Charter school fails and bondholders get bailout - 2009-11-29
The restructuring lowered the school's long-term debt from $10.7 million to $6.6 million. But less than 12 months later, the school went broke and closed. The new bondholders had downtown land, an improved building and equipment valued at $7.4 million. The building was sold two years later for $3.5 million to the Church of Scientology.