Education Management Corp. lost $664 million during a difficult year in which the operator of for-profit colleges struggled with declining enrollment and intense regulatory pressure.
Compensation for CEO Edward West and CFO Mick Beekhuizen plummeted, mostly on the lower value of stock options. But two executives hired last year to handle legal and compliance matters, issues that have dogged the company, received six-figure bonuses that were guaranteed by their contracts.
The year was a difficult one for EDMC, marked by ongoing lawsuits over its recruiting practices and pressure from lenders to collect on $1.5 billion in debt. The lawsuits could prompt potentially hefty financial penalties and add to the company’s financial troubles.
Locator map of the Scranton-Wilkes-Barre Metropolitan Statistical Area in the northeastern part of the of . (Photo credit: Wikipedia)
SCRANTON, PA — A Wilkes-Barre paramedic said the city “fabricated” a disciplinary hearing against him in retaliation for his suing to expose what he considers insider trading in the sale of city properties and ethics violations.
Tyler Hammond filed a second lawsuit Friday in U.S. Middle District Court, saying the actions of the city and Mayor Tom Leighton are meant to deter him from exercising his constitutional right to access the courts and engage in free speech.
Hammond and his wife Antonia sued the city in 2009, alleging the mayor, who also is a real estate agent, had access to and free use of confidential city information about properties in Wilkes-Barre, including the former Old River Road Bakery. he city approved — and later terminated — a deal to sell the property to Leo A. Glodzik III, who had the exclusive towing contract with Wilkes-Barre until theft charges were filed against him in May. The property was sold and Harrold’s Pharmacy is in the process of relocating there.
People have forgotten about the devastation caused by September’s flooding in various parts of Pennsylvania. Here is a good example of the where things are five months later!
Redner’s Warehouse Market will not reopen in the Mark Plaza, Edwardsville, Pa., a spokesman said Tuesday.
The store was under water in September when the Susquehanna River crested at 42.66 feet and has been closed since the flooding.
“Due to it being in a known flood zone, it was cost prohibitive for us to reopen the store,” said Redner’s spokesman Eric White. “The lease has been terminated for that location and we will not be rebuilding or relocating our store in the Mark Plaza.”
The store had been in the Mark Plaza for more than 10 years. Mr. White said Redner’s has not chosen a new location, but customers who have suggestions can send them through its website at http://www.Rednersmarkets.com