It won't happen..........they told the securities and exchange commission to more or less FO ! They will close and many will be hurt. The Japanese Government and the foreign Embassies will not lift a finger. MITI will squirm out of it's responsibility like KY on a condom. Consumer protection will have it's hands busy trying to keep a lid on 400,000 very ripped off customers. They have already abandoned many schools/workers/teachers. It is not pretty.

10/15 is the next payday, if it's not over then it will be shortly after...........

Hellowork will do nothing for the foreigners, they will not see a Yen!

Those kid's that are still working are only prolonging their misery.

 

Well the employees were protesting/picketing the fact again that they were not paid......again! (See Japan Times).

 

If the NOVA employees are enrolled in unemployment insurance, the government is legally obligated to pay them benefits. If the government refuses, I'm sure someone (Debito, if he stops trying to get in hostess bars, could put his name on the effort, or the NOVA union might try) will take the government to court fairly quickly.

 

No matter how hard I tried, I couldn't get them into the same box.

If there's a case to be settled in court, then the NOVA teachers had better get a second source of income to tide them over while the court digests it for a few years. Maybe they could sell drugs.

 

Acregal I think you are a wonderful person, but they would be fools to hang around in hope of getting a yenny......




Perhaps they could be become professional rabble rousers!

 

Nova declared bancruptcy (or some version of it) late last night. Only 5 billion yen in debt ! Still in Japanese for now, but is available on the major Japanese news sources for those that can access.

 

I read about it (link here). Apparently the board had some meeting yesterday and fired the President, Sahashi (who apparently wasn't there), and they're trying to restructure (会社更生法 - Corporate Restructuring Law), not really bankruptcy (or rather more like Chapter 11 in the US, rather than Chapter 7). This entire thing seems more like a drama. Oh well, best of luck to any NOVA employees.

 

The journalists I sit beside said "tousan" not withstanding what the interpretation was. I was off by a week by a week in the office "pool"........Sad for the Japanese staff that haven't been paid since July and the foreign staff that will not be paid for September and October as wages trail by a month. Do you still think the government will step forward via the social insurance system and offer assistance? Not to mention the 400K customers who now hold worthless tickets !

 

Nikkei says they are putting interpreters in the welfare offices in Osaka and Tokyo to cater to unemployed Nova teachers.

As for the customers this is why METI is pushing for Chapter 11-style treatment which would keep NOVA intact and preferably operating during most of the transition period (the immediate future aside of course).

 

joejones, would you and acregal wait around while they look for a sponsor?

As an aside the real story is with Ginganet(sp), and who controls it!

 

Actually 5 billion yen is a bit low I think. Simul went under with about 5 schools and 9 billion in debt. By the way, the company got picked up by Benese/Berlitz for 18 cents on the dollar (debt).
Is the Giganet valuable? I first read about it on letsjapan.

9 shoe guy, if I were you, I would be acepting Nova coupons for free lessons to bring in new customers.

By the way, when I meet anyone from Nova in a bar now, they get a free drink from me.

Update. The debt is around 50-60 billion yen (500 million dollars).

 

We looked at buying Nova lock stock and barrel about a month ago. Took a quick look, and realized that thing was more radioactive than a leak at Kashiwazaki-Kariya, and so we gave it wide berth. Instead we did the takedown of Arysta. Just as dangerous, but at least the cash flow is steady.

 

News has filtered through to Australian media due to the large number of Australians employed by NOVA.

http://www.brisbanetimes.com.au/arti...941377731.html

There has been a lot of press recently basically telling people not to go over if they were promised a job.

 

Nova group had no impact on my business...........

I came to this area in late 1990 and have never worked for the major chains (except Britannica). I cut my teeth at the YMCA which treated it's employees well. We had generous packages which included free Japanese lessons and use of their centre at Nanakuma. I established my own classrooms in 1991-1992. At the top my sales with just 2 teachers topped 18 million yen (20 hours a week teaching). I myself had 90 regular students, 2 kindergarten contracts plus outsourcing to Mitsui Kosan and an Asahi Glass affiliate in my area for about 10 years straight. I have also worked for Kyuden and most recently the Nishinippon Newspaper group.

As it stands now I am closing the school and haven't accepted any new students since last February. I am quite happy to say that my experience in Japan has been wonderful........and pity those that have been enslaved by this fetid industry.

 

You could have just taken a look at the stock movements in August, (can you say "tobashi")and not even needed to take a quick look.