Windrush School Poised to Sell to SF-Based LLC

A letter from the trustee informed bond holders of the impending sale.

An outfit called Educational Ventures is buying Windrush School for $6.9 million, according to a letter from Wells Fargo to the holders of Windrush School’s revenue bonds.

Dated Sept. 10, the letter states that the buyer has 45 days to complete due diligence and that the purchase price will be paid in cash at closing.

According to the California Secretary of State’s office, Educational Ventures is an LLC registered in San Francisco and incorporated on August 1 of this year.

Windrush declared bankruptcy almost a year ago. In March, the bankruptcy filing was dismissed with prejudice

Lord Abbett, the investment firm that bought most of the school's $13 million in construction bonds, filed suit on July 13 seeking damages from 17 individuals identified in the suit as school board members at the time the bonds were issued in 2007.

Charles Burress September 24, 2012 at 02:27 AM
Marty, I was on vacation when you posted this comment and only just saw it. I did ask the person listed as the contact on the Secretary of State's website, Kate Freeland, and she said the company that signed the purchase agreement, Educational Ventures, LLC, will not have any comment until after the sale is complete.
Charles Burress September 24, 2012 at 02:30 AM
Jan, thanks for the information. Are you referring to Educational Ventures, LLC? Can you tell me where you found them listed with a PO Box in Carefree, AZ? Thanks
Jessie Simms November 15, 2012 at 03:42 AM
Charles - any news on who is Educational Ventures, LLC or what they intend to do with the Windrush property?
Charles Burress November 15, 2012 at 05:22 AM
Hi Jessie, I haven't found out. I did contact the only representative of the firm that I've been able to identify, and she said the sale is now expected to close in early December and that the principals can talk after that. We published an update this past Saturday: http://patch.com/A-z0nr.
EC Mom November 15, 2012 at 05:43 AM
This is a bit off-topic, but I heard that the new Portola building at the Castro site is now estimated to be ready for students in fall 2016, another year's delay. Can anyone confirm? BTW, I think the Patch is doing a wonderful job--I get far more truly local news than I ever did by subscribing to the Contra Costa Times and other short-lived websites (remember El Cerrito Focus?). Thanks, Patch!


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