SFAI@USF...

[bjcheung77]

San Francisco Art Institute (SFAI) is merging with University of San Francisco (USF).
Cash-strapped SFAI is going to be part of the USF and the name will be SFAI@USF.

I didn't know they were having issues and was close to bankruptcy, wow, just their mural was valued at $50 million! But they've got about $19 million in debt, I guess merging was the only option.

Link: https://hyperallergic.com/709509/cash-st...niversity/

[Alpha]

The deal seems to have fallen through
San Francisco Art Institute shuts down after merger collapses | Higher Ed Dive

[bjcheung77]

Oh snap, that merger was their "best" chance in surviving closure, oh well - another one bites the dust...

[Johann]

Oh snap, that merger was their "best" chance in surviving closure, oh well - another one bites the dust...

Anybody know who gets to take home the $19 million mural? 

[bjcheung77]

Hmm, that's a 50 million mural, if someone gets it for 19... that's a steal, sell it back for 45 and you've made a lifetime of cash right there!

[Johann]

Hmm, that's a 50 million mural, if someone gets it for 19... that's a steal, sell it back for 45 and you've made a lifetime of cash right there!

My bad - took the wrong figure. If it's $50 mill - that covers their liability with $31 Million to spare. They should sell it. If necessary, I think they could be MADE to sell it. If it came to a showdown, I wouldn't doubt the creditors could get up a petition. I'm no expert, but I'm pretty sure there are provisions under the law for that kind of thing.

[bjcheung77]

Here's the newest update: https://www.latimes.com/california/story...p-for-sale