Kittles' Rhoades School Sold
San Diego Reader
By Don Bauder
September 30, 2009
The Rhoades School of Encinitas has been purchased by Nobel Learning
Communities of West Chester, Pennsylvania. In a news release, the company
did not state the name of the seller. However, the head of the school is
Luanne Kittle, wife of Bob Kittle, former editorial writer and unofficial
voice of the Union-Tribune, who was let go by the new owners Aug. 12 as
part of a major layoff. It has always been presumed that the Kittles had bought
the school from the founder, Charlotte Rhoades-Glinski. Rhoades is a private,
non-sectarian, co-educational school serving 300 children from kindergarten
through 8th grade. I tried to reach Luanne at the school and at home without
success. Nobel is a publicly-held company whose stock trades on the Nasdaq.
1. NOTE: In a story in February of 2006, the Union-Tribune stated that
Luanne and Bob Kittle owned The Rhoades School. The story concerned Duke
Cunningham's wife, Nancy, who was hired as a director at the school. Best, Don
Bauder
By dbauder 4:19 p.m., Sep 30, 2009
2. Sounds as if it was a real den of iniquity. One upstanding citizen after
another. Actually, it is probably a wonderful school for those who can afford it.
But with him unemployed, I'd have thought they would need the income stream
from the school for living expenses. Instead they cash in. It would be really
interesting to know the selling price. Just what does a private school of 300
elementary and middle schoolers generate in the way of profit? I'll bet that if
many of the parents knew just how lucrative that school was, they'd opt to save
the money or look for another not-for-profit school. Or maybe even use the
local public schools, which in that area are very nice and effective.
I don't suppose that Nobel, even though publicly traded, would have to disclose
the price of that transaction. Or would they?
By Visduh 4:37 p.m., Sep 30, 2009 > Report it
3.
I don't suppose that Nobel, even though publicly traded, would have to disclose
the price of that transaction. Or would they?
======================
Since Nobel is a public company it has to report the transaction and the
purchase price to the SEC on Form 8-K. The purchase agreement is almost
always included in Form 8-K as an attachment. If for some obsure technical
reason Nobel is not required report the transaction to the SEC, then you might
be able to glean the purchase price from cash flow statement in the next Form
10-K.
By Burwell 7:59 p.m., Sep 30, 2009 > Report it
4.
Nobel has filed Forms 8-K with the SEC in the past reporting what it paid for
schools. The last one was filed on 9-10-2009.
http://www.sec.gov/Archives/edgar/data/7...
By Burwell 8:08 p.m., Sep 30, 2009 > Report it
5.
Response to post #2: I just checked (8:14 p.m. W. Coast time) and Nobel has
not yet filed anything with the SEC. The news release mentioned neither the
price nor the seller. Nobel said it used its existing cash resources and credit
facility to pay for the school. I do not know how profitable such a school would
be. It draws heavily from some of the most affluent areas of San Diego and is
aimed at brighter kids. Best, Don Bauder
By dbauder 8:17 p.m., Sep 30, 2009 > Report it
6.
Response to post #3: As noted in response to post #2, no 8-K on this topic has
been filed as of this time. Best, Don Bauder
By dbauder 8:20 p.m., Sep 30, 2009 > Report it
7.
Response to post #4: Yes, and as noted above, I see no filing today. Best, Don
Bauder
By dbauder 8:21 p.m., Sep 30, 2009 > Report it
San Diego Reader
By Don Bauder
September 30, 2009
The Rhoades School of Encinitas has been purchased by Nobel Learning
Communities of West Chester, Pennsylvania. In a news release, the company
did not state the name of the seller. However, the head of the school is
Luanne Kittle, wife of Bob Kittle, former editorial writer and unofficial
voice of the Union-Tribune, who was let go by the new owners Aug. 12 as
part of a major layoff. It has always been presumed that the Kittles had bought
the school from the founder, Charlotte Rhoades-Glinski. Rhoades is a private,
non-sectarian, co-educational school serving 300 children from kindergarten
through 8th grade. I tried to reach Luanne at the school and at home without
success. Nobel is a publicly-held company whose stock trades on the Nasdaq.
1. NOTE: In a story in February of 2006, the Union-Tribune stated that
Luanne and Bob Kittle owned The Rhoades School. The story concerned Duke
Cunningham's wife, Nancy, who was hired as a director at the school. Best, Don
Bauder
By dbauder 4:19 p.m., Sep 30, 2009
2. Sounds as if it was a real den of iniquity. One upstanding citizen after
another. Actually, it is probably a wonderful school for those who can afford it.
But with him unemployed, I'd have thought they would need the income stream
from the school for living expenses. Instead they cash in. It would be really
interesting to know the selling price. Just what does a private school of 300
elementary and middle schoolers generate in the way of profit? I'll bet that if
many of the parents knew just how lucrative that school was, they'd opt to save
the money or look for another not-for-profit school. Or maybe even use the
local public schools, which in that area are very nice and effective.
I don't suppose that Nobel, even though publicly traded, would have to disclose
the price of that transaction. Or would they?
By Visduh 4:37 p.m., Sep 30, 2009 > Report it
3.
I don't suppose that Nobel, even though publicly traded, would have to disclose
the price of that transaction. Or would they?
======================
Since Nobel is a public company it has to report the transaction and the
purchase price to the SEC on Form 8-K. The purchase agreement is almost
always included in Form 8-K as an attachment. If for some obsure technical
reason Nobel is not required report the transaction to the SEC, then you might
be able to glean the purchase price from cash flow statement in the next Form
10-K.
By Burwell 7:59 p.m., Sep 30, 2009 > Report it
4.
Nobel has filed Forms 8-K with the SEC in the past reporting what it paid for
schools. The last one was filed on 9-10-2009.
http://www.sec.gov/Archives/edgar/data/7...
By Burwell 8:08 p.m., Sep 30, 2009 > Report it
5.
Response to post #2: I just checked (8:14 p.m. W. Coast time) and Nobel has
not yet filed anything with the SEC. The news release mentioned neither the
price nor the seller. Nobel said it used its existing cash resources and credit
facility to pay for the school. I do not know how profitable such a school would
be. It draws heavily from some of the most affluent areas of San Diego and is
aimed at brighter kids. Best, Don Bauder
By dbauder 8:17 p.m., Sep 30, 2009 > Report it
6.
Response to post #3: As noted in response to post #2, no 8-K on this topic has
been filed as of this time. Best, Don Bauder
By dbauder 8:20 p.m., Sep 30, 2009 > Report it
7.
Response to post #4: Yes, and as noted above, I see no filing today. Best, Don
Bauder
By dbauder 8:21 p.m., Sep 30, 2009 > Report it
| Blogs |