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April 30, 2005
Offers Roll in
for CEDU Schools
by: Lucy Dukes
Hagadone News
Network
The offers are
rolling in, and they're looking good to CEDU trustee George Miller.
He said Friday
he hopes to accept some of them within the next 10 days. But it
would take at least 30 days to finalize the closing.
As of now, he
has had a substantial offer on a former CEDU school in California
from a man who has said he's going to submit offers to the Idaho and
Vermont locations.
"I don't have
something that I'm going to sign on the dotted line for Idaho today,
but I have some very interesting ones," Miller said, speaking of
offers.
Interested
bidders have said they want to bring the teachers back and reopen
the schools in Idaho.
"They like the
faculty there and they want to bring the faculty back," Miller said.
But, he
cautioned, he continues to consider offers from all interested
parties.
"Idaho has the
highest interest."
Currently,
Miller is soliciting "term sheets," or offers which contain
information like the purchase price and the conditions needed for
closing.
Once he has
evaluated the offers, he will come up with a purchase agreement. The
purchase agreements set procedures for an auction, the date, and how
it must be advertised. The court must accept the agreement, he said.
Before the
auction, those who would like to bid must give a deposit and show
they are capable of making the purchase. These auctions are
sometimes done by telephone, but usually in person, Miller said.
After the
auction, the winning bids must be approved by the court. The entire
procedure takes 30 days.
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