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Microcap & Penny Stocks : TASA. Can someone with KNOWLEDGE help!!!! -- Ignore unavailable to you. Want to Upgrade?

To: Thomas Kirwin who wrote (383)	4/24/1998 9:23:00 PM
From: Thomas Kirwin	Read Replies (1) \| Respond to of 601

More Kaplan... TASA Responds - Somewhat brendakaplan (F/New York, NY) Apr 24 1998 11:19AM EDT TASA's e-mail follows. I am still concerned about TASA's ability to fund the acquisition including the loss of financial aid for up to six months. I think that Mr. Dutton is in error when he indicates that "Drake,on change of control, will temporarily not receive federal student loan fundings." During this period of time, Drake will also lose Pell Grants. TASA has not indicated when it plans to file an 8Ka or provide additional details. Mr. Dutton also states "Upon approval, the funding due during that period would be paid" which is somewhat misleading. If students drop out during that period of time, I think that there might be a loss of student loan receipts. From: "John M. Dutton" <jmdutton@ix.netcom.com> To: <brendakaplan@hotmail.com> Subject: Your Email to TASA Date: Thu, 23 Apr 1998 08:57:52 -0700 ... My direct answers to your questions must be tempered by the fact that we are a public corporation, and therefore must contain my answers to that information which is public at the present time. Drake,on change of control, will temporarily not receive federal student loan fundings until the change of control is approved by Washington, DC. This we expect to take between 90 - 120 days. This approval process is commonly occurring today, and the time frame is given based on much experience. Upon approval, the funding due during that period would be paid. We are well aware of Drake's historic circumstances, including default rates. There continues to be due diligence on Drake but we are presently satisfied with the present and continuing levels of default rates on the schools Drake owns, which are well within Federal guidelines. The business model we envision for our schools entails degrees and our plans in this regard will unfold in the near future.