Fate of St Augustine's accreditation expected today

[LegalRam]

Who in the world would loan this school $70 million. That is a LOT of money that would never get paid back.

It's getting confusing just to keep up with all this mess. The first $70 million deal made some sense from the developer's point of view because they were pretty much paying $70 million for a 99 year lease for prime Raleigh real estate. I honestly have no idea who's willing to pay $70 million now, unless the NC AG fought the first deal so that a NC entity will get the land instead of a Florida developer.

[Bballfan]

They might finally be done. I don't know what, if any, chances they have for showing financial stability.

https://www.wral.com/news/local/sain...Fn0h5kR1hfyZFA

Who in the world would loan this school $70 million. That is a LOT of money that would never get paid back.

[Eagle74]

They might finally be done. I don't know what, if any, chances they have for showing financial stability.

https://www.wral.com/news/local/sain...Fn0h5kR1hfyZFA

I saw the report and it made me wonder exactly who continues to siphon a paycheck, or funding from this slow (and eventual) death.

[LegalRam]

They might finally be done. I don't know what, if any, chances they have for showing financial stability.

https://www.wral.com/news/local/sain...Fn0h5kR1hfyZFA

[Bballfan]

I keep thinking of the Austin Power's like "why won't you just die".

[Tech Boys]

The Fight that Fractured Saint Augustine’s University

[crixus]

It's looking more and more like it will not be long before we will be referring to St Augs the same way we refer to 'the former' Saint Paul's College in VA.

Rest in pieces St. Augs.

[Eagle74]

It's looking more and more like it will not be long before we will be referring to St Augs the same way we refer to 'the former' Saint Paul's College in VA.

[Finchwidget]

https://www.cbs17.com/news/local-new...ion-not-final/

St. Augs has their accreditation revoked... Again. The accrediting body noted that SAU has resolved all of its issues except for their financials, which was the sticking point for them here. They have until February to gather evidence to the contrary on that for their appeal

[LegalRam]

St Augs is grasping at straws and is about to go into more debt with this new creditor. I guess if they don't pay Gothic back then we know who will be foreclosing and taking over the property. I'm hopeful for St Augs, but this reminds me of someone in a massive amount of debt taking out a new credit card to transfer their balances from other cards.

https://abc11.com/post/saint-augusti...ster/15194004/

RALEIGH, N.C. (WTVD) -- Saint Augustine's University (SAU) said Friday that it has entered into a credit agreement with a Durham-based capital provider.

The financially-strapped HBCU called it a "big win" that will allow the university to "successfully commence the fall 2024 academic semester."

The agreement with Gothic Ventures will enable the university to receive up to $30 million. The initial allocation is a $7 million term loan.

[Bballfan]

How does a business not get paid for 10 or so months and then finally file a lawsuit? I would say after 90 - 120 days that's it.

[LegalRam]

They are reporting that they are expecting around 200 students to be enrolled for this Fall. They're still at least $12 million in debt.

Add another million to that number.

https://www.wral.com/story/more-lega...ills/21566194/

[Bballfan]

Yea good luck putting the genie back in the bottle. 200 students and $12 million in debt.

[Eagle74]

They are reporting that they are expecting around 200 students to be enrolled for this Fall. They're still at least $12 million in debt.

[LegalRam]

https://www.wral.com/story/saint-aug...tion/21535692/

St. Aug's regains their accreditation in a unanimous ruling by their accrediting body to reverse their initial decision. Still a long way to go for them of course, but things are at least slightly less bleak for them now

It's a start as they try to battle back. I wonder what fall enrollment will look like for them. I'd guess that a lot of students would have already transferred to new schools this late into the summer.