As previously disclosed in a Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on July 7, 2014, Corinthian Colleges, Inc. (the “Company”) entered into an Operating Agreement (the “Operating Agreement”) with the U.S. Department of Education (“ED”) which became effective on July 8, 2014, and which, among other things, required the Company to produce certain documents within certain time periods, teach out and close 12 of its schools, and pursue selling the remainder of its Title IV-eligible schools. The efforts required to comply with the terms of the Operating Agreement have put significant constraints on the Company’s resources, preventing it from obtaining and compiling the information required to complete and file its Annual Report on Form 10-K for the fiscal year ended June 30, 2014, or its Quarterly Report on Form 10-Q for the three months ended September 30, 2014. The Company could not eliminate the delay without unreasonable effort and expense. In addition, the uncertain outcome of the school sales that the Company is pursuing creates uncertainties regarding the valuation of the Company’s assets, as well as its financial condition and results of operations as of and for the three months ended September 30, 2014.
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"The efforts required to comply with the terms of the Operating Agreement have put significant constraints on the Company’s resources, preventing it from obtaining and compiling the information required to complete and file its Annual Report on Form 10-K for the fiscal year ended June 30, 2014, or its Quarterly Report on Form 10-Q for the three months ended September 30, 2014"...I guess we weren't keeping good enough "running" records to just complete the reports in a timely fashion. The teach out will be too expensive as well (significant constraint on the Company's resources), time to ship off the remaining students to schools that will take them and can handle them and close the doors.
Kamala Harris makes me want to puke. She's probably not even an American citizen, as she sure is hell bent to break Americans.
Last detail is CA AG negotiation. If she resists all Fedral pressure (DOE, CFPB and maybe White House, described as intense), then only non-CA schools will be part of deal.
Are there baseline quality parameters for a teach out?
Sale not looking so good at this point , so much for the "ECMC Employee" who lies non stop on here
It is November no sale has been announced By 12/31 we need a sale or it us teach out for ALL schools What is happening
Regularly appearing, old news is UNCERTAINTY about the value of assets, financial condition and operational efficacy. Aren't they grand!