This just in from Atlanta.

 

Federal Judge Timothy C. Batten, Sr., has appointed a special receiver to operate the “business” of Mosaica, which, according to the complaint and motion filed by its creditor, Tatonka Capital, has $20 million in unpaid debt and $10 million in operating losses in the last year. The receiver will be responsible for the continued operations of all the charter schools now being run by Mosaica.

 

This is the riskiness of the charter business. Mosaica is a “for-profit” charter business that is not making a profit and is instead deep in debt.

 

It is amazing the children are turned over to for-profit corporations for their education.

 

This is one of the dangers of “reform,” in which the motivating goal is profit, not education.