Oh joy! Nova president "Nozom" Sahashi has decided to tell everyone to hang tight just a little longer yet again. Maybe if he actually showed his face in public and explained things, people would start taking him seriously instead of trying to decipher the meaning of his brief faxes. Here's the new fax with a translation courtesy of .
The big news that was supposed to be announced on October 5th turned out to be a non-event. Instead, Nova submitted its business improvement plan which was rejected by JASDAQ for being light on details. JASDAQ gave Nova until October 19 to resubmit its report.
How bad is the report [PDF in Japanese]? Between now and the end of the fiscal year next March, Nova plans to do the following (p.6 of the report):
So much for the supply of teachers from Australia. AACE, the Australia Asia Centre for Education Exchange, which does recruiting for Nova (and, if I recall correctly, also charges hefty processing fees), has finally had enough of Nova. The following announcement is on their website:
Shukan Gendai has taken a big swipe at Nova president Nozomu Sahashi for going into hiding and leaving everyone in the dark as to what's going on. Here's a quick-and-dirty translation of the article:
It seems that Nova is starting another round of paycheck woes. Titled instructors were finally paid on Friday but sadly, the Japanese staff, yet again, will have to wait for their pay. The only reason anybody got paid is due to Sahashi putting up 9 million of shares as collateral for a loan. So nothing has changed and everyone is back to worrying about where their next paycheck will come from while Sahashi continues to struggle to keep Nova alive.
I don't think there has been a drop of good news for Nova since June. According to the Asahi Shimbun, four ex-students have filed a 2.45 million-yen class action lawsuit today against Nova over the way Nova calculated its refunds.
