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Subject: SSH, Eos and the helo training industry
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JeffersonUser is Offline
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JH Member

06/05/2008 3:14 PM  
Here's some telling insights from an interview in the WSJ today with the CEO of Sallie Mae. Discussing a deal last year that Sallie Mae was doing with B of A and JPM, the CEO said: "The timing was as bad as could be. We signed that deal in April 2007... Initially we thought it would close in October. By then the capital markets were virtually paralyzed." According to Eos, they paid Airola $13 million for a stake in Silver State and put an additional $13 million into the company In NOVEMBER of last year...at a time when the capital markets were already "paralyzed". The "sudden decline in the market for student loans" that Eos and SSH claimed as the reason for the company's bankruptcy had been going on since the summer of 2007. Was Eos really that ignorant of the credit market situation? Or, did Eos not actually put any money into SSH (or maybe got back what they put in via the Orix line of credit) because SSH was already on the downslope to bankruptcy? Here's another quote from that article: WSJ: Earlier this year Sallie Mae indicated it would become more selective in making private-student loans, noting defaults were concentrated among nontraditional proprietary schools where students often fail to graduate. Why were you making such loans in the first place? CEO of Sallie Mae: It was obviously a mistake. (He goes on to offer some lame rationalizations.) The definition of Silver State...and in fact the entire private flight training industry...NONTRADITIONAL PROPRIETARY SCHOOLS WHERE STUDENTS OFTEN FAIL TO GRADUATE.
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Forums > JH Alternate Forum > General Helicopter Discussion > SSH, Eos and the helo training industry

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