as if selling a campus or something. Spin Doctor.
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"In August 2012, Corinthian, through a wholly-owned subsidiary, purchased substantially all of the capital stock of QuickStart Intelligence Corporation ("QuickStart") pursuant to a Stock Purchase Agreement with all but one of QuickStart's stockholders for $13.3 million in cash, plus $1.6 million for QuickStart's positive working capital at closing. The Company completed the acquisition of QuickStart's remaining capital stock through a statutory merger with one of Corinthian's wholly-owned subsidiaries during the quarter ended September 30, 2012. Corinthian paid the purchase price with existing cash and borrowings under its credit facility.
QuickStart is a corporate training company that provides short-term instruction to IT professionals in Microsoft, Cisco and other software. We adopted QuickStart's courses into certain of our existing colleges to provide additional sources of non-Title IV revenue to assist in compliance with ED's 90/10 rule."
Look how long it took to sell something that doesn't deal with Title IV funding or the AG or DOE. please, it was a commodity sale. Probably sold for well under 10 million just for cash to pay out for the next month of salary.
I love how he said it was sold over the weekend . Trying to show how feverishly they were working to help the situation. Jack was probably on a golf course with a few buddies, "Hey, you want it?"... "sure"
I doubt you would have heard of Quickstart if you were outside of IT. It has been around for a long time and is Microsoft's pet training partner. I bet it sold for a pretty penny considering the value it provides to IT people.
http://www.quickstart.com/company/news/
Quickstart was around in 1998 when I went there for my MCSE and I took a class there last year. Quickstart was nothing more than an IT learning center with a few other courses in other computer technology like Oracle and maybe Cisco. It wasn't a college or trade school it was just an IT learning center. The weekly Microsoft class was ~3k but for CCI it was $100 a day.
Any idea on what is was sold for? Pice that is
CCI didn't spotlight QuickStart because it was only bought to help improve ECP's 90/10. QuickStart only takes cash, no loans; they didn't really want to draw attention to that whole situation.
Yeah, I can't find Jack Shit on quicksmart. Did it really exist?