We have reported on the numerous problems Thomas Jefferson Law School has had in recent days. Incredibly, it gets worse.
According to the 10th Consent and Forbearance Agreement (the “Agreement”) Thomas Jefferson Law School signed (relating to loans for its shiny, $100-million+ building):
“on or before September 12, 2014, TJSL shall provide the Trustee’s advisors with the information and advice … with respect to the accounting treatment of the currently contemplated deed-in-lieu restructuring transaction.”
Click here to view the 10th Consent and Forbearance Agreement Thomas Jefferson Law School signed.
What this means is that the school has agreed to give its building to bondholders. The school has already assigned all of its cash assets to its bondholders. The bondholders are allowing Thomas Jefferson Law School to draw down operating expenses only until the end of this semester. The law school is likely to lose its building and cease operations according to our analysis of the Agreement.
For another law school in deep trouble, please see our article about Thomas Cooley: Thomas Cooley Law School Exposed. The name “Thomas” may be cursed when it comes to law schools.