Monday, November 19, 2007
News Myers University: Meet the Business School That Can't Do Business
Posted by Joe Tone on Mon, Nov 19, 2007 at 1:38 PM
... announced that Myers had bought the University Club, a ritzy joint operated out of a Euclid Avenue mansion. The club was in the heart of Millionaire's Row, a stretch of city long forgotten as an entertainment destination. But Feingold had big plans. He wanted an upgraded pub, a conference room, and a grand ballroom. He wanted a gazebo, a promenade, and a fountain. Offices would be renovated and used by the school's senior staff. Upstairs, he envisioned an apartment for himself. Downstairs, he saw a professional kitchen; that way, the school could open a catering business and a culinary institute. Renovation came with a hefty price tag of $10 million. But the mansion would help raise the school's visibility "by creating a true campus" that would attract more students and revenue, Feingold predicted. In the past, Myers had built its business by bringing the school to its customers. Inner-city students could take public transportation to Public Square. Suburban students could find a satellite near their neighborhood. And many classes could be taken online. Feingold wanted to remake the school as a traditional university in the heart of Cleveland's Midtown. Myers put its Prospect Avenue headquarters up for sale. It bought a shuttered bottled-water plant on Chester Avenue, right behind the mansion. And Feingold fixed his eyes on more property. Another Chester building could hold a new learning center. A vacant parking lot would be perfect for a $4 million field house and gym, with enough seating for 1,200 fans.Those investments -- along with an attempt to start a sports program, a recruiting trip to China, and other blunders -- sent Myers into a financial tailspin. The school's board eventually caught on and brought in a new president, Dick Scaldini. And when I interviewed him in February, Scaldini was full of hope. The school had been bailed out by the county and some other generous donors, and Scaldini said things were looking up. But by May, the school was scrounging for money again, and now things were getting shadier. The school announced it had received an anonymous $2 million donation. But the donor, an investor in Virginia, was quickly outed by Ohio Board of Regents Chancellor Eric Fingerhut, who found the secrecy odd at best. It turned out the donor had direct ties with University of Northern Virginia, a for-profit university that was interested in taking over Myers. In exchange for its donation, the school had been given controlling power of Myers' board of trustees. UNV seemed destined to take over or merge with Myers; Scaldini admitted so much in an interview with WCPN-90.3. But Fingerhut said this made the donation suspect, since the schools would have to jump through a slew of bureaucratic hoops before merging. "Both Fingerhut and Ohio Attorney General Marc Dann say they have found nothing wrong with the gift. But, Fingerhut says, they are watching closely to see if the two schools draw closer," WCPN's Dan Bobkoff reported. Fingerhut told the station, "Should it at any time become apparent that the University of Northern Virginia is running Myers University instead of Myers University operating the facility, then we'd have a problem." In the end, that won't be problem, because the university appears to have bailed on whatever deal it cut with UNV. After taking most of the $2 million and spending it on God knows what, Myers' board -- despite having fewer members than UNV -- somehow managed to kick the UNV members off the board, basically cutting ties with the folks who had saved their asses in the first place. Now Myers says it's ready to be sold to someone else. It won't say who the buyer is. Whoever it is better hope they've got everything in writing. -- Joe P. Tone
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Another misleading article founded in inaccuracies and lack of full information, surprise, suprise. Do you "journalists" (and I use the term lightly because of the lack of factual information) ever think of the employees and students you are hurting before you print these stories? Do you ever consider that maybe your source is lying or not giving you full disclosure? Do you ever consider the fact that you are helping to enduce panic that could create a self-fulfilling prophecy? Do you ever think of the harm you are doing? I don't think so. To anyone who reads this article please be warned that is not "the whole truth and nothing but the truth." It is in accurate at best in an attempt at making a story seem far bigger than it is. Myers is a great university with much to offer its students. The staff is behind the university 100% and are happy to assist anyone who is looking to get a Certificate, Associates, Bachelors, or Masters degree. Go to www.myers.edu to apply online for free. Don't believe the bad press, Myers isn't going anywhere after almost 160 years in education. Winter Semester starts Jan. 7th and we will be excited to welcome our new students and current students for a great 2008!
Well, today's news is interesting, I'm told. In the words of Malcolm X. "The chickens have come home to roost!"
To Myers Employee: Appreciate your allegiance, but you are also so very naive. After your comments, I hope you realize this as of today 12/11/07 and all the press releases today. These reporters were telling the truth and it is the management of Myers that has been lying to you all along. I hope you finally realize this.
I am just wondering why would a college choose to close, stranding its students and faculty, instead of selling? Could Myers Exec management be trying to hide something that they don't want anyone to know, something that could be uncovered during the financial audits involved in a buyout/merger. I don't know, but I do have to question, why would they put their administration and board's well-being ahead of their students and faculty.
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