Monday, March 10, 2014
Crooklyn Chronicles: Brooklyn Law School Pigs Liquidate Assets in Order to Get More Cash
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.
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!
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 $41 million on the market — and is pitching them as a landlord’s dream.” [Emphasis mine]
Yes, this is a clear sign of stability, huh?!?! Law school critics have been very effective in spreading the truth to prospective students.
Pig Wexler Stepped Down Last Summer: The New York Law Journal published a piece from Joel Stashenko, entitled “Departure of President Leaves Dean in Charge at Brooklyn Law” - on June 17, 2013. This stub is still available on the link above:
“Joan Wexler will step down at the end of this month as Brooklyn Law School president, a position she took in 2010 after serving 16 years as the school's dean, the chairman of Brooklyn Law's board of trustees announced Thursday. Dean Nicholas Allard, who was hired last July, will now have sole responsibility for running the 1,000-student school.”
Apparently, the rats didn’t waste any time trying to sell off some of their assets. The academic thieves at this ABA-accredited dung heap are trying to stay feasible.
Conclusion: In the final analysis, 80th ranked Brooklyn Law Sewer is struggling to stay afloat. The law school cockroaches riding on this pile of moist excrement simply do not have much room for error, since it is not attached to a college or univer$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?!?!
Posted by Nando at 6:40 AM