Following the abrupt closure of the University of the Arts, its chapter seven bankruptcy filing highlights a dangerous culmination of financial mismanagement and neglect of obligations.
UArts' liabilities and assets, estimated between $50m and $100m, along with significant legal fees, reflect a dire situation exacerbated by low enrollment and rising costs.
The union’s statement accuses the board of trustees of 'obfuscating the truth' and failing in their duty to negotiate severance for affected workers.
With valuable real estate assets in City Center, the university's hopes to alleviate its $46m bond debt come at the cost of a long-standing educational institution.
#university-of-the-arts #bankruptcy #financial-mismanagement #class-action-lawsuits #higher-education-challenges
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