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For-Profit Chancellor in Hot Water Accrediting Body Watching Closely Amid Questions Over Leadership, Recruiting Practices

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For-Profit Chancellor in Hot Water Accrediting Body Watching Closely Amid Questions Over Leadership, Recruiting Practices 20100816-NEWS--1-NAT-CCI-CL_-- 8/13/2010 3:14 PM Page 1 Vol. 31, No. 32 $1.50/AUGUST 16 - 22, 2010 INSIDE A SCHOOL’S FALL FROM GRACE For-profit Chancellor in hot water Accrediting body watching closely amid questions over leadership, recruiting practices By SHANNON MORTLAND “(Losing accreditation) ... might make problems for investors because Instead, Chancellor reported only 422 students [email protected] as of April 2010, prior to spring commence- (Chancellor) couldn’t attract students.” ment, according to the Higher Learning hancellor University has existed – Robert Appleson, vice president of accreditation relations, Higher Learning Commission Commission in Chicago, which accredits quietly at Chester Avenue and East Chancellor. Catherine Nita, Chancellor’s 40th Street since it transformed from Calif., bought Chancellor in September 2008 14%, increased full-time faculty to 26 from 16 executive director of human resources, would financially downtrodden Myers for $5.25 million. The purchase followed years and created 30 online courses. Mr. Clifford not disclose current enrollment. CUniversity two years ago. of financial struggles for Myers University, also convinced former General Electric Co. Who’s at the helm? But behind the blue and silver façade, which had failed to close deals with multiple CEO Jack Welch to invest $2 million into what the for-profit school has been plagued by a buyers. is now the Jack Welch Management Institute, Mr. Clifford declined to speak to Crain’s for revolving door of executives, has resorted to Initially, Significant Partners, headed by the online MBA program launched this year at this story, as did several other Chancellor unconventional recruiting practices such as Michael Clifford, had grand plans to build Chancellor. employees. Mr. Clifford’s public relations hitting up homeless shelters to build enroll- Chancellor into a sizable school that offered Shaun Redgate, Chancellor’s chief representative, Holt Hackney, confirmed that ment and is fighting to maintain its accredi- classes in person and online. And, by all measures, operating officer, told Crain’s for a story that “Michael is no longer on the board” at Chan- tation. It’s a far cry from the high hopes once Chancellor seemed to be off to a good start. ran in May 2009 that the goal was to reach cellor, “opting instead to focus on some of his touted by Chancellor’s new owners. Significant Partners reduced undergraduate 1,050 students by fall 2010, which would philanthropic ventures.” Significant Partners LLC of Solana Beach, tuition by 30% and lowered graduate tuition by allow Chancellor to break even. See CHANCELLOR Page 16 Foundation gift Private equity firm allows Rock Hall takes control of Fairmount Minerals to establish its Buyout of Chardon outfit made possible by loosened credit market first endowment By DAN SHINGLER [email protected] $5M from N.Y. anniversary concerts New York private equity firm American Securities Capital Partners has taken control of Chardon-based helps solidify future in Cleveland Fairmount Minerals in a leveraged buyout financed largely with $700 million in debt that likely could not By SCOTT SUTTELL have been raised last year. [email protected] “Fairmount was at a point in our history where, for several reasons, we thought it was time to bring an ere’s something you probably didn’t investor into the company,” Fairmount chief financial get for your birthday: $5 million. And officer Jenniffer Deckard said. “We started talking to Am your party almost certainly didn’t Securities last year. … We felt they were a great cultural feature music legends such as U2, fit.” HMick Jagger and Bruce Springsteen. See FAIRMOUNT Page 17 But the Rock and Roll Hall of Fame and Museum Inc., which on Sept. 2 celebrates 15 years in busi- ness along Cleveland’s lakefront, finds itself in INSIDE something of a privileged position as a teenager. The New York-based Rock and Roll Hall of Colleges unveil posh Fame Foundation, formed 10 years prior to the new athletic digs museum’s opening, is making a $5 million gift to The facilities, including at Akron the Rock Hall to establish the institution’s first KEVIN MAZUR/WIREIMAGE.COM and Kent State (right), help schools significant endowment. The money comes from Last fall’s concerts at Madison Square Garden (featuring Aretha Franklin generate excitement among alumni proceeds from the Rock Hall’s 25th anniversary and Annie Lennox) will help establish a new endowment for the Rock and — and help recruiting. Page 3 See ENDOWMENT Page 17 Roll Hall of Fame and Museum. SPECIAL SECTION 32 6 FINANCE NEWSPAPER Small banks expect a major impact from reform 71486 01032 legislation ■ Page 11 0 PLUS: HOLDING COMPANIES’ WORTH ■ ADVISER ■ & MORE CrainsCleveland.com 20100816-NEWS--2-NAT-CCI-CL_-- 8/13/2010 11:14 AM Page 1 2 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM AUGUST 16-22, 2010 COMING NEXT WEEK TAKE A NUMBER Claim denials were by far the most common complaint of Ohio insurance con- Cooking for (hundreds of) sumers in 2009, according to statistics from the Ohio Department of Insurance. your closest friends Nearly one-third of 5,453 complaints to the department last year related to claim denials. The health insurance category drew the most complaints. 700 W. St. Clair Ave., Suite 310, Cleveland, OH 44113-1230 How do caterers at large events develop a Most frequent complaints Percentage Phone: (216) 522-1383 Fax: (216) 694-4264 diverse, delicious menu while also making it Claim denials 30.9% relatively easy to produce? How do they have www.crainscleveland.com Claim settlement/payment delays 17.5 it all ready at the same time? In our meeting Publisher/editorial director: Unsatisfactory settlement/offer 13.0 Brian D. Tucker ([email protected]) and event planner section, we ask some area Editor: Policy cancellation/non-renewal 5.3 Mark Dodosh ([email protected]) chefs and caterers for their secrets. Managing editor: Complaints by coverage Percentage Scott Suttell ([email protected]) REGULAR FEATURES Sections editor: Health/accident 40.5% Amy Ann Stoessel ([email protected]) Assistant editors: Best of the Blogs ..........19 List: Downtown office Auto 23.9 Joel Hammond ([email protected]) Big Issue........................9 buildings..............14-15 Sports Homeowner/renter 16.0 Kathy Carr ([email protected]) Classified.....................18 Personal View ................8 Marketing and food Life and annuity 14.1 Editorial .........................8 Reporters’ Notebook ....19 Senior reporter: Other 5.5 Stan Bullard ([email protected]) Going Places..................7 Tax Liens .....................18 Real estate and construction Reporters: Shannon Mortland ([email protected]) Health care and education Jay Miller ([email protected]) Government Chuck Soder ([email protected]) Technology Dan Shingler ([email protected]) Manufacturing Research editor: Deborah W. Hillyer ([email protected]) Cartoonist/illustrator: Rich Williams Marketing/Events manager: Christian Hendricks ([email protected]) Advertising sales director: Mike Malley ([email protected]) Account executives: Adam Mandell ([email protected]) Dirk Kruger ([email protected]) Nicole Mastrangelo ([email protected]) Dawn Donegan ([email protected]) Business development manager & classified advertising: Genny Donley ([email protected]) Office coordinator: Toni Coleman ([email protected]) Production manager: Craig L. Mackey ([email protected]) Production assistant/video editor: Steven Bennett ([email protected]) Graphic designer: Kristen Wilson ([email protected]) Billing: Susan Jaranowski, 313-446-6024 ([email protected]) Credit: Todd Masura, 313-446-6097 ([email protected]) Circulation manager: Erin Miller ([email protected]) Customer service manager: Brenda Johnson-Brantley (bjohnson-brantley@ crain.com) 1-877-824-9373 Crain Communications Inc. Keith E. Crain: Chairman Rance Crain: President Merrilee Crain: Secretary Mary Kay Crain: Treasurer William A. Morrow: Executive vice president/operations Brian D. Tucker: Vice president Robert C. Adams: Group vice president technology, circulation, manufacturing Paul Dalpiaz: Chief Information Officer Dave Kamis: Vice president/production & manufacturing Kathy Henry: Corporate circulation/audience development director G.D. Crain Jr. Founder (1885-1973) Mrs. G.D. Crain Jr. Chairman (1911-1996) Subscriptions: In Ohio: 1 year - $64, 2 year - $110. Outside Ohio: 1 year - $110, 2 year - $195. Single copy, $1.50. Allow 4 weeks for change of address. Send all subscription correspondence to Circulation De- partment, Crain’s Cleveland Business, 1155 Gratiot Av- enue, Detroit, Michigan 48207-2912. 1-877-824-9373 or FAX (313) 446-6777. Reprints: Call 1-800-290-5460 Ext. 136 Audit Bureau of Circulation 20100816-NEWS--3-NAT-CCI-CL_-- 8/13/2010 3:23 PM Page 1 AUGUST 16-22, 2010 WWW.CRAINSCLEVELAND.COM CRAIN’S CLEVELAND BUSINESS 3 THE WEEK IN QUOTES Arcade readied for sheriff’s sale “If (the Rock Hall) is but one conclusion, being that (the) unresolved. Heavy interest possible as other downtown plaintiff is entitled to judgment,” Minneapolis-based US Bank, as going to be on the Judge Russo wrote. Bank of America the trustee of a $6 million bond projects take root and Hyatt brand remains holds a $14 million mortgage on the issue that is supported by tax-incre- level of a significant building, which has a 293-room hotel ment financing and helped finance cultural organization, By STAN BULLARD hotel market. and two floors of retail space. The improvements to the Arcade by [email protected]
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