FARMINGTON, CONN.: The Connecticut School of Broadcasting is back in the hands of its founder. Dick Robinson is once again in possession of the institution he started 45 years ago, and sold in 2006. The school closed abruptly in early March when lenders seized the bank accounts. Students within a week from completing the four-month curriculum were locked out of the facilities. The school filed for bankruptcy in Boston, and that court has approved releasing it to Robinson for $1.2 million.
Robinson was appalled at the way the buyers handled the closure, as was Connecticut Attorney General Richard Blumenthal. DLG Growth Partners, a private equity affiliate of Credit Suisse First Boston, bought the school in 2003 for $50 million and expanded it to 26 locations. DLJ’s banker, PNC Financial of Pittsburgh, froze the school’s accounts while its administration sought funding. School officials were told at 4 p.m. the day of the closure to vacate buildings within an hour.
Blumenthal appointed a trustee to keep classes going during liquidation. Robinson will take over the school and roll it back to 11 facilities in Connecticut, Virginia, Florida, Georgia, Massachusetts, New York, New Jersey and North Carolina. -- Deborah D. McAdams
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