General News: NYMA 2.0 Group Proposes Financial Plan
June 22, 2010
The NYMA 2.0 group that has been working to avoid a shutdown of the New York Military Academy says that it has offered a solution to the financial crisis that could shut the school at the end of this month.
NYMA 2.0 spokesman Tony Jarrett said that the committee has submitted a funding proposal to the school’s board of trustees totaling $5.8 million dollars in loans to refinance the current debt and provide the funding needed to continue current operations. He added that the board is reviewing the terms of this proposal and a decision whether to accept the terms of this proposal is expected quickly.
The board of trustees made no announcement following its discussion of the NYMA 2.0 proposal on Monday. The board faces a deadline of June 30th to pay off a $1.5 million loan from the Bank of America and it has suspended operation of the school pending a final decision to close or re-open if there is a firm commitment for financing.
Meanwhile, the town of Cornwall is moving ahead with its effort to purchase the financially- troubled NYMA property. Last Thursday the town board agreed to hire the law firm of Nixon and Peabody as special counsel to advise it on the proposed purchase. The board has arranged its first formal meeting with attorneys from the firm this Friday, June 25, at 10:30 am when they will discuss the issues in a special meeting behind closed doors.
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