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For-Profit EDU: Has a New Legal Precedent Been Established For Institutions? A Recent CECO Case Warrants Closer...

June 19th, 2013

Earlier this week, the American Arbitration Association ruled on a dispute between a former student of CECO’s California School of Culinary Arts (since rebranded the Le Cordon Bleu College of...

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ESI: The Latest 90/10 Compliance Strategy/”Work Around” – Charter Schools and Free Associate’s Degrees

June 12th, 2013

In a move that received little fanfare this past February, ESI’s board of directors established a short term element to the company’s compensation policy for senior management that could be payable in...

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ESI: The Absurdity of Reported “Earnings” As FCF Collapses and Balance Sheet (Off and On) Obligations Loom Large

April 26th, 2013

How much are 400-600 ITT Tech students worth?  In a report in which we will outline some of the critical questions surrounding ESI, this is the question we have been pondering all day.  Afterall, it...

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ESI: 10-K Highlights – the SEC Subpoena Is Not the Sole Cause for Concern

February 25th, 2013

We have little doubt that among the kernels of information included in ESI’s 2012 10-K filing that the disclosure of the subpoena from the SEC will receive the greatest attention – as it should.  However, for anyone who has followed the...

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ESI: And So It Begins…. What Do You Believe?

January 25th, 2013

Who said volatility is dead?  In a day that will go down in infamy for ESI investors, the stock traded in an astounding 40%+ range today.  After gaping down in excess of 20% in early trading ESI shares rebounded over the course of the day to close up 17.7% - efficient...

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ESI: The True Nature of ESI’s Educational Outcomes Finally Coming to Light, Liquidity Position Looks Tenuous, Taking...

January 6th, 2013

If you were to distill our short thesis on ESI into its central elements (which we’ve now had in place for almost four years now) it can be succinctly summarized in two points: 1. The company’s...

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Current Ideas

EXPI

SELL/SHORT

$4

HUSQ.B

SELL

$50

UFPI

SELL/SHORT

$45

TREX

SHORT

$18

PRDO

SELL/SHORT

$5

STRA

SELL/SHORT

$42

CWH

LONG

$75

OSTK

LONG

$128

CM

SELL/SHORT

$50

RY

SELL/SHORT

$50

ARC

LONG

$5.50

AYI

SHORT

$50

BIG

SHORT

$28

WWE

LONG

$65

XOXO

LONG

$37

RLGY

PAIR TRADE

$10

RDFN

PAIR TRADE

$30

BCO

LONG

$35

ING.PA

SHORT

$35

TRUP

SELL/SHORT

$10

CTC

SHORT

$101

ATGE

SHORT

$15

HCG.TO

SHORT

$0

RON.TO

SHORT

$9

ESI

SHORT

$0

BGG

PAIR - LONG BGG/SHORT TTC

25%

TTC

PAIR - LONG BGG/SHORT TTC

25%

Z

SHORT

$14.00

NA.TO

SHORT

$22

ZU

SHORT

$15

TRLA

SHORT

$20

MCRS

SHORT

$31

APOL

SHORT

$35

OPEN

SHORT

$30

KNL

PAIR - LONG KNL/SHORT MLHR

25%

CSGP

SHORT

$100

GCA

LONG

$8

IPSU

LONG

$20

MLHR

SHORT

$22

LOOP

PAIR - LONG CSGP/SHORT LOOP

40%

THQI

LONG

$35

WPO

SHORT

$275

COCO

SHORT

$0

HNI

SIG

RGR