Why will 2013 be a great year? The CEO said their results were "unacceptable and unsustainable" and that they face "substantial enrollment headwinds". Starts fell 16% and total enrollments fell 19% and operating losses got worse. EBITDA was negative and worse than a year-ago. Now, when you say $6/share cash, it's actually $4.87 but $1.48 is restricted so that's net cash of $3.39 and even then that's not all available to shareholders for a variety of reasons.
If you're going to invest in post-secondary education concepts, there are others that are in much better shape. While this may look like a "steal" to some because of the cash position, this is a classic value trap. You'd be catching a falling knife.