MYERS UNIVERSITY – SOMETHING(s) ISN’T (aren't) RIGHT

Submitted by Jeff Buster on Wed, 12/12/2007 - 19:50.


Back when I-OPEN held symposia at Myers I was a frequent visitor to the new building on Chester at E 38th.  That was about two years ago.

 

Since then I continue to read things about Myers  that make no sense.

 

The Cleveland Cuyahoga Port Authority loaned the school $5.7 million dollars.  –  and Myers defaulted during  2007 on it’s monthly payment.  Question: what does the Port Authority hold as collateral for the taxpayer’s money loaned to Myers? 

 

Then I read in Crain’s that the school’s president, Mr. Scaldini, had taken a “donation” of $2 million from a Mr. Ho, a corporate representative of a private school chain in Northern Virginia called UNVA.  Why would anyone put up 2 million as a “donation” if what was really intended was a down payment on purchasing the school?  - and not get it in writing?

 

Read this Scene report for a longer history of what certainly strikes me as mismanagement at Myers.

 

There doesn’t seem to be a rational for Mr. Scaldini now moving to close the school without giving UNVA (and others) a bona fide opportunity to buy the school.   And anyway, if the school is in default on the Port Authority loan, why hasn’t the Port gone to court to gain control over the remaining assets of the school?  (assuming the Port is the first lien holder).  Why is Mr. Scaldini still calling the shots?

 

Perhaps closing the school is just the final act in a huge taxpayer scam -  collecting money from the students, from the feds, and from the County.    In Cuyahoga County, Ohio, I wouldn’t doubt it for a minute. 
 

 

"Concerned" on the Scene blog comments:

I am just wondering why would a college choose to close, stranding its students and faculty, instead of selling? Could Myers Exec management be trying to hide something that they don't want anyone to know, something that could be uncovered during the financial audits involved in a buyout/merger. I don't know, but I do have to question, why would they put their administration and board's well-being ahead of their students and faculty.

It is also interesting (and sad) to see that Wikipedia is up to date on Myers.

Anyone know what happened to the past Myers president, Mr. Feingold?

Sad and not surprised

  I am sad and not surprised.