Posted on Tue, Mar. 29, 2005
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http://www.kvpress.com/news/articles05/0331jobfair.htm"School operator files for bankruptcy
Associated Press
AUSTIN - An Austin-based operator of schools for troubled youths that has been targeted by state regulators and private lawsuits has filed for Chapter 7 liquidation in Bankruptcy Court in Delaware.
The filing Friday from The Brown Schools Inc. lists at least $425,000 in legal settlements among its unsecured claims.
Brown Schools operates 11 boarding schools and educational facilities for troubled children in Texas, Idaho, California, Florida and Vermont, according to its Web site.
Texas regulators cited the On Track program of the Brown Schools for multiple violations after the 2002 death of 17-year-old Chase Moody of Richardson. Regulators alleged that an improper restraint was used at the Mason County program, but a grand jury later concluded that no criminal charges were warranted.
Brown Schools filed for liquidation along with 24 affiliates. It reported assets of less than $10 million and debt between $10 million and $50 million.
The filing doesn't say who currently owns the Brown Schools. Until recently, Menlo Park, Calif., investment firm McCown, De Leeuw & Co. owned Brown Schools and its unit, CEDU School Inc."
They don't miss a thing!
