ICEF representatives and others said the group's budget problems were caused by insufficient reserves; an overly ambitious expansion — 11 new schools in three years — that resulted in costly debt... (Howard Blume, L.A. Times)
Wednesday, September 29, 2010
BBC bailout of mismanaged L.A. charter chain
The L.A. branch of the Billionaire's Boys Club, led by Eli Broad, Frank Baxter, and former mayor Richard Riordan, came up with a fresh infusion of cash to temporarily save a failed charter school operating company and help it meet payroll. ICEF is one of the nation's largest private operators of charter schools. It operates 15 schools in the city's low-income minority neighborhoods.