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Non-Tech : Auric Goldfinger's Short List -- Ignore unavailable to you. Want to Upgrade?

To: RockyBalboa who wrote (7235)	12/18/2000 9:32:14 PM
From: Sir Auric Goldfinger	Respond to of 19428

An old scam finally gets it: "CLC May Have to Repay $187 Million In Federal Aid Over Payroll Standard By ANN CARRNS Staff Reporter of THE WALL STREET JOURNAL Computer Learning Centers Inc., an operator of technical schools, said it may have to repay $187 million in federal student aid received during the past six years, which would put the company's continued operations at risk. The company said the U.S. Education Department has found that CLC's practice of paying its admissions officers based on their success in enrolling students violates federal student-aid laws. As a result, CLC said, the department says the company should be required to return funds received under Title IV federal student-aid programs since July 1, 1994. The Manassas, Va., company said it is in talks with the Education Department and the Justice Department to resolve the matter. CLC has 45 days to appeal the finding formally, which it will do if it can't reach an agreement sooner. During the appeal process, the company and its students remain eligible to participate in federal student-aid programs. If an appeal were to be denied, CLC would be unable to repay the funds, based on its existing cash on hand and lines of credit. The Education Department may then offset the liability with student-aid funds currently due to CLC, the company said, "thereby severely impairing or terminating its ability to continue operations." John Corse, president and chief executive of CLC, said in a statement that the company was unaware the Education Department was conducting a review of CLC's compensation practices and that he was "extremely surprised" by the finding. He said he is "convinced that CLC's compensation policies and practices are consistent with the legal standard." Receipt of the finding represents a default under the company's credit facility with its bank, whose name the company didn't disclose in its news release. But the bank has agreed to defer any action until Jan. 19, pending the outcome of negotiations between the company and the federal government. If a settlement is reached before Jan. 19, the bank has agreed to extend the term of the credit facility to Feb. 28, 2002. At 4 p.m. Friday on the Nasdaq Stock Market, shares of CLC were off 38 cents, or 53%, at 34 cents. Write to Ann Carrns at ann.carrns@wsj.com

To: RockyBalboa who wrote (7235)	12/19/2000 12:04:55 PM
From: tuck	Read Replies (1) \| Respond to of 19428

InfoStream, I reckon you're one of the folks who follows RIMM's gyrations. It's now above 90 again, and the only way we get a serious rally is if the Fed actually cuts rates. If dovish, rallies for a day then fades. If neutral, market fades right away. If I was to short now, and the Fed got very dovish, RIMM could yet have some legs. Tempted to buy a very few puts now, and add after the decision is announced if appropriate. Thoughts? Cheers, Tuck