Monday, March 10, 2014

Crooklyn Chronicles: Brooklyn Law School Pigs Liquidate Assets in Order to Get More Cash


http://therealdeal.com/blog/2014/02/21/kushner-snaps-up-brooklyn-law-school-portfolio-for-36-5m/

The Swine Sell Off Housing Units: On February 21, 2014, the Real Deal published Katherine Clarke’s piece, “Kushner snaps up Brooklyn Law School portfolio for $36.5M.”  Look at this portion:

“Today, Brooklyn Law School executed a contract and accepted a deposit for the sale of six of our smaller properties,” Nick Allard, dean of the law school, told TRD via email. “The Board of Trustees authorized the sale because with a smaller student body we need fewer apartments to meet the housing needs of our students.”

The school decided to liquidate assets at this “opportune time in the real estate market,” he said.” [Emphasis mine]

The freestanding commode publicly acknowledged that there are fewer idiots enrolled at Crooklyn Law School.  The board of tru$tee$ is doing what they can to keep the turd above water.

http://www.crainsnewyork.com/article/20131015/FINANCE/131019936

Brooklyn Law Sewer’s Prior Financial Situation: Back on Octoner 15, 2013, Crain’s New York Business posted an article from Theresa Agovino, which was entitled “Brooklyn Law School faces debt downgrade.”  Check out this opening:

“Standard & Poor's on Tuesday warned Brooklyn Law School that the institution needed to reverse its financial decline or face higher borrowing costs.

In a report, the credit ratings agency lowered its outlook on the school's debt, issued by the New York State Dormitory, to negative from stable. The lowered outlook means the rating agency believes there is a one in three chance it could downgrade the debt, and the decision on whether to change the BBB+ rated debt could come within the next two years if Brooklyn Law's fiscal problems don’t improve.

In a statement, a spokesman for the law school acknowledged S&P’s concerns but added, “We are highly confident that, despite these challenges, Brooklyn Law School will continue to do well.” He also noted that Moody’s Investors Service reconfirmed a stable outlook on the school’s debt two months ago.

Law schools in recent years have seen steep drops in enrollment and tuition revenue and the ratings agency said that trend could continue for the next two years. Brooklyn law has been especially hard hit. Headcount decreased 10% to 1,137 this fall from a year ago and 22% over the last three years, the ratings agency said.

Competition for students has led to discounts on tuition. Even though full-time tuition increased 2.5% at the school this year to $51,243, the school has increased the amount it offers in grants or scholarships to 37%, compared to 15% in 2007, according to S&P.” [Emphasis mine]

Of course, the sale of the trash pit’s property has nothing to do with this prior debt downgrade, right?!?!  This must merely be one hell of a coincidence!

http://www.brooklynpaper.com/stories/36/25/dtg_brooklynlawsale_2013_06_21_bk.html

Crooklyn Buildings on the Market Since June 2013: On June 19, 2013, the Brooklyn Paper featured a Jaime Lutz article labeled “You have the right to sell: Brooklyn Law to unload six Heights buildings.”  Focus on the following excerpt:

“Brooklyn Law School is selling six of its student housing buildings in Brooklyn Heights. 

Realtor Massey Knakal announced yesterday that the 114-year-old institution has put the residences, which, combined, could be valued at more than $41 million on the market — and is pitching them as a landlord’s dream.” [Emphasis mine]

Yes, this is a clear sign of stability, huh?!?!  Law school critics have been very effective in spreading the truth to prospective students.

http://www.newyorklawjournal.com/id=1202604375772?slreturn=20140209230425

Pig Wexler Stepped Down Last Summer: The New York Law Journal published a piece from Joel Stashenko, entitled “Departure of President Leaves Dean in Charge at Brooklyn Law” - on June 17, 2013.  This stub is still available on the link above:

“Joan Wexler will step down at the end of this month as Brooklyn Law School president, a position she took in 2010 after serving 16 years as the school's dean, the chairman of Brooklyn Law's board of trustees announced Thursday. Dean Nicholas Allard, who was hired last July, will now have sole responsibility for running the 1,000-student school.”

Apparently, the rats didn’t waste any time trying to sell off some of their assets.  The academic thieves at this ABA-accredited dung heap are trying to stay feasible.

Conclusion: In the final analysis, 80th ranked Brooklyn Law Sewer is struggling to stay afloat.  The law school cockroaches riding on this pile of moist excrement simply do not have much room for error, since it is not attached to a college or univer$ity.  Then again, this chronological series of events may not be significant.  After all, the pigs claim that the school is in good shape.  And fundamentally dishonest, $elf-$erving “law professors” and deans should be taken at their word when it comes to their filthy industry, correct?!?!

35 comments:

  1. The buildings "have a combined 110 residential apartments and approximately 56,342 gross square feet. The units are 90 percent vacant."

    With the buildings 90% empty and sitting in a rapidly gentrifying neighborhood, it's no wonder that Crooklyn jumped at the opportunity to sell. Real estate prices in NYC are skyrocketing past the stratosphere, so Crooklyn landed a nice paycheck. Not as nice as the hundreds of millions from federally backed student loans, but nice nonetheless.

    ReplyDelete
  2. That turd in the picture looks like a giant middle finger. LOL!

    ReplyDelete
  3. They are vacant because residential rates at colleges and law schools are fucking offensive. Most students going to BLS are from the ny metro area and commute from home. Plus, enrollment is declining.

    Selling those building is going to be a lotto jackpot for that dump. Query- Does BLS pay taxes on the proceeds from the sale of property or is it off the hook because its a "non-profit" institution?

    ReplyDelete
  4. As much as we talk about these schools as financial heavyweights, these cocksuckers are leveraged to the hilt. They've got a lot of debt and bonds. And some of them (like this housing unit stuff at BLS) are shitty investments.

    If it weren't for their non-profit status, these assholes would likely be flat broke. And that's why they wanted the status to begin with.

    ReplyDelete
  5. The money will likely be used to fund the generous benefits and retirement packages for the school's teachers and administrative staff. If this was for the students, they would lower tuition.

    Have they cut their staff yet or they just using the money to fund the bloated staff? Either way, it's no different than Carl Icahn or other corporate raider looting the assets of an acquired company.

    ReplyDelete
  6. "In the final analysis, 80th ranked Brooklyn Law Sewer is struggling to stay afloat."

    Hey, they're still higher ranked than Santa Clara Law...

    ReplyDelete
  7. Good ol' shitheap BLS.

    ReplyDelete
  8. Think about it like this for a second, in keeping with the comment by Anon @ 9:20 AM:

    They have all the legal and financial advantages and are still tottering on the edge of financial ruin. Their graduates, on the other hand, have all of the legal and financial disadvantages and are expected to pay interest on their non-dischargeable student loans, taxes from their salaries, and have a highly uncertain stream of present and future income to work with.

    And like 9:20 AM says, these scum would be flat broke without that golden "non-profit" (*cough!) status.

    Think about it.

    ReplyDelete
    Replies
    1. Academics usually have the business acumen of a 2 year old chimpanzee. They need that non-profit status or else they would be in the red. And deep in the red.

      And it doesn't matter if they went to Stanford or Harvard either. You're still talking about people with no business sense (or concrete skills).

      Delete
  9. Nando,

    Here's what some greedy ex-professor--who had an upper middle class working life, and is now retired comfortably, all thanks to student loan proceeds--now thinks of his former meal tickets.

    https://chronicle.com/article/Crying-About-Student-Debt-/145239

    ReplyDelete
  10. Great piece. May the devils who run Brooklyn Law Scam rot in hell. Now change that yeller font to a legible color that show well against that white background. God bless!

    ReplyDelete
  11. I wonder if the real estate lawyers doing the real estate transactions are Crooklyn Law Grads themselves?

    ReplyDelete
  12. Full rebuttal to Law Profe$$or/Professional Grifter Rene Reich-Graefe's pro-law school propaganda "Keep Calm and Carry On" - http://lawlemmings.tumblr.com/keepcalm

    ReplyDelete
  13. Law school = A Turd giving you the finger.

    ReplyDelete
  14. How about offering an LL.M. in Flea Market Law to stall the liquidation?

    ReplyDelete
  15. http://www.abajournal.com/news/article/sp_lowers_outlook_for_brooklyn_law_school/

    On October 18, 2013, Debra Cassens Weiss posted an ABA Journal article labeled “S&P lowers outlook for Brooklyn Law School.” Here is the entire text of that piece:

    “Standard & Poor’s has lowered its outlook on Brooklyn Law School’s debt from stable to negative.

    The outlook means the agency believes there is a one in three chance it will downgrade the school’s BBB+ rated debt, Crain’s New York Business reports.

    The S&P report said Brooklyn Law School had a $996,000 operating deficit for the fiscal year that ended in June 2012, forcing the school to dip into its endowment, the story says. Even though the school increased full-time tuition 2.5 percent this year, to more than $51,000, it increased its grants and scholarships to 37 percent, compared to 15 percent in 2007.

    A spokesman for Brooklyn Law School told Crain’s that Moody’s Investors Service had reconfirmed a stable outlook for school debt two months ago, and the school was confident it would continue to do well. The school is lowering its costs through lower salary and pension expenses, the spokesman said. The school’s 1L class is slightly larger this year, and its new accelerated two-year degree program starts next year.

    S&P rates five stand-alone law schools, according to prior coverage. Most law schools that are analyzed by S&P are reviewed in conjunction with a rating for an affiliated university, and they represent a small portion of the overall rating. In April, S&P revised its outlook for Albany Law School from BBB/positive to BBB/stable.”

    As you can see, the pigs at Crooklyn Law School had to dip into the trash pit’s endowment. Furthermore, the cockroaches also shelled out more money - in the form of grants and scholarships. Apparently, it is becoming more difficult to snag lemmings.

    However, in the last sentence of the penultimate paragraph, the author notes that the first year class was slightly larger for Fall 2013. Who wants to bet a couple of sirloin steaks that the academic parasites at Brooklyn Law Sewer admitted students with lower LSAT scores than in past years - in order to boost enrollment?! At this rate, Crooklyn Law may soon start accepting applicants who write out their Personal Statement with Crayola markers.

    ReplyDelete
    Replies
    1. "The school is lowering its costs through lower salary and pension expenses, the spokesman said. The school’s 1L class is slightly larger this year, and its new accelerated two-year degree program starts next year."

      -------------------------------------------------------------

      O'RLY?!!?!!

      It's new accelerated program which costs as much as the full 3 year program, the only difference being.. wait for it.. that the school gets its money quicker.

      I.e. Churn-em and Burn-em faster!!

      Magical.

      These fucking academic SCUM are the best!

      Delete
  16. I liked Brooklyn and am glad I went there.

    ReplyDelete
    Replies
    1. That's because you're a fucking idiot Joshua.

      Delete
    2. :( that's not nice :(

      Delete
    3. http://registry.thebump.com/beverly-adams-joshua-adams-january-2014-wa/6368381?lt=BabyRegistryProfile&a=2300&st=SearchEngine&ss=SearchEngineResults&sp=TextLink

      It just gets better and better. This Adams fool and his wife registered with The Bump.

      'Beverly Adams & Joshua Adams - Baby Registry
      registry.thebump.com/beverly-adams-joshua-adams.../6368381?...‎
      Jan 10, 2014 - Beverly and Joshua from Seattle, WA have registered at 1 store(s) for their baby expected on January 10, 2014. Browse all of their registries in ...'

      Delete
    4. His creditors are very glad he went there!

      Delete
    5. 11:11 is this dumb piece of shit named Joshua Adams. He failed the NY bar exam because he chose to travel to Egypt for 38 days after graduating instead of studying and didn't sign up to take the Washington State bar even though he moved there. He owes $300k in student loans, is making no repayments, is unemployed, and the dumb shit is considering taking on more debt by getting some useless masters in economics. All this while being responsible for a wife and child. In short, his life is a disaster zone, yet he still feels the need to troll blogs saying he's glad he went to Brooklyn law even though he has nothing to show for it except a mountain of student loan debt that grows daily with compounding interest.

      Delete
    6. The politically correct term is mentally challenged, not fucking idiot.

      Delete
  17. http://grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/top-law-schools/law-rankings/page+4

    New Ranking for Crooklyn Law School: According to the latest issue of the US “News” & World Report, Brooklyn Law Sewer has DROPPED ANOTHER THREE SPOTS. It is now rated as the 83rd greatest, most phenomenal and amazing law school in the entire damn country! That is an incredible accomplishment, huh?!?!

    I’m sure that Joshua Ray Adams - debt-strapped graduate from the BL$ Class of 2013 - must be proud of his toilet. Of course, the bitch has yet to find a job. By the way, you piece of trash, make sure to thank us taxpayers for providing Medicaid - so that you don’t get stuck with those pesky medical bills that come with having a child. Those of us with jobs pay insurance premiums have to pay a certain percentage of the total bill out of pocket - even if we have good coverage. Grow some hair on your tiny balls, cockroach.

    http://grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/top-law-schools/grad-debt-rankings/page+4

    Updated Average Law Student Indebtedness: USN&WR lists the average law student indebtedness - for those members of the Crooklyn Law Class of 2013 who incurred debt for law school - as $109,914. Then again, a mere 76 percent of this commode’s 2013 class took on such foul debt. That is the correct way to spell that word, Retard Adams. Keep in mind that this figure does not include undergraduate debt – and it also does not take accrued interest into account - while the student is enrolled.

    In stark contrast to this pathetic pile of excrement, Yale Law School grads from the Class of 2013 had an average indebtedness figure of $111,961 - with 80% of their cohort accumulating additional debt for law school. Of course, Yale has the highest-ranked law program in the nation. Those men and women will not have any trouble finding good jobs and decent careers.

    https://www.brooklaw.edu/en/Admissions/financingyoureducation/costofattendance.aspx?

    Look at these insane prices that this ABA-accredited commode charges. Based on this Financial Aid page, total expenses for full-time, first year students has reached $82,471. Now you understand why Waterhead Joshua Ray Adams incurred - by his own admission - HUNDREDS OF THOUSANDS OF DOLLARS in student debt.

    http://www.businessinsider.com/the-20-most-expensive-law-schools-in-america-2012-7?op=1

    Check out this July 4, 2012 Business Insider piece from Abby Rogers. It was entitled “The 20 Most Expensive Law Schools In America.” Crooklyn Law School was the twelfth most expensive back then. As the article points out:

    “#12 Brooklyn Law School costs $48,416 per year.
    Brooklyn, N.Y.
    Brooklyn Law School was dubbed the 65th best law school in the country by U.S. News.”

    Now the festering toilet is rated the 83rd “best” law school in the United States, by the same publication. In sum, the turd is slowly sinking.

    ReplyDelete
    Replies
    1. I actually know of a guy that went to Yale law school and didn't have a good career. One student got into the law school because he supposedly had a disability and he sued LSAC to get more time on the LSAT. He won and then I think he got more time at Yale for exams. He allegedly had one of those diseases you can't see and he has no visible symptoms but he got some doctor to write him a medical opinion. In any case, he quickly washed out of BigLaw, worked in-house, got fired, and now his life is no better than the average Florida Coastal grad.

      I think the woman who wrote the Happiness Project went to Yale Law too. She was miserable and wanted to investigate "happiness" or whatever. Now she's a NYT bestselling author but she didn't need to waste her time and money on law school to do it.

      Delete
    2. Many of my classmates are doing great, and I have no reason to complain.

      Delete
  18. Joshua Adams is the poster boy for a deadbeat

    ReplyDelete
    Replies
    1. Explain, please.

      Delete
    2. Because you borrowed hundreds of thousands of dollars and aren't repaying it.

      Delete
  19. "Yale or fail."

    ReplyDelete
  20. The Angry AccountantMarch 12, 2014 at 11:09 PM

    Some SOB had a VISA credit card because he works for Drexel University and it saod "Sales Tax Exempt". So these higher ed pigs are excluded from Sales Taxes too plus proprrty taxes and income taxes. I wouldnt doubt they dont pay capital gains taxes either on those damned real estate transactions. Pretty sweet deal, pay no taxes and get paid a lavish salary!!! So yes high ed does pay! Plus I didnt know that non profit college employees get nice charge cards for traveling like business travelers do!

    ReplyDelete
  21. Check this out:

    http://now.uiowa.edu/2014/03/university-iowa-college-law-buena-vista-university-sign-partnership

    ReplyDelete
  22. http://lawschooltuitionbubble.wordpress.com/2014/02/24/brooklyn-law-school-to-sell-dorms-for-triple-assessed-values/

    Back on February 24, 2014, Matt Leichter wrote a great post labeled "Brooklyn Law School to Sell Dorms for Triple Assessed Values." He comes out swinging in this article:

    "Freestanding Brooklyn Law School is selling six of its student dormitories due to declining enrollment. According to the Brooklyn Daily Eagle it’s unclear if the sale has reached agreement yet, though Brooklyn Law School (BLS) dean Nick Allard says it has. The purchase price is $36.5 million, and amusingly the city just assessed the properties’ combined market value at less than a third of that.

    See for yourself:

    [Chart showing that the six Brooklyn Law Sewer properties were collectively assessed at $11,997,000 - for the period July 1, 2014-June 30, 2015]

    None of these numbers really matter since BLS availed itself of a student dormitory property tax exemption. The six properties could have been worth hundreds of millions and nary a dime would’ve been collected by the public—unless it got sick of subsidizing housing for law students whose odds of working in full-time, long-term, bar-passage-required jobs nine months after graduation were about even. In the last two years, one in five BLS grads was “unemployed-seeking.”

    Although credit is due to BLS for defying the Law of Rent by keeping its lease charges fairly even over the last few years while its properties swelled in value—at least, that’s what my superficial research shows—it’s certain that with the advent of the Grad PLUS Loan Program, BLS was able to recycle some of its students’ debts via its property holdings. We also don’t know if BLS charged above-market rates all along."

    As anyone with a brain stem realizes, the law school pigs are only in this for the money. They DO NOT GIVE ONE DAMN about the students, graduates, or taxpayers. It must be nice to have such a property tax exemption.

    In the final analysis, only a seething moron - or a fundamentally corrupt, dishonest piece of trash - would attempt to defend these vile practices. Again, the academic thieves/swine are paid up front, in full - while the student and graduate is stuck with the bill for the next 25-30 years. Their outrageous compensation, for such a pathetic workload, is not tied in any way to their students’ outcomes.

    ReplyDelete

 
Web Analytics