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Nova's Report to JASDAQ

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.

There are however, a two paragraphs in the report that stand out.

Pages 6 and 7 of the report list the problems with Nova being unable to disclose information in a timely manner, and it places the blame squarely at Sahashi feet. It says that his lack of understanding is to blame for investor information being released late or haphazardly (remember the corrections to the announcement of the equity warrants?). It specifically says that Sahashi didn't know about a business consulting firm (presumably this is Roots) managing some of Nova shares and that the thought it had to do with a stock loan. Although he said he would immediately look into the matter, he never provided an answer.

The report also criticizes Sahashi for wielding too much power. Before any information could be released, it had to be reviewed and approved by him, and this took a lot of time. Financial documents such as　interim financial statements and quarterly reports, were drawn up by the person in charge, and then Sahashi himself would edit the statements and release them later. This happened frequently and prevented Nova's financial officer from releasing information to JASDAQ in a timely manner.

Moreover, because Sahashi held so much authority, he was constantly in meetings, negotiations, and on business trips. This meant he was frequently out of the office. However, nobody in Nova could contact him by phone or meet with him to discuss matters, and this made collecting and releasing information problematic.

All of this seems like an indictment of Sahashi's leadership to me. And it makes me wonder if something could be in the works to oust Sahashi. Given that we know Sahashi is in hiding and not in control of day-to-day matters, why not try and remove him?

Japan: 
nova
Eikaiwa: 
Naked Theft

Comments

Interesting post. If Sahashi is ousted, could Nova be saved by a takeover, or is it too late? The 400,000 students must be an attractive proposition, and surely a copmpetent mangement could make a profit. The debts are, of course, a major obstacle.

I think a lot of those students have given up on the Usagi by now.

I don't think the company can sustain itself even with Sahashi out. They are in too much debt to clean things up.

However, if Sahashi would give up the reigns, someone may buy them out. If they are bought out, I don't see why they would keep the name the same. I'd imagine that everything would be changed to give Nova a clean image that can still attract people.

Sahashi is going to take it to the ground though. I don't think he can be forced out until he gives up his huge amount of Nova stock. If he had half a brain, he'd just cash in all his chips and continue hiding. I mean, if he cashes his chips now and hides away from everything, he could still live quite comfortably.

CLOSED DOWN SCHOOLS + TEACHERS NOT AT WORK ON MONDAY + STUDENT NOT COMING TO CLASS + SCHOOL MANAGERS/RECEPTIONISTS NOT GOING TO WORK + 0120-324929 NUMBER OUT OF SERVICE + EVERYBODY AFFECTED BY ALL OF THIS = WHAT? PLEASE COMMENT! How many happy students are left? Any guestimates?

Sat, 10/20/2007 - 18:29 — paperboy (not verified)

the warrents are a complete red herring. They are useless unless the stock price is above 35 yen, at the moment it is at 30. The company is likely to be delisted given the paucity of info in the latest report to jasdaq and the continuing exodus of students (who are demanding refunds they are unlikely to ever get) and near total dearth of new students (who's going to buy 300,000 worth of tickets at a school that is unable to pay teachers?) means there is no cash coming. Monkey Bridge is whistling past the graveyard. Time to stick a fork in the pink bunny -- it's done!

I was a Nova teacher until luckily I was hired by another company this week. All of my co-workers in two local branches including the head teachers have also quit or resigned. Sadly, I'm the only one out of all of my co-workers with a job now, but what is the point of going to a job where you aren't paid and probably never will be? The point is that there isn't a single teacher left to teach any students at the two schools I worked at. The company lied too many times and now I hope that Sahashi gets his due instead of sending us BS faxes about things that only exist in his head.

Congratulations!

There are many of us who are still f***ed beyond belief. We're to a point where even if I would get a job (which I've had a few interviews already), I still can't afford to live in the country long enough to receive my first paycheck. Most companies aren't kind enough to offer an advance, either. I either get paid this month, the company bankrupts and I can draw unemployment, or I go home. If one of interviews I've had pulls through, I might be able to take out a small loan to tide me over... but if I don't get offered a job by the end of the month, it's over. You are one lucky person to have found a job. In Osaka, it's almost impossible at the given time.

Just out of curiosity does anyone know what education or experience monkey bridge has? Any details about his earlier days would be much appreciated....

Prior to starting up "RIPOFF NOVA", he worked at one of Japan's biggest language translation companies.

14 assholes

PEOPLE: You don't have to wait for the company to go bankrupt in order to collect UI. I went to the Labour Standards office and asked them about this: whether the company goes bankrupt, or you resign with Just Cause (not voluntarily) it takes the same amount of time to get your UI. SO resign NOW and get the process started!

Have questions: you NEED to go to the local Labour standards office ASAP! Quit going on hearsay and speculative "policy"!

Are you serious? This is news to me. I'm going tomorrow morning to see what I can do. Thanks for the heads up.

Just cause being: 2 late pay checks.
Well, if your at the MM center, then you've only received one paycheck that's been late.

how did you find your nearest labour standards office? is there a webpage listing?

As a manager? I seriously doubt that he could translate anything.

You need to read a bit of Japanese, but here it is:
http://www.mhlw.go.jp/bunya/roudoukijun/location.html

Choose your prefecture and then look for the office nearest you.

The significant problems we have cannot be solved at the same level of thinking with which we created them. -Albert Einstein

—

Shawn

I think he would be able to translate Bullshit pretty well.

Sahashi is not fluent in English?

I mean, he started a goddman ESL school empire!

On paper Sahashi (graduated?) in 1976 atパリ第六大学理学部卒堯 (Paris Dai Roku daigaku Rigakubu Sotsugyou). He majored in sort of a science degree. He was 25 years old and was born September 12, 1951.
The joke is he never graduated. Anytime someone asks him if he graduated from university he just smiles. It’s that same con artist smile that all salespeople have when they want you to believe in their product.

Went into the branch today to pick up this fax which was sent to all instructors in my area yesterday. I don't have anyway to scan it in, but considered it important enough to retype it out word for word, spelling and grammar slips included.

if you read through this you will see that the staff are now mutinous, and planning legal action against the company. At the same time, they want instructors to come in and work for the same company that has screwed everyone over.

not much more i can say on this, other than i did contact my consulate and received an email response that basically listed other contacts, which strangely included NOVA's own FP office

As for the fucking guilt trip about bearing responsibility for this, I have a VERY clear conscious knowing that i did the right thing. I bear NO responsibility for the companies policies and complete mismanagement that made this all happen.

START OF FAX-------------------------
To instructors who have come to work today,

I really appreciate your cooperation and carrying out your responsibility.
NOVA can not be exist without you. I cannot express how much the staff and students were saved by your hard work and effort. We, Japanese staff, are also going to form a union and going to fight with the company legally. i have a favor to ask of you, please report "I am working ata Japanese company but cannot live due to the non-payment of my salary" to your home country's Foreign Affairs Ministry. If your Foreign Affairs Ministries approach the Japanese government, it will be a social phenomenon and our situation will be known in society and we can put pressure on the company.
Lets keep carry out our responsibility to protect our rights. I will send you our union's information in English soon. We will feel reassured if we can get your assistance.

To instructors who didn't work at the branches today,

We totally understand your situation, but your decision not to work is making our company's recovery worse. If we cannot provide lessons to students then we have to close branches. In this case, the company, that has not paid us, and those that don't carry out their duty to work bear responsibility.

We can prosecute the company for the salary delay. If you chose to walk out on the job and not work it does more damage than good for the students and for your case against the company. Striking is a legal way to do this, rather than walking out. please try to stay calm, stand together and protest to get the public's understanding and sympathy.

If you report to your home country's Foreign Affairs Aministration, you can and solve this problem in a diplomatic way. The more of you that do this, the better because ther's power in numbers.

If we continue to loose students that are still coming to branches, we will be at the very end. We really need your cooperation.
We formed a union and plan to take legal. We cannot get people to support and protect our rights without your help and hard work in the branches.

Please come back to branches.

signature and hanko of J-staff ITM
END OF FAX----------------------------------------------------------

AND IT WAS QUIET... BEFORE THE STORM, THERE ARE NO ANSWERS, ONLY RESULTS.....

Speaking of branch closures.....

Shinjuku Honko; Nova's flagship Branch in Tokyo, base for AAM's, RAAM, Japanese Area managers, main site for OJT, one of the few schools in Japan to offer in-branch French, German and Chinese as well as English lessons, home branch (although the fucker never went to work) of irrepresible Union hobbit and professional shit talker Bob Tench (the fat bloke on the news wearing a waistcoat)........

...closed it's doors for the last time ever tonight. Teachers and students were given 1 days notice (they were told yesterday afternoon).

The reason?.... People power? Teachers refusing to work and bringing down 'the man'? Japanese staff revolting? erm...no.......(apparently most teachers went to work)...Nova sold the building!

All 10 storeys of prime Shinjuku real estate WAS owned by Monkey boy, let's hope he uses the money wisely.........

...will the MM centre be next?

I thought Shinjuku Honko was rented. If Nova has actually sold it, the money raised could pay some salaries, but then again, maybe not....

Many thanks for the reminder dear J staff.
I'll be sure to put it on my 'to do list' for the coming week!
Be sure to turn off the lights when you lock up to tonight..
..and give yourself an uppercut on the way out.
'otsukaresama!'..Now go HOME and stay there!

I understand the sentiment in the fax, but its curious it wasn't sent out when the staff were first getting burned three or four months ago. They've recieved the worst treatment by far. Shafted for wages so many months in a row, being punching bags to be pummelled between pissed students and useless management, having to listen to teachers gripe about no money when they've been living through it for 3 times as long.

Unfortunately, it overlooks key points. Staff have always had negative opinions of Western teachers and their work ethic, and this fax reflects some of that. However, they seem to forget that most J-staff still live with their parents or have husbands who support them while instructors lack that kind of support. Asking teachers to tough it out is not really an option for many, primarily the new teachers who were whitewashed before coming here. Money will be gone for most in weeks and any action against the company will take time. Law suits don't really have a fast timeline, as far as I know.

The main issue that is constantly ignored, and this goes for people who are suggesting or participating in protests and strikes, as well, is that legal action is pretty pointless.

sidebar
(My point ignores the people who want to force the company into bankruptcy so they can claim unemployment faster. The concept of wanting to go on unemployment rather than making an effort to get a new job or relocate is completely ridiculous to me. Unemployment should be an absolute last resort, not a plan of attack. Not a slam or a diss, just my opinion. Flame on.)

The company has no cash. There's no logic to making demands for payment when there is a complete inability to do so. It isn't like he's holding the cash back for a rainy day. It's already typhoon season. If the bucks were there, they'd be in the bank. That's why the non-payments followed the pattern they did. J-staff first because they're the meekest, then ATs because they had the most to lose if they walked out, finally regular teachers who would bolt at the first ripple in their wages. MB knew that when the money stopped reaching regular teachers, the crew would realize that all the life rafts had already been taken by First Class. Not paying the grunts was the last resort, and it was avoided as long as possible.

I guess for anyone still with the company and no job or place to go, seeing what the end of the month brings is the only option. Maybe there's a hail mary pass coming on the 25th that could offer a reprieve. But if there isn't forget about legal action. Unemployment benefits may be your only option if you can't find work or pay to get home, but don't put hopes in a dead company paying anyone anything. Bigger and better companies than Nova have gone under leaving people holding the bag. Call it a hunch, but I doubt they'll be able to raise much money panhandling the collected stock of stuffed Usagi dolls at the local game center.

THE "LIONS MANSIONS" THAT YOU LIVE IN AND PROBABLY OTHERS ARE OWNED BY "MONKEY BOY" TOO! ! ! FOR TWENTY ODD YEARS (BY THE WAY, THE AVERAGE HOUSIND LOAN IS 25 YEARS, COME TO THINK OF IT, HOW COINCIDENTAL!), HE'S PAID UP AND I BET YOU, IT'S IN HIS WIFE OR SOME OTHER FAMILY MEMBERS NAME. "YOU TEACHERS" HAVE BOUGHT MANY MANY MANY APARTMENTS FOR HIM ! ! ! THIS IS HOW IT WORKS ! ! ! HOUSING IS PROVIDED BY THE COMPANY AS PART OF THE INCENTIVE TO COME TO JAPAN ! ! ! NO HASSLE ! ! ! (HERE'S THE CATCH!) BUT IT'S NOT FREE ! ! ! YOU LIVE IN A GROUP IN THESE PLACES ! ! ! YOU CAN FIND YOUR OWN, BUT THE RULE OF THUMB FOR RENT IS; ONE THIRD OF PAY (HOW MANY TEACHERS DO YOU KNOW RENT ON THEIR OWN?) BUT IN REALITY IT COST A BIT MORE IN JAPAN ! ! ! SO... HE CHARGES YOU GUYS, LET'S SAY; DEDUCT ¥60,000 FROM YOUR PAY!, A SCREAMING DEAL ! ! ! TIMES THAT BY 2, 3 OR 4 TEACHERS IN ONE PLACE ! ! ! "YES!" YOU'VE BOUGHT HIM "THOUSANDS" OF REAL ESTATE PROPERTIES IN JAPAN AND AROUND THE WORLD ! ! ! THERE PROBABLY WAS EXCESS ¥¥¥¥¥¥¥¥¥¥¥$$$$$$$$$$ TO COVER FOR THE EMPTY ONES ! ! ! THE FOUNDER OF McDONALDS WHEN ASKED WHAT HE DOES, SAID, " I DON'T SELL HAMBURGERS, I'M IN THE REAL ESTATE BUSINESS!" (THEY ARE ALSO THE WORLD'S BIGGEST DISTRUBUTORS OF TOYS,TOO ! ! !)

Dude. Look to your left. It's called the "caps lock" button. push it. NOW. and shut up.

YOU! LOOK TO YOUR LEFT AND RIGHT! THEY'RE CALLED YOUR "ROOM MATES" SLEEPING NEXT TO YOU, ON BOTH SIDES!

ORIGINALLY THE TEACHERS SLEPT AND TAUGHT FROM THEIR APARTMENTS, OWNED BY SAHASHI AND PAID FOR BY THE TEACHERS LIVING THERE!(THEY STILL DO!) THEN WHEN HE HAD ENOUGH OF THEM GOING, WENT TO THE BANK TO GET A BIG LOAN, TOOK IT OUTSIDE AND WENT BIG FROM THERE!

*snore* shaddup

IT'S CALLED "DOUBLE PENETRATION!" HAHAHA!

These faxes from the Nova Japanese staff asking the gaijin teachers of Nova to hang in and come to work is par for the course for Japanese, especially the men. That's way they always end up working harder, longer, for less pay (adjusted to standard of living) than people in other countries. They always take their stupid "gambatte" policy too far. They think they are strong because they work so much overtime, when they are just weak for caving in under peer pressure and stupid for believing all the shit their bosses, managers, and pillars of society types heap on them - "Oh! the economy is bad. We have to work harder", or "Oh! the economy is great now. While it lasts, we have to work harder to make as much money as we can".

An as for working overtime, the Japanese white collar workers are the most inefficient in the world. I've worked for more than a few Japanese companies as an engineer. They take so long to get anything done and have no feeling of "Let's try to finish up so we can get the hell out of the office". They really don't mind hanging around the office - it's like a boys' club for them. I remember times when there we were to go drinking together... I'd be finished with my work by 5PM, and eager to leave the fuckin office and have a few. But I'd end up hanging around the office till 6 or 7, waiting for my coworkers to slowly finish their tasks, while taking smoking breaks to boot. It was as if they didn't want to leave.

Then on the lasts day of the year. The company announced that everyone could go home at 2PM. Man, I was all finished with my work (everyone was) and rearing to get out of there. At 2PM, as I was heading out the door, I looked around and could see my coworkers fumbling around at their desks, acting busy, and pretending that they didn't want to leave - it was their chance to shine and show their dedication to the company, the stupid fucks.

Eikaiwa with it's survival level salary, AND working in a Japanese company (even if it is high-paying) are both shit. Mostly because both are controlled by the Japanese.

Dude, you need to chill out. You sound like some deranged used car salesman who eats a dead squirrel to get our business. Take a breath, reexamine your post, and realize you said nothing that earth shattering as to warrant such drama. He made money on real-estate. Ok. He's hardly the first.

ATTENTION.

Now there's an idea for MB & crew. Get Anders and the remaining staff this week to round up the millions of Nova Usagi dolls from all the branches and stuff them into UFO Catchers across the length and breadth of Japan. At 100 yen a pop the teachers and staff will be able to be paid in no time. As an added challenge you could attach a copy of that other useless Nova paraphernalia called Diplomat starting with level G..the kiddies will love it!

I agree.

The Japanese staff don't really care a rat's ass about foreign language teachers; they are just trying to save their own skin.

When did the Japanese staff or management at an eikaiwa school ever treat gaijin teachers like a valuable asset? They are seen more like a necessary evil.

Loyalty and respect are things that have to be earned. If (big if) NOVA comes out of this mess, I'm sure the Japanese staff will go right back to treating teachers like how a baby treats a diaper.

at our school, between the staff, they used to refer to us "Gaijins" as "English teaching/speaking machines!"

Does anyone remember a guy called Nishida who was arrested ten days ago?

Here's today's related news article (Sankei Shinbun, October 22, 2007):
証券市場、暴力団の資金に？　仕手戦に潜む黒い影
10月22日11時34分配信 産経新聞

[quote]
　西田容疑者逮捕の翌１３日未明、西田容疑者の「番頭」と呼ばれた男性が神戸市内の高速道で側壁に衝突し死亡しているのが見つかった。自損事故とみられるが、関係者は「多額の負債がある西田容疑者が逮捕されたことで、金融業者などの対応に窮していたのではないか」と推測している。
[/quote]

Translation (sort of)...
Nishida was arrested on October 12. In the early hours of the next day, 13 October, a man was found dead on a highway in Kobe. He was the "right-hand man" of Nishida. His car clashed into the side wall. It is thought to be a single-car accident, but someone in the know tells that the man might have been in trouble with moneylenders after the arrest of Nishida who had borrowed a lot of money from criminal gangs.

No surprise then when it is time to "make an exit" shall we say and take responsibility in those circles.

HIS is doing a special flight for Nova instructors wishing to return home. The flight costs 440.00 GBR (inc tax) and is an Asiana flight via Seoul. They depart Osaka and Tokyo 4 times a week on Tues, Thurs, Sat and Sun. There is an excess luggage allowance of an extra 15 kilos which can be made at the time of booking. If instructors are short of money HIS will accept payment from parents or family members on their behalf in the UK. Tell HIS at time of booking and parents can call Ian or Ed on 020-7484-3310 to arrange payment. Payment by debit or switch is at no extra cost, paying by credit card will incur an extra 2% charge.

Mon, 10/22/2007 - 23:58 — www.HowToTeachE... (not verified)

Hey English Teachers,

I hate Nova, and if you do too, click here:

http://HowToTeachEnglishOnline.com

This is my blog. I'll tell you how to teach English online. And make money! Jesus Christ, I hope I don't sound like spam. I just want to help you, and I'm hoping you'll help me too (I ain't got shit for money as Nova and the Japanese government screwed me from both ends). Any way...(think Google Ads)

If you want to see my site that prospective students see:

http://EnglishKitty.com

If you have any questions, I have plenty of free-time:

Warm Regards,

John

hey john/verycoolwinter/howtoteachenglish,

jesus christ, yes you do sound like spam! please stop it! you've been clogging up these threads half the night by continuously posting the SAME message (which links to YOUR sponsor-seeking website)! nice of you to be a good sam! everybody has seen your web address multiple times, now. thanks. next time i send a spam report.

Anders resigned. Seems he wasn't getting along with his boss

If they were to refer to you "English teaching/speaking machines" as "Gaijins" then you might have a complaint.

still hurts to know the real sentiment behind the name calling! Dared them to say it straight to my face, that's when I quit NOVA 14 years ago.

Tue, 10/23/2007 - 08:32 — John (not verified)

Hi Snowman,

I truly meant no harm, and I didn't want to upset anyone. So to you or others, I'm sorry if you considered it spam. Sorry. I just wanted to get the word out because I am honest in that I want to help people and myself during these hard times that Nova caused all of us. BTW, I added a link back to this site on my blog to keep things fair.

Sincerely,

John

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