New College Independent Alumni/ae Association

With For Sale signs going up on New College buildings while payroll debts and other creditors remain unpaid, some have asked why the trustees didn’t file for bankruptcy protection. The short answer is that the school’s real assets would then have come under the control of a United States Bankruptcy Court trustee, thus foreclosing the ongoing looting of the school by Peter Gabel, Matthew Wilkes, et al.

Should the State of California or other aggrieved party choose to force the now paper entity into bankruptcy proceedings, the asset conversions can still be undone retroactively. This would in turn perhaps free up funds from property sales to remedy some of the harms to school employees and students in the form of medical bills and consumer debt incurred as a result of the trustees’ negligence.

At this point in time, it doesn’t appear anyone is pursuing this avenue to restitution.

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