Furious teachers at a recently shuttered Detroit charter school were notified Wednesday that they won't be paid thousands of dollars they earned during the last school year.
"Last Friday, Matchbook Learning became aware that the holders of MTA's outstanding bond debt are refusing to allow use of funds for any summer payroll and instead, are requiring that any available funds be used toward payment of the bond debt," Matchbook's CEO Sajan George told teachers in the email. "We are disappointed and deeply saddened by this development because this means funds will not be there for July or August payroll."
Source Chalkbeat
(Score: 3, Informative) by Bobs on Friday July 28 2017, @09:11PM (3 children)
Almost, but not quite: you keep saying "Detroit ..."
This isn't the city of Detroit. This is a PRIVATE enterprise - a charter school, Michigan Technical Academy.
The charter organization borrowed $16 million before the opened, then couldn't make payments to the lenders.
So the failure is the charter, NOT the city.
I wonder how much the charter org. people pocketed before closing up?
(Score: 2) by NewNic on Friday July 28 2017, @10:10PM
You missed a step in that progression:
The charter organization was so bad at its core mission (educating kids) that it lost its accreditation and with that, its funding from the State.
lib·er·tar·i·an·ism ˌlibərˈterēənizəm/ noun: Magical thinking that useful idiots mistake for serious political theory
(Score: 0) by Anonymous Coward on Saturday July 29 2017, @02:14AM
It's Michigan. Betsy DeVos' Michigan.
There were state $$$ also going to the charter school because "school parity". The long-term goal and intent of DeVos' vision of their charter schools is to suck the money from the state to kill off public schools faster. Benefiting the main investors and players is goal #1. Any product (educated students) produced is secondary.
(Score: 2) by VLM on Saturday July 29 2017, @12:43PM
ugggh you are correct, I messed that all up.
Where I live the three charter schools are school district affiliated and "creationist charters" or whatever are a social media thing, although I'm sure they exist somewhere. Also I crossed the wires of this bankruptcy with the other Detroit bankruptcy.
https://en.wikipedia.org/wiki/Detroit_bankruptcy [wikipedia.org]