Ashford (BPI) Making Good Progress with Layoffs and Reassignments
The Timeline for Ashford University's Migration Implementation Plan, HLC Board of Trustees Meeting, and Date of Anticipated WASC Decision is:
"Ashford University will be required to provide the HLC of the North Central Association of Schools and Colleges with an implementation plan on or before Dec. 1 that demonstrates how the university will comply with HLC’s policy on “substantial presence in the event that a migration to [WASC] either will not occur or is significantly delayed,” the company said in a July 31 press release.
The HLC board of trustees will review the implementation plan at its February 2013 meeting to determine whether it is acceptable, Bridgepoint said. If Ashford University is required to exercise the implementation plan, it must accomplish the move of its core operations to the 19-state north-central region immediately after the anticipated June 2013 WASC decision."
They have lots of time, though:
"Ashford University is currently accredited by the Higher Learning Commission (HLC) of the North Central Association of Schools and Colleges through the 2014-2015 academic year."
Your post omits the fact that they also need to demonstrate to HLC how they meet accreditation standards - especially in light of the fact the Western Association denied them accrediation based on those concerns.
As far as plenty of time, the next critical date will be the 3rd quarter results in early November - likely to be dismal as a result of sharply lower enrollments caused by the bad publicity from the accreditation mess.
In my post, I did say "The HLC board of trustees will review the implementation plan at its February 2013 meeting to determine whether it is acceptable." BPI is working on the implementation plan now as evidenced by it's press release concerning layoffs and reassignments. I'm sure they are working hand in hand with HLC to satisfy them.
As for third quarter results, BPI will report a profit again and add more cash to their already sizable cash hoard. Remeber that BPI has cash equal to almost $10 per share so there is a floor under the stock price. Of course the market is frequestly irrational and we may see BPI trade under the $9.50 level. Below that, I'm an aggressive buyer.
Yesterday, all for profit schools dropped between 2 and 7 percent with BPI in the middle of the range. The market is moving BPI, not the fundamentals.