*** UPDATED BELOW
Ohio Attorney General Marc Dann has launched an investigation into troubled Cleveland business college Myers University and its merger with a Virginia for-profit school, according a memo from the college's acting president.
In a January 2 email, Joy Banjac -- who replaced embattled President Dick Scaldini
, who replaced moronic President Paul Feingold
-- told her faculty and staff that Dann recently asked the school for "copies of all financial data, Myers Board data, audits, transactions, appraisals of our assets, letters of intent, (Memorandums of Understanding) and anything else remotely interesting." The school expected to comply by today, Banjac wrote in the email, a copy of which C-Notes nabbed this morning. (We're awaiting a call back from the AG's office, so they can tell us "no comment").
Who knows what Dann will find: The school's been borrowing money from anyone who would listen for years, and has nothing to show for it but a fancy administrative office. That's why the AG's not the only skeptical one. The Plain Dealer reports today
that there might be another delay in financial aid for students, as the feds are a little hesitant to turn over millions of dollars to the school that almost closes every other Tuesday. -- Joe P. Tone
*** Attorney General spokesman Ted Hart tells C-Notes this sort of exploration of an institution's finances during sales and mergers is "pretty standard practice." He says the office will make sure the valuations are accurate, that there are no conflicts of interest, etc. "You want to make sure that the sale is in the best interest of the community," he says.