Thursday, April 10, 2008

Mysterious buyer could save Myers U. Don't worry taxpayers: You're still hosed

Posted By on Thu, Apr 10, 2008 at 8:10 AM

Former Myers President Richard Scaldini nearly succeeded in getting the school shut down.
The ongoing, melodramatic saga of Myers University took a page out of Tolkien’s book and ended with eucatastrophe. It’s term that denotes a sudden turn of events that bodes well for the good guy. In this case, the good guys are Myers University and Cuyahoga County Common Pleas judge Daniel Gaul. ... Like all eucatastrophes, this one happened when all hope was lost. It came in the form of a mysterious buyer called Myers Education LLC, who is considering buying the university. (And this eucatastrophe, while a coup for Myers students, could hose taxpayers, the PD reported last night. If this is the end of the saga, boy-o-boy was it a good one. Seriously, this puts Lord of the Rings to shame. The Myers tale began in earnest back in 2001 when it hired a smart-deficient President Paul Feingold. He tried to turn the business school into a traditional university, buying up buildings for future expansion and possible sports venues. It cost millions and began a downward plunge into chasms of debt. This mismanagement led to his dismissal and the hiring of Dick Scaldini, another man who got in over his head. Scaldini declared bankruptcy and tried his best to shut down the university. But before he could shut it down, in swept our black-robed Frodo, Cuyahoga County Judge Daniel Gaul. He promptly took over the university and tossed Scaldini in jail for violating a gag order. But he also brought in Mark Dottore, a man known for stripping dying businesses clean, as special master. From there, Gaul looked poised to sell it off to Daniel Ho, an investor from Virginia, who spotted Myers 2 million to stay afloat. But then Ho began to have financial troubles of his own and proved unable to keep Myers alive. And just a few weeks ago, things were looking dimmer than a West Virginian coal mine. Gaul was getting heat for letting Dottore act like Dottore by laying off eight employees. Interim president Joyce Banjac told us that she was only hoping that the university would return for the fall, but said the chances were slim. But now, all of a sudden, things look better. The eucatastrophe hit. And let’s hope the saga of Myers, the business school with inept business plans, is over. And that Dottore didn’t pilfer the coffers. And that Ho doesn’t go forward with his lawsuit to get his two million back. And that … okay, maybe this is just the end of book no. 2. – Bradley Campbell



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