The trustee charges that Sam Odle and fellow outside directors should have ousted CEO Kevin Modany—a move that likely would have been well-received by the U.S. Department of Education and ITT's accrediting agency.
Five former ITT Educational students filed a motion asking that they—and thousands of other students who attended the school between 2006 and 2016—be recognized as creditors as the school’s bankruptcy case moves forward.
Hundreds of boxes of potentially important records are being stored as part of the ITT Educational Services bankruptcy. Among them are legal documents, loan information, Social Security numbers and other personal data.
The Carmel-based, for-profit educator began liquidation proceedings Friday after closing 136 technical schools, leaving over 35,000 students stranded in one of the largest college shutdowns in U.S. history.
ITT Educational Services Inc., the 70-year-old for-profit college operator that shut down its 136 technical schools last week, has hired advisers to liquidate its assets, according to one of the firms brought in to handle the sales.
More than 100 former students of now-closed ITT Technical Institutes announced Wednesday they'll no longer make payments on their federal student loans, part of a revolt against what they call the Obama administration's negligence in policing for-profit colleges.