Are the owners of bankrupt McNally Smith awaiting a tidy profit?

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Judging by the assets, it appears the owners will be the only people to come out of this unscathed. Alex Uhrich

Reader Lisa Lueck Kinowski responds to The swift and shameful death of McNally Smith College of Music:

"Assets, which would include both the building and all of the school’s equipment, are listed as between $10 and $50 million, and debts are between $1 and $10 million." Well, that would leave a tidy little retirement fund after creditors are paid off, wouldn't it?

My son and two of his best friends got caught up in this mess. Gratefully, all were able to receive their degrees. But one immediately lost her job, with no last paycheck. One was an international student that faced visa complications and deportation.

While the owners hid behind their lawyers, hundreds of dedicated, talented students, faculty and staff had their worlds rocked and many are still reeling.

The owners owe it to all of these 'investors' -- who made McNally Smith the special place it was -- to provide an account of what transpired. Or at the very least, a sincere apology would be a stand-up thing to do.

 


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