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Private & Independent Schools
Reply to "What is going on at Holton?"
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[quote=Anonymous][quote=Anonymous]The head of school "brushed it under the rug" until they no longer could and he was dismissed in the manner above. Perhaps their outrageous legal fees or some of that $21B loan were used as a settlement to the family. [/quote] I assume you mean $21 million not billion. When such loans are written, there is usually a clause about acceptable uses of the funds. For construction projects, often the bank writes the check directly to the vendor, after auditing that the work was done. I really doubt this was a line of credit to be used for regular operational costs as opposed to capital improvements.[/quote]
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