Let's Japan.org Debunking Eikaiwa and Ramblings in Japan

Nova is quickly crumbling into pieces. Hot on the heels of yesterday’s sale of the equity warrants comes news that Sahashi’s lieutenants are leaving him.

Big edit

The JASDAQ stock exchange [PDF] has reported that Nova's equity warrants have been executed purchased.

Here come the evictions! I wrote recently about a landlord suing Nova for not paying the rent, and now the Asahi Shimbun is reporting that Nova is being evicted from its school in front of the JR Owari Ichinomiya station in Ichinomiya, Aichi prefecture.

According to the article, the owner of the building is suing for back rent and wants Nova out of the building. Nova hasn't paid the rent in three months.

The Sankei Shimbun is reporting (under the Scandals section, quite correctly) that Anders Lundquist, who has been with Nova since it was founded by Sahashi, has submitted his resignation.

This comes from hurry_up_and_die in the forums and will either make you laugh or scream. The Japanese staff would like you to come into work today. Apparently, they seem to think Nova is recovering.

To instructors who have come to work today,

Nova has submitted its latest report [PDF] to the JASDAQ stock exchange on how it will improve its reporting of information. Bear in mind that the purpose of this report to demonstrate to JASDAQ that Nova can follow the stock exchange's rules. JASDAQ isn't concerned with how Nova operates.

In terms of content, it's not much different from their previous report.

Despite a promise to pay teachers on the 19th, Sahashi could not deliver. So what does he do? Issue another meaningless fax.

The fax is new but not new. In fact, if you compare it to his previous faxes, it looks like he merged them all together and added in a few new bits here and there. He is still saying, be patient, I'm trying to get some money, good luck.

Mod in the forums gives us a rough translation:

Teachers didn't get paid today. Sahashi's word really means nothing now. The man cannot be believed. After his October 12 fax asking teachers to be a bit more patient until the 19th for their pay, Sahashi has failed to live up to his word. Sadly, the only person who seems to know what is going with Nova an its pay is Sahashi and he is nowhere to be found.

It looks as though in trying to scrape together cash to pay everyone and keep Nova afloat somehow, Sahashi has made deals with some shady people. ZAKZAK ran an story yesterday about the president of Roots and the equity warrants Nova issued. Here's a translation of the story.

The current edition of the Yomiuri Weekly has published a fairly long article on the stock dealings of Nova that paints Sahashi in a poor light (as if you didn't know that already). Here's a translation of the article.