PITTSBURGH — In an 11 Investigates Exclusive, the fate of Pittsburgh Technical College and all the money wrapped up in the real estate was the topic of a status conference in Allegheny County’s Court of Common Pleas.
U.S. Bank is the bond Trustee and Compass Advisory Partners is the receiver. The dissolution receiver is Bernstein-Burkley.
Counsel for all parties appeared before Judge Mary McGinley on Monday morning.
11 Investigates learned that there is approximately $42 million in debt, tied up in the school building, residential housing and surrounding land. The sales process, which is being run by Burns Scalo, is well underway with 8-10 offers. Those have been narrowed down to one party interested in buying the school building and another party interested in the land. We’re told a judge will have to approve the sale, which is expected to happen in late November or early December.
Bernstein-Burkley has been assigned to handle the dissolution of PTC. In court, we learned there is only $500,000 in escrow to protect students who lost tuition, room and board in the closure. When the school closed, roughly 1,000 students were enrolled.
Bernstein-Burkley said those who could were eligible to file a claim were notified, but they admitted in court, they don’t have access to a list of students affected, saying they notified students who filed a complaint with the Attorney General’s office.
Lane Kepner was just two classes away from graduation when PTC abruptly closed last June. He says to this day he still hasn’t been notified of filing a claim despite being out close to $20,000
“I have met a few other students who are still in financial ruin,” Kepner said. “They weren’t able to transfer colleges. It’s still money I would like to have in my pocket and possibly be making right now.”
Kepner is now 70 credits away from earning his diploma from his new school, despite PTC’s promises that his credits would transfer seamlessly.
“I think that the amount of money that they’re delegating to students is actually insane,” Kepner added.
For students like Kepner, there are still many questions, including who, if anyone, is going to be held accountable for the sudden shutdown.
A representative for the Attorney General’s Bureau of Consumer Protection was in court, taking notes.
“There are a few things I’ve heard about - what was happening with the money and I would really, really like to know where it all went,” Kepner said.
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