The End of Nova Thread

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thebaumer
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Unread post by thebaumer » Fri Oct 26, 2007 4:45 pm

...so you think the J-staff is still forming a union and striking on Monday?
Tennis Announcer 1 (Jim): That's 72 unforced errors for Richie Tenebaum. He's playing the worst tennis of his life. What's he feeling right now, Tex Haywood?
Tennis Announcer 2 (Tex Haywood): I don't know, Jim. There's obviously something wrong with him. He's taken off his shoes and one of his socks and... actually, I think he's crying.

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Unread post by みなごろし » Fri Oct 26, 2007 4:49 pm

Mod wrote:Im not really friendly with the J-staff due to soliciting students, encouraging them to cancel contracts and not showing up for a month, so i can't confirm this....
BUT

I though that the staffs pay was late the month before last (well, technically last month isn't late as they still haven't gotten it). Im 90% sure that the Salary on August 27th was a week late, and sep 27th still hasn't come. They could already have quit and got UI.... no?
from what i understand it may be different from city to city...even as some people have posted about the different staff at hello work you are dealing with...

and the situation of how said j-staff leave the company might also
come into play...

it seems that everyone has alot of different information and experience
when dealing with hello work....these could be reason why...

but really i dont know..

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Unread post by exUsagiCoalMiner » Fri Oct 26, 2007 4:49 pm

strongbad wrote: Image
Good old Admiral Ackbar. Maybe this is Monkeyman's new look after his cheap reconstructive surgery?
"But it's got sharp, pointy teeth!"

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Unread post by novalidity » Fri Oct 26, 2007 4:50 pm

Mangaanimejpopsamurismap wrote:I just wish that alot of Japanese people would stop blaming the instructors for the cancelled lessons, school closures etc.
I hate to say it but the Japanese and their society are complicit in this. If they had reasonable reporting and had a populace interested in the news then the information flow to the students would have been better. Equally if their business system was more transparant and didn't allow companies like NOVA to go unchecked for years while screwing people over then this may not have happened. However, the shady, murky business deals in Japan are practically par for the course. If you have a populace who still refuse to open their eyes to the world and to accept what managers say without question you will always be open to abuses such as those heaped upon the populace by NOVA. The way customers and staff kept clinging to the belief NOVA was okay towards the end without having any information or apparant desire to seek independent information on the true state of affairs speaks volumes.
The dodgy business dealings and the populaces apathy towards discovering the truth have always been two of my bugbears about Japan ever since I protested over the mass slaughter of Dolphins in Japan for food.....the number of Japanese students who are just generally ignorant or incapable of discovering for themselves information about their own country only assists in mass duplicity or self-delusion.
I feel sorry for the students and staff....but really as ever in Japan....too little...too late.
As for NOVAs future I was once told that companies don't die in Japan. Just like the salry men who retire and then get rehired by the same firm as a "wise man" damaged companies...limp on....slow down then get rehired to do nothing but limp on even further with ever decreasinf efficiency. I look forward to NOVA going bankrupt as it would show some people once again how dodgy the "boys club" of Japanese business,banking,government really is.....however, I doubt it will happen. There will be some token effort at assistance from the government allowing it to limp on like all the other shady Japanese businesses in the past. I expect a radically slimmed down propped up NOVA to reappear if only to keep a few people who have had their pockets lined over the years from being caught out. Someone in government will have taken money over the years to side with NOVA on some of its dodgy rules and regs. The foreigners will be allowed to drift off....but the managers will be retained in some role for a while at least.
The branches are close for ten days....by the end of which most teachers will have gone allowing them to skim on repayment and scale down operations. Expect a tarnished 1/4 size NOVA to still be around next year.......
Someone should start writing a sequel to Dogs and Demons based soley on NOVA. It would be a big hit with teachers old, new and prospective.

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Unread post by SkyTripper » Fri Oct 26, 2007 4:55 pm

Mangaanimejpopsamurismap wrote:I don`t think it was Mr Saruhashi`s fault as he truely believed in the company.
He has tried his best to make sure everyone knows whats happening in a timely fashion.
At least he had the good intention to make NOVA a great and succesful company in the beginning.

I`ve heard from a friend that the reason he wasn`t able to go to the meeting or write faxes was because he has a cold.

Let`s all give him the benefit of the doubt for a change.


Now I wait..........
Hilarious. He has a cold heart. Better.
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Unread post by Pabloski » Fri Oct 26, 2007 4:57 pm

Image

Lets find the bastard. Paste this poster on every lampost in japan
What do you get if you cross Flemming with Anders? FLANDERS!!!! "well hello diddly doo coworker! Still waiting for the casharoony to come a diddly dopping pingin and a poppin its way into your bank account? Well a dont be a diddly widdly worrying! New NOVA will take care of everything! or my name aint Lundquist! "

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Unread post by SkyTripper » Fri Oct 26, 2007 4:59 pm

In The Know wrote:
novawhiz wrote:wonder how long it will be until a japanese paper interviews a student that says "they fucking sold me 1,400 points the day before they declared bankruptcy!!!!"
The Japanese media-- print and TV-- was so far fucking behind the curve on this story from the start. The NOVA collapse unfolded like a slo-mo boxing match video; you can't even call it journalism. Now they'll be tripping overthemselves to 'get the story out'.

To a lot of you: The best journalism that happened during this saga was on this thread at LJ where the diligent posted faxes, translations, verified talk from the inside, shared anecdotal evidence, offered wise opinion, etc.. I love this country, but their concept of 'journalism' is an abomination.
I completely agree. I tried to get their attention several times. Not even the courtesy of a reply to my emails. I guess they had their "sources"?
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Unread post by Dawkins » Fri Oct 26, 2007 5:04 pm

Saruhashi missed the meeting because of a cold? Give me a break. The most important meeting in a company he has spent 26 years "developing"..and he misses it because of a cold. Check your sources.

As far as this being the fault of Japan or Japanese or whatever..everyone get over yourselves. Nova is high profile..but its not even that big of a company. All told its what.. 6 or 7,000 people... scattered throughout Japan. When Burger King pulled out however many years ago, it wasnt constantly in the news.. it was covered as another story.. Of course if you work in Nova its the primary thing you are worried about these days.. but its just another mid sized company struggling company for people..and to the vast majority of people there is no reason to get any more emotionally invested in this as any other piece of news. Maybe even less. Its a company that by and large supplied a hobby, not a need.

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Unread post by novacaine » Fri Oct 26, 2007 5:06 pm

i like babelfishes translation of the nova home page
Vis-a-vis everyone of the authorized personnel, as you pile up and pile up and say to apologize deeply, the impudent request we have known, but, no soldier/finishing, extraordinary understanding we would like to grant cooperation to reconstruction of this corporation, ask.

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Unread post by Mangaanimejpopsamurismap » Fri Oct 26, 2007 5:12 pm

What`s bad is having to go drinking with your friends from Aeon.
Their smirks and know it all opinion about NOVAs flaws are very hard to bear.
I have had countless I told you sos coming at me I dont know which foot to look at anymore.

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Unread post by novalidity » Fri Oct 26, 2007 5:14 pm

SkyTripper wrote:I completely agree. I tried to get their attention several times. Not even the courtesy of a reply to my emails. I guess they had their "sources"?
As I said above the ignorance of the media and populous' unwillingness to either seek truth or accept only make them complicit in NOVAs shady dealings and eventual downfall. If you can't ask questions it will be too late when you finally get an answer.

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Unread post by Mangaanimejpopsamurismap » Fri Oct 26, 2007 5:18 pm

I heard from one of the J-staff that they may start payments accoring to prefecture one at a time.
I can`t verify this.
Anyone else heard anything about it?

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Unread post by octo » Fri Oct 26, 2007 5:19 pm

Breaking News

Nova files for bankruptcy with debt of ¥43.9 billion

From the Japan Times:
http://search.japantimes.co.jp/cgi-bin/ ... 026z1.html
Last edited by octo on Fri Oct 26, 2007 5:20 pm, edited 1 time in total.

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Employment conditions

Unread post by bostongatewayfpm » Fri Oct 26, 2007 5:19 pm

I reckon few, if any, jobs are available before X-mas. Maybe some ALT gigs with schools that have canceled Nova's contracts. In addition, companies generally don't hire in Nov and Dec.

So... mass exodus in December, maybe 3000 or 4000 people (thats about 50% of the labor market.) That doesn't even include all the people working at other companies that plan to leave at that time, too.

Remember, so many other schools feed off Nova. Once this flood is finished there will be a serious drought! Few schools can afford to over staff and even fewer will plan to. Almost none can recruit serious numbers of people from overseas. It's expensive and time consuming.

Come late January companies will become desperate to hire new employees. Come Mar and April there will be chaos. With no Nova bringing in new people where will the supply come from. It takes 6 months to get all of the paperwork squared away to bring newbies over, and there will be fewer willing to after Nova's collapse. By mid next year the good old days will be back.

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Unread post by fumanchu » Fri Oct 26, 2007 5:25 pm

Mangaanimejpopsamurismap wrote:I heard from one of the J-staff that they may start payments accoring to prefecture one at a time.
I can`t verify this.
Anyone else heard anything about it?
What? They're going to start paying us with debt? 12.5million per instructor.
Last edited by fumanchu on Fri Oct 26, 2007 5:27 pm, edited 1 time in total.

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Unread post by Masked Rider » Fri Oct 26, 2007 5:25 pm

Cheers to Octo for breaking the news.

皆さん、お疲れ様でした!

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Unread post by Mangaanimejpopsamurismap » Fri Oct 26, 2007 5:30 pm

[color=red]What? They're going to start paying us with debt? 12.5million per instructor?[/color]

Yeah I know what you mean. maybe she is just trying to give me some hope so I won`t ask her any more questions.[/code][/list]

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Unread post by Mod » Fri Oct 26, 2007 5:31 pm

octo wrote:Breaking News

Nova files for bankruptcy with debt of ¥43.9 billion

From the Japan Times:
http://search.japantimes.co.jp/cgi-bin/ ... 026z1.html
This isnt breaking news, its exactly what we've been talking about for the last 10 pages.

Its not a filing for bankruptcy, its (and i quote the article linked):
"Osaka-based Nova said it applied for protection from creditors under the Corporate Rehabilitation Law with the Osaka District Court, and pledged to find a sponsor for rehabilitation under the supervision of a court-appointed administrator. The court accepted the application."

Its not over, its the same thing that ex_sensei originally reported. Its just a sensationalist headline. Relax people.
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Unread post by sadpanda » Fri Oct 26, 2007 5:33 pm

octo wrote:Breaking News

Nova files for bankruptcy with debt of ¥43.9 billion

From the Japan Times:
http://search.japantimes.co.jp/cgi-bin/ ... 026z1.html
That doesn't seem so breaking. It's just talking about the meeting they had before.

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Unread post by Mod » Fri Oct 26, 2007 5:34 pm

But this is new... someone posted earlier that his shares were reduced to a quater... the linked article says:

"President Nozomu Sahashi, who has a 16 percent stake in the company, is nowhere to be found."

Since when did 73% become 16%? Is that just a random number? IF the VI deal did go through, his shares would be diluted... otherwise how the hell do all his shares disappear?!? I rather liked it when he was the majority shareholder under the filing for protection... it meant he would lose more.
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Unread post by Sankyuberymucho » Fri Oct 26, 2007 5:39 pm

Wow it's finally all over for NOVA. The writing has been on the wall for some time now, but it was still kind of a surprise for some reason when the day finally arrived that NOVA declares bankruptcy.

Well the letsjapan crew has been warning people for a while about NOVA's impending collapse, if people chose to keep their head in the sand well we tried our best.

So what does this mean from an operational perspective? Are all branches closed from tomorrow? Or will NOVA continue trading with court protection? In my opinion NOVA is rotten from the core, and it should just be allowed to fail.

Will anyone get paid ever again ?

Everything has changed, but I still have a morbid fascination at seeing it all play out.

To all the apologists, sycophants, and people who insisted NOVA was too big to fail. Well it looks like you guys are well and truly FUCKED !!

To everyone else good luck !

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Unread post by SamhainP8 » Fri Oct 26, 2007 5:42 pm

Popped my head in to a branch after lunch and at last the Bunny is behind bars in the dark!

Image

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Unread post by Daikon » Fri Oct 26, 2007 5:43 pm

The BBC has picked up on what's happened...

Japan's Nova in financial crisis

Japan's largest chain of foreign language schools, Nova Corp, has filed for court protection from creditors.

The firm, which mainly offers English classes, has more than 800 schools and 400,000 students across Japan.

But in June, it was ordered to suspend part of its operations, after a court ruled it had misled customers in advertisements about some services.

Since then, student enrolment has fallen sharply and Nova has accumulated debts of up to JPY50bn ($437m, £213m).

Its 2,000 Japanese staff have not been paid since July and some 4,000 non-Japanese instructors have not been paid their salary for October, union officials said.

Nova has now closed all its schools, Kyodo news agency said.

A court-appointed trustee will sort out its debts and seek sponsors to rebuild its business, Japanese media reports said.

Nova is one of Japan's major employers of foreign nationals. Murdered Briton Lindsay Anne Hawker was working for Nova at the time of her death.

http://news.bbc.co.uk/2/hi/asia-pacific/7063205.stm
Last edited by Daikon on Fri Oct 26, 2007 5:43 pm, edited 1 time in total.

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Unread post by justdontgo » Fri Oct 26, 2007 5:43 pm

For those of us who are serious about trying to get UI payments. The word bankruptcy needs to be thrown around with a bit more caution. It has been a very confusing day and when I contacted Hello Work told me to wait a few days to see what Nova will do. They said Nova has not filed for bankruptcy and when it does, we will still have to wait about getting our Rishokyu-hyo.

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Unread post by Mangaanimejpopsamurismap » Fri Oct 26, 2007 5:45 pm

I`m declaring bankruptsy . :oops:

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Unread post by Sankyuberymucho » Fri Oct 26, 2007 5:48 pm

Mod wrote:
octo wrote:Breaking News

Nova files for bankruptcy with debt of ¥43.9 billion

From the Japan Times:
http://search.japantimes.co.jp/cgi-bin/ ... 026z1.html
This isnt breaking news, its exactly what we've been talking about for the last 10 pages.

Its not a filing for bankruptcy, its (and i quote the article linked):
"Osaka-based Nova said it applied for protection from creditors under the Corporate Rehabilitation Law with the Osaka District Court, and pledged to find a sponsor for rehabilitation under the supervision of a court-appointed administrator. The court accepted the application."

Its not over, its the same thing that ex_sensei originally reported. Its just a sensationalist headline. Relax people.
I believe you are WRONG ! This is nova filing for bankruptcy. Bankruptcy is "a legally declared inability or impairment of ability of an individual or organizations to pay their creditors". This is exactly the situation NOVA is in now ! NOVA may be allowed under the courts supervision to try and clean up its act, but I believe it is still bankrupt. Bankrupt is not the same as liquidation. Also the article clearly states

"Japan's largest language school chain, filed for bankruptcy Friday with estimated debts of about ¥43.9 billion as it failed to recover from a crippling penalty for false advertising."

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Unread post by Mod » Fri Oct 26, 2007 5:57 pm

Sankyuberymucho wrote:
Mod wrote:
octo wrote:Breaking News

Nova files for bankruptcy with debt of ¥43.9 billion

From the Japan Times:
http://search.japantimes.co.jp/cgi-bin/ ... 026z1.html
This isnt breaking news, its exactly what we've been talking about for the last 10 pages.

Its not a filing for bankruptcy, its (and i quote the article linked):
"Osaka-based Nova said it applied for protection from creditors under the Corporate Rehabilitation Law with the Osaka District Court, and pledged to find a sponsor for rehabilitation under the supervision of a court-appointed administrator. The court accepted the application."

Its not over, its the same thing that ex_sensei originally reported. Its just a sensationalist headline. Relax people.
I believe you are WRONG ! This is nova filing for bankruptcy. Bankruptcy is "a legally declared inability or impairment of ability of an individual or organizations to pay their creditors". This is exactly the situation NOVA is in now ! NOVA may be allowed under the courts supervision to try and clean up its act, but I believe it is still bankrupt. Bankrupt is not the same as liquidation. Also the article clearly states

"Japan's largest language school chain, filed for bankruptcy Friday with estimated debts of about ¥43.9 billion as it failed to recover from a crippling penalty for false advertising."

This was at 5am this morning when we were discussing it:


ex_sensei wrote:So I did a bit of research, and the 会社更生法 or the Corporate Rehabilitation Law is similar to a Chapter 11 Bankruptcy in the USA. From what I gather, the US Chapter 11 Bankruptcy law was the inspiration for the Corporate Rehabilitation Law.

I'm not sure if the two laws are exactly the same, but Chapter 11 is...

...A reorganization, as opposed to liquidation. This is usually an attempt to stay in business while a bankruptcy court supervises the "reorganization" of the company's contractual and debt obligations.

The court can grant complete or partial relief from most of the company's debts and its contracts, so that the company can make a fresh start. Often, if the company's debts exceed its assets, then at the completion of bankruptcy the company's owners (stockholders) all end up with nothing; all their rights and interests are terminated and the company's creditors end up with ownership of the newly reorganized company.

If the company's stock is publicly traded, a Chapter 11 filing generally causes it to be delisted from its primary stock exchange.

[ source: WIKIPEDIA ]

I guess _technically_ its a bankruptcy, but not the kind that we want. As other people have said, its a sensationalist headline that while semantically correct doesn't really help up (instructors) at this point. The next 10 days will see what will really happen.
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Unread post by Mangaanimejpopsamurismap » Fri Oct 26, 2007 5:57 pm

Are Nova bankrupct or not?

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Unread post by Mod » Fri Oct 26, 2007 5:59 pm

Mangaanimejpopsamurismap wrote:Are Nova bankrupct or not?
See above post.

Until someone who is knowledgable in Japanese corporate law can confirm, lets assume for the sake of argument that the restructuring law is the same as Chapter 11. This means that they have protection for the time being to try and:
a) find a buyer
b) restructure and create a profitable organization
c) file for complete bankruptcy

I'd assume c) is most likley, but, as with everything, it's going to take TIME.
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Unread post by Sankyuberymucho » Fri Oct 26, 2007 6:01 pm

Mangaanimejpopsamurismap wrote:Are Nova bankrupct or not?
Yes, but make sure you are clear about the definition used ! The post above suggests nova is in the equivalent of chapter 11.

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