WESTMINSTER CHOIR COLLEGE
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6/##/19
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By Federal Reserve Standards Kaiwen Education is a Highly Leveraged and Risky Business
5/20/19
The more and more we look at the financial situation of Kaiwen, which Rider University President Greg Dell’Omo believes is in good financial shape to buy Westminster Choir College, the more we find that Kaiwen is in horrible, horrible financial shape.
Read our latest analysis of Kaiwen’s financial condition that concludes that Kaiwen Education is a Highly Leveraged and Risky Business
To read the full articles, click on the headline.
5/20/19
The more and more we look at the financial situation of Kaiwen, which Rider University President Greg Dell’Omo believes is in good financial shape to buy Westminster Choir College, the more we find that Kaiwen is in horrible, horrible financial shape.
Read our latest analysis of Kaiwen’s financial condition that concludes that Kaiwen Education is a Highly Leveraged and Risky Business
To read the full articles, click on the headline.
Two Updates on Kaiwan's Finances
5/6/19
Here are two recent updates on Kaiwen's finances. Kaiwen, the for-profit company that Rider University President Greg Dell'Omo believes can "give [Westminster Choir College] a better future than we can give them,” isn't doing well. At all.
"In 2018, Kevin Education achieved a revenue of 242 million yuan, a year-on-year decrease of 61.01%; the net profit was -979.542 million yuan, a year-on-year decrease of 521.14%."
"The data shows that in 2013, Kevin Education's net profit began to decline, and has been struggling on the loss line for several years... in the first year of its transition to pure education business (2018), the company's net profit turned into a loss, and the [2018 annual report] was not optimistic."
To read the full articles, click on the headline.
5/6/19
Here are two recent updates on Kaiwen's finances. Kaiwen, the for-profit company that Rider University President Greg Dell'Omo believes can "give [Westminster Choir College] a better future than we can give them,” isn't doing well. At all.
"In 2018, Kevin Education achieved a revenue of 242 million yuan, a year-on-year decrease of 61.01%; the net profit was -979.542 million yuan, a year-on-year decrease of 521.14%."
"The data shows that in 2013, Kevin Education's net profit began to decline, and has been struggling on the loss line for several years... in the first year of its transition to pure education business (2018), the company's net profit turned into a loss, and the [2018 annual report] was not optimistic."
To read the full articles, click on the headline.
Due Diligence and Kaiwen Education
4/29/19
We have posted a new report on how Kaiwen was portrayed in 2017 when this firm was selected as a potential buyer.
The facts included convey only some of the financial vulnerabilities and other shortcomings of Kaiwen Education as a potential owner of WCC in 2017 – a remarkable and unsuitable choice by Greg Dell'Omo and the Board of Trustees given the criteria that were to be used to select a new owner.
In short, Kaiwen today remains a company in precarious financial condition, facing significant competition and adjusting its business strategy to remain a going concern.
Click the title to read the report.
4/29/19
We have posted a new report on how Kaiwen was portrayed in 2017 when this firm was selected as a potential buyer.
The facts included convey only some of the financial vulnerabilities and other shortcomings of Kaiwen Education as a potential owner of WCC in 2017 – a remarkable and unsuitable choice by Greg Dell'Omo and the Board of Trustees given the criteria that were to be used to select a new owner.
In short, Kaiwen today remains a company in precarious financial condition, facing significant competition and adjusting its business strategy to remain a going concern.
Click the title to read the report.
WCC Reset Anniversary
4/8/19
Following a meeting THIRTEEN months ago — on March 1, 2018 — Rider AAUP Chief Grievance Officer Jeff Halpern, then-AAUP-President Scheiber, and Assistant Grievance Officer Joel Phillips sent this report to all faculty. In it we discussed the need for a “reset” of the process begun by Dell’Omo and the Board with regard to the disposition of Westminster. Following the March 27 letter from the Attorney General, we believe these points remain as relevant now as then.
Click the title for the document.
4/8/19
Following a meeting THIRTEEN months ago — on March 1, 2018 — Rider AAUP Chief Grievance Officer Jeff Halpern, then-AAUP-President Scheiber, and Assistant Grievance Officer Joel Phillips sent this report to all faculty. In it we discussed the need for a “reset” of the process begun by Dell’Omo and the Board with regard to the disposition of Westminster. Following the March 27 letter from the Attorney General, we believe these points remain as relevant now as then.
Click the title for the document.
New Jersey Attorney General’s Office Delivers Major Setback to Rider University’s Plan to Sell Westminster Choir College
3/28/19
Late last night the AAUP received a copy of the letter Acting Attorney General Jennifer Davenport and her team provided Judge Paul Innes of the Chancery Division of the New Jersey Superior Court in connection with the Westminster Foundation’s lawsuit that seeks to stop Rider University from selling Westminster Choir College.
Though the 35-page letter's language is measured and professional, it is clear the AG was frustrated by Rider’s failure to provide or attempts to conceal information relevant to her investigation. In fact, Rider’s reluctance to comply with her requests prevented the AG from obtaining enough information to render an opinion to the Chancery Court at this time. Instead, because her investigation raised many additional concerns, on March 22 the AG required Rider to answer an additional 45 questions. Once Rider complies in full with her request, the AG expects to issue an opinion within two to three months.
Click the title to read our press release and the Attorney General's statement.
3/28/19
Late last night the AAUP received a copy of the letter Acting Attorney General Jennifer Davenport and her team provided Judge Paul Innes of the Chancery Division of the New Jersey Superior Court in connection with the Westminster Foundation’s lawsuit that seeks to stop Rider University from selling Westminster Choir College.
Though the 35-page letter's language is measured and professional, it is clear the AG was frustrated by Rider’s failure to provide or attempts to conceal information relevant to her investigation. In fact, Rider’s reluctance to comply with her requests prevented the AG from obtaining enough information to render an opinion to the Chancery Court at this time. Instead, because her investigation raised many additional concerns, on March 22 the AG required Rider to answer an additional 45 questions. Once Rider complies in full with her request, the AG expects to issue an opinion within two to three months.
Click the title to read our press release and the Attorney General's statement.
Read the Purchase and Sale Agreement between Rider University and the proposed buyer of WCC
Click the title for the PDF.
Click the title for the PDF.
Faculty Shocked to Learn Secret Agreement Would Allow Buyer to Close Westminster Choir College
3/25/19
Rider University Misled Courts and Stakeholders by Withholding Key Provision Of Purchase and Sale Agreement
Union Urges AG to Block Sale of Legendary Music School
Click title to read our press release
3/25/19
Rider University Misled Courts and Stakeholders by Withholding Key Provision Of Purchase and Sale Agreement
Union Urges AG to Block Sale of Legendary Music School
Click title to read our press release
2019 Report on Kaiwen Education
3/5/19
This paper reports on important recent developments at Beijing Kaiwen Dexin Education Technology Co., Ltd. (Kaiwen Education), using information from a variety of resources including the company’s response to a second request for information from the China Securities Regulatory Commission (CSRC), a request prompted by Kaiwen’s desire to sell additional shares of company stock.... Click the title to access the report.
Click here for the Press Release
3/5/19
This paper reports on important recent developments at Beijing Kaiwen Dexin Education Technology Co., Ltd. (Kaiwen Education), using information from a variety of resources including the company’s response to a second request for information from the China Securities Regulatory Commission (CSRC), a request prompted by Kaiwen’s desire to sell additional shares of company stock.... Click the title to access the report.
Click here for the Press Release
Deja Vu Dell'Omo
2/8/19
In a meeting with members of the Rider AAUP executive committee, President Dell’Omo accused Rider’s faculty of ‘hiding in their classrooms’ while he does the hard work of 'saving the institution' from financial ruin.
He is wrong on both accounts... Click "Deja Vu Dell'Omo" to read more
2/8/19
In a meeting with members of the Rider AAUP executive committee, President Dell’Omo accused Rider’s faculty of ‘hiding in their classrooms’ while he does the hard work of 'saving the institution' from financial ruin.
He is wrong on both accounts... Click "Deja Vu Dell'Omo" to read more
Rider AAUP Informs State Assembly Members
11/19/18
Rider AAUP leadership informs Assemblywoman Mila M. Jasey & Senator Sandra B. Cunningham of Greg Dell'Omo's plan to sell WCC to Kaiwen. Click the headline for all the documents.
11/19/18
Rider AAUP leadership informs Assemblywoman Mila M. Jasey & Senator Sandra B. Cunningham of Greg Dell'Omo's plan to sell WCC to Kaiwen. Click the headline for all the documents.
"N.J. college's professors must now report to the Chinese government, union charges"
"Professors hired to work for a New Jersey college at its satellite campus in China have been told they are now effectively employees of the communist Chinese government, union leaders say."
"The professors, including more than 50 American citizens, were hired at Wenzhou-Kean University, a satellite campus Kean University launched in 2012 amid a trend of colleges partnering with the Chinese government in search of big profit"
"Professors hired to work for a New Jersey college at its satellite campus in China have been told they are now effectively employees of the communist Chinese government, union leaders say."
"The professors, including more than 50 American citizens, were hired at Wenzhou-Kean University, a satellite campus Kean University launched in 2012 amid a trend of colleges partnering with the Chinese government in search of big profit"
Rider Administration gets failing marks by Princeton Review
Read Marshall Onofrio's email about labeling your stuff in your office.... heartbreaking.
August 17, 2018
August 17, 2018
Our Fight to Save WCC is Featured in Inside Higher Ed
October 15, 2018
"A Chinese company that until January went by the name Jiangsu Zhongtai Bridge Steel Structure Company plans to purchase a nonprofit American music college. What could go wrong? Plenty, argue faculty members, donors and alumni who oppose Rider University’s plans to sell the Westminster Choir College....."
www.insidehighered.com/news/2018/10/15/chinese-companies-seek-buy-american-campuses
October 15, 2018
"A Chinese company that until January went by the name Jiangsu Zhongtai Bridge Steel Structure Company plans to purchase a nonprofit American music college. What could go wrong? Plenty, argue faculty members, donors and alumni who oppose Rider University’s plans to sell the Westminster Choir College....."
www.insidehighered.com/news/2018/10/15/chinese-companies-seek-buy-american-campuses
New Lawsuit Raises Questions About Westminster Choir College’s Buyer
September 12, 2018
"As a Chinese company continues the process of purchasing the Princeton-based Westminster Choir College from Rider University, more concerns — and one more lawsuit — have surfaced."
https://princetoninfo.com/lawsuit-westminster-choir-college/
September 12, 2018
"As a Chinese company continues the process of purchasing the Princeton-based Westminster Choir College from Rider University, more concerns — and one more lawsuit — have surfaced."
https://princetoninfo.com/lawsuit-westminster-choir-college/
New Information Reveals Chinese Corporation Plans to Take $20 Million Westminster Choir College Endowment despite Prohibitions Imposed by State/Federal Law
September 6, 2018
Filings in China Expose Illegitimate Profit Seeking Motive for Purchasing Non Profit Music School... In the Meantime, More Bad Economic News Belies Corporation’s Ability to Sustain WCC. Click the link to read more.
September 6, 2018
Filings in China Expose Illegitimate Profit Seeking Motive for Purchasing Non Profit Music School... In the Meantime, More Bad Economic News Belies Corporation’s Ability to Sustain WCC. Click the link to read more.
More Bad Economic News for Kaiwen Education
September 4, 2018
The linked report represents key information that has been drawn from Kaiwen Education's 2018 Semi-annual Report, dated August 7, 2018
September 4, 2018
The linked report represents key information that has been drawn from Kaiwen Education's 2018 Semi-annual Report, dated August 7, 2018
Kaiwen Education: Public Relations Claims Versus Reality
Public statements and press releases by Rider University and its administration as well as statements released by Kaiwen Education and its newly announced, wholly controlled subsidiary, the Westminster Choir College Acquisition Corporation (WCCAC) present Kaiwen Education as a qualified, financially sound “partner” for Westminster Choir College.
The table here recounts some of these “claims,” which contrast starkly with the “reality” found in public sources...
August 15, 2018
Public statements and press releases by Rider University and its administration as well as statements released by Kaiwen Education and its newly announced, wholly controlled subsidiary, the Westminster Choir College Acquisition Corporation (WCCAC) present Kaiwen Education as a qualified, financially sound “partner” for Westminster Choir College.
The table here recounts some of these “claims,” which contrast starkly with the “reality” found in public sources...
August 15, 2018
AAUP Challenges Legitimacy of Newly announced Non-Profit Said To Be Created To Run Westminster Choir College
Click here to ready our response to the Westminster Choir College Acquisition Company's press releases.
August 8, 2018
Click here to ready our response to the Westminster Choir College Acquisition Company's press releases.
August 8, 2018
Letter to the Board and Robert Schimek Response
June 7, 2018
June 7, 2018
A Failure of Due Diligence: Rider University’s Attempt to Sell Westminster Choir College
See our Press Release
Read the Report
Read about the proposed WCC sale in the New York Times
See our Press Release
Read the Report
Read about the proposed WCC sale in the New York Times
What is Happening to Westminster? And When did it Happen?
On October 29, 2015, Rider University President Greg Dell’Omo and Provost DonnaJean Fredeen give notice of layoff to 14 Westminster Choir College (WCC) tenured faculty and a number of long-time adjunct faculty, and, cancel 13 academic programs with no plan to... Click for a Chronology of the WCC Crisis.
On October 29, 2015, Rider University President Greg Dell’Omo and Provost DonnaJean Fredeen give notice of layoff to 14 Westminster Choir College (WCC) tenured faculty and a number of long-time adjunct faculty, and, cancel 13 academic programs with no plan to... Click for a Chronology of the WCC Crisis.
Who is Offering to Buy Westminster?
Rider University's Board of Trustees announced on February 21, 2018, that it had agreed upon a non-binding term sheet for the purchase of WCC with Kaiwen Education Technology Co., Ltd., a for profit company. Click for a full explanation of what Kaiwen is (and was).
Rider University's Board of Trustees announced on February 21, 2018, that it had agreed upon a non-binding term sheet for the purchase of WCC with Kaiwen Education Technology Co., Ltd., a for profit company. Click for a full explanation of what Kaiwen is (and was).
What is Westminster and Why is it Important?
From its beginning in 1920, Westminster has grown into one of the most premiere, world renowned music schools in the world. Click for a fact sheet of what Westminster is and some of its achievements.
From its beginning in 1920, Westminster has grown into one of the most premiere, world renowned music schools in the world. Click for a fact sheet of what Westminster is and some of its achievements.
"Buyer ID for Choir College Strikes Note of Alarm"
Kevin Shea, Trenton Times 3/4/18
Read Full Article Here
Kevin Shea, Trenton Times 3/4/18
Read Full Article Here
President Dell'Omo Lays Off Entire Westminster Faculty
Press Release
Letter to Faculty
October 31, 2017
Press Release
Letter to Faculty
October 31, 2017
How a For-profit Company Might Ruin Westminster
October 18, 2017
October 18, 2017
