Will Whittle be around next year?

[Anonymous]

Believe me, they have billing plans but it’s likely that the courts said “don’t you dare.”

[Anonymous]

Anonymous wrote:Believe me, they have billing plans but it’s likely that the courts said “don’t you dare.”

Why would this be likely? I understand various reasons why they might not bill but don't understand how the courts could be one of those reasons.

[Anonymous]

They could be restricted from collecting funds, particularly if anything bankruptcy related is underway.

[Anonymous]

Anonymous wrote:They could be restricted from collecting funds, particularly if anything bankruptcy related is underway.

Is there any sign that Whittle -- the school or the person -- has filed for bankruptcy? Having multiple liens against you doesn't mean that there are bankruptcy proceedings or protections.

[Anonymous]

I think WSS does not seek re-enrollment commitments bc they know the numbers will be terrible and - critically - so long as they don’t have actual dismal numbers, they don’t have to give that info to potential investors.
Rather, CW can say to investors “our parents are very happy and we expect the vast majority to re-enroll”
But if WSS sends invoices and 75% of parents write back to say “no way, I’m out of here”, then he has to disclose that to investors if asked.
If WSS/CW actually lies/misrepresents a material fact like re-enrollment numbers, then he’s got a real legal problem on his hands, and there will be no corporate shield for him personally.

The Smart Money would definitely be inquiring about next years new enrollments and re-enrollments. And if those numbers are dismal, or CW is obviously stalling/bsing etc, as we would expect they are, that could make it even harder to get to a deal. Can’t invest in a business that can’t document that it has any customers.

Just another practical reason why WSS won’t be around for next fall.

[Anonymous]

Anonymous wrote:I think WSS does not seek re-enrollment commitments bc they know the numbers will be terrible and - critically - so long as they don’t have actual dismal numbers, they don’t have to give that info to potential investors.
Rather, CW can say to investors “our parents are very happy and we expect the vast majority to re-enroll”
But if WSS sends invoices and 75% of parents write back to say “no way, I’m out of here”, then he has to disclose that to investors if asked.
If WSS/CW actually lies/misrepresents a material fact like re-enrollment numbers, then he’s got a real legal problem on his hands, and there will be no corporate shield for him personally.

The Smart Money would definitely be inquiring about next years new enrollments and re-enrollments. And if those numbers are dismal, or CW is obviously stalling/bsing etc, as we would expect they are, that could make it even harder to get to a deal. Can’t invest in a business that can’t document that it has any customers.

Just another practical reason why WSS won’t be around for next fall.

This is a great analysis and very consistent with how Chris operates - always floating on the edge between outright deception and plausible deniability..

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Has any current family received a tuition invoice from WSS for the 2022-2023 year yet? We are a current family, but have not received any tuition invoice on TADS when it is well past the time for one. Not that it matters to us anyways because we will not be returning. It's just a question out of pure curiosity.

Do they know you aren't returning? Maybe that is why?

The email pasted from last week said to expect information on re-enrollment in the next couple of weeks.

PP here. We never let WSS know that we are not returning. The school never asked current student families either about return plans for the next school year. Either way, it is unprofessional for a school to not have billing plans at this time of the year. We got so tired of so many different types of nonsense and delays (in the form of it is going to happen, the money is coming, etc.) that we just decided to call it quits.

Where is the money to pay teachers coming from at this point?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Has any current family received a tuition invoice from WSS for the 2022-2023 year yet? We are a current family, but have not received any tuition invoice on TADS when it is well past the time for one. Not that it matters to us anyways because we will not be returning. It's just a question out of pure curiosity.

Do they know you aren't returning? Maybe that is why?

The email pasted from last week said to expect information on re-enrollment in the next couple of weeks.

PP here. We never let WSS know that we are not returning. The school never asked current student families either about return plans for the next school year. Either way, it is unprofessional for a school to not have billing plans at this time of the year. We got so tired of so many different types of nonsense and delays (in the form of it is going to happen, the money is coming, etc.) that we just decided to call it quits.

Where is the money to pay teachers coming from at this point?

Good question.. In Chris's email on March 1 thanking the three stooges on the parent capital strategy committee for dipping into their own checking accounts, he mentioned that funding for the "next 30 days" had been secured. Those funds should have been exhausted on April Fool's day. And if MR's recent email is to be believed, the main investor who should have been ready to write a check by April 1 for the "larger transaction" came down with a mystery ailment a few days before that deadline... So, yes, how are they planning to meet the next payroll?

[Anonymous]

From April 1 parent newsletter

Before concluding, I do want to provide a brief capital transaction update. On this front, we continue to make good progress including successfully concluding multiple bridge financings over the past few weeks for payroll and critical expenses. Last night, Chris shared with me (and with [parent names redacted here]) a point-by-point update on the status of the closing and, without boring you with endless detail, it was an exciting report. We know this is like watching grass grow—but I can assure you that we have good gardeners!

[Anonymous]

Anonymous wrote:From April 1 parent newsletter

Before concluding, I do want to provide a brief capital transaction update. On this front, we continue to make good progress including successfully concluding multiple bridge financings over the past few weeks for payroll and critical expenses. Last night, Chris shared with me (and with [parent names redacted here]) a point-by-point update on the status of the closing and, without boring you with endless detail, it was an exciting report. We know this is like watching grass grow—but I can assure you that we have good gardeners!

Is this for real?!

[Anonymous]

Anonymous wrote:From April 1 parent newsletter

Before concluding, I do want to provide a brief capital transaction update. On this front, we continue to make good progress including successfully concluding multiple bridge financings over the past few weeks for payroll and critical expenses. Last night, Chris shared with me (and with [parent names redacted here]) a point-by-point update on the status of the closing and, without boring you with endless detail, it was an exciting report. We know this is like watching grass grow—but I can assure you that we have good gardeners!

They have a new excuse for not sharing details every month.

[Anonymous]

Anonymous wrote:

Anonymous wrote:From April 1 parent newsletter

Before concluding, I do want to provide a brief capital transaction update. On this front, we continue to make good progress including successfully concluding multiple bridge financings over the past few weeks for payroll and critical expenses. Last night, Chris shared with me (and with [parent names redacted here]) a point-by-point update on the status of the closing and, without boring you with endless detail, it was an exciting report. We know this is like watching grass grow—but I can assure you that we have good gardeners!

They have a new excuse for not sharing details every month.

If you can't blind them with brilliance, then baffle them with BS. Very old story.

[Anonymous]

Are there parents who really love the school and think its worth the insecurity here? I'm just confused as to who would sign up again for next year.

[Anonymous]

Okay, so this is a school that, in the less-than-three-years of its existenece, has lost a huge chunk of not one faculty but two successive faculties, and seems also to have each year lost significant percentages of its student body.......Which had to drop its prices enormously even though its business plan absolutely required the very high tuition it originally announced to have any hope of giving returns to investors....

A school that ost its international component.....even though its entire program and its argument for needing the high tuitions was this "global" element......that's at least tens of millions of dollars in debt and that recently caused its landlord to get foreclosed on because of its nonpayment of rent.....And that recently has had to beg for extra handouts from parents to pay the faculty...

What investor in the world would put money into a school like that now? How could anyone imagine they'd ever get any kind of return from investing in this?

[Anonymous]

Anonymous wrote:Okay, so this is a school that, in the less-than-three-years of its existenece, has lost a huge chunk of not one faculty but two successive faculties, and seems also to have each year lost significant percentages of its student body.......Which had to drop its prices enormously even though its business plan absolutely required the very high tuition it originally announced to have any hope of giving returns to investors....

A school that ost its international component.....even though its entire program and its argument for needing the high tuitions was this "global" element......that's at least tens of millions of dollars in debt and that recently caused its landlord to get foreclosed on because of its nonpayment of rent.....And that recently has had to beg for extra handouts from parents to pay the faculty...

What investor in the world would put money into a school like that now? How could anyone imagine they'd ever get any kind of return from investing in this?

Zero reason for anyone to put new capital in here. They can pick over the bones in the inevitable bankruptcy or just start fresh somewhere else with a new school, management, and faculty for less than the outstanding debt here.

That's why the "news" coming out is just a storm of BS meant to delay and confuse.,