That's less than $500k each on average. Where did the billions in value go?
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ECMC doesn't run schools. In the short term, they will keep school management. They will keep a fair number of divisional staff members, but in the longer term, management will be cut and rank and file staff necessary for the schools' mission will be retained.
In the letter from ECMC to us says - "We plan to offer employment
to substantially all of you." Be smart and read between the lines - most CCi employees are gone, maybe not right away, but in 4 - 6 months. CCi had one of the most top heavy management structure I have ever seen. Upper management will be the first to be fired and/or replaced, they will evaluate their reporting managers and fire and/or replace most, this scenario will be repeated and repeated down though all the management levels until it gets down to the rank and file. I believe many of the layers of management will be eliminated. Redundant management and staff positions in accounting, HR, IT, etc. will be eliminated or consolidated in 4-6 months. At most of the call/contact centers, there are too many agents. Most of them sit around reading, coloring, and or talking with other agents that aren't on calls. Probably no agents will lose their jobs, but empty desks won't be replaced and multiple call centers could eventually be closed and/or consolidated.
I am surprised that CCI got anything.
"If you know what's good for you, you will stop all admissions activity and slow all the operations way down"
They already are...believe me. Mass layoffs of CCI people are already in the works.
Message to ECMC: You may think you got a good deal, but you were just raped! If you know what's good for you, you will stop all admissions activity and slow all the operations way down. Talk to the employees and get a good feel for them and the processes. Most of the managers absolutely need to go and probably over half the staff are unethical and/or incompetent. You didn't purchase a functioning company with strong human assets, but out of the hundreds of employees there are enough good ones to get off to a good start. Only if you take everything slow, though.
I think $24M is a pretty good haul! I'm sitting here looking around at my surroundings: admissions reps guffawing about something and jumping around like monkeys in the AD's office, a placement rep who looks so zoned out she may actually just be sitting there drooling, and an instructor getting all ghetto on a student near the reception desk. Yeah, what a bunch of winners. What are the other valuable assets included in the price?
Uh...the reps are gonna be gone. Getting something for nothing, like they did, allows for the flexibility to CLEAN HOUSE.
616: From what I've heard, ECMC are so dumb and naive it's gonna be like being overseen by your loopy old auntie. Totally clueless, thank GOD! I can't wait to see them try to make changes in admissions. Our reps will eat them for lunch.
We paid to have companies take our last "for sale" schools off our hands. I'm surprised we got this much and think that ECMC are a bunch of naive suckers. Ha ha...maybe they won't figure out the deal with Socle for a couple of years and I'll be sitting pretty.
24m is, I believe, about 3x market cap. The "billions in value" disapeared long ago as the stok price dwindled.