October 26, 2007. Nova's X-Day. Many doubted that it would ever arrive. Others here on the LJ forums several months ago uncannily predicted mid-October. Ken Worsley at Japan Economic News predicted "around November 1." (He's got a new piece about Nova up in Metropolis this evening that you can link to from his site that's worth checking out.)
After Sahashi was effectively removed in an early morning coup d'etat, the remaining members of the board of directors filed for bankruptcy protection in an Osaka court. Nova's debt as of the end of July has been placed at 43 billion yen, but the last three months have been especially brutal, so who knows what the true figure is?
The immediate bad news for current or recently resigned instructors is that pay will not be forthcoming soon, as Nova is now under court protection and will not be making payments of any kind for the time being. If you are owed money, there are discussions underway in the forums for and
So what happens next?
Nova has one month to look for a "sponsor," and according to the Yomiuri Shimbun, Nova is looking at the retailer Aeon (as opposed to the eikaiwa chain), Marui, Yahoo, and Rakuten. In the LJ forums, PanicInducingGaijin wrote:
Getting back on topic, looking at the four companies Nova is interested in tying up with suggests that if it does manage to survive -- which I still think is unlikely -- it won't be anything like what it is now. Apparently Aeon (again, the retail chain and not the English school) is or was at one point interested in having more Nova Kids schools in its shopping centers so that mothers can drop their kids off and have more time to shop and spend. Babysitting all day in a shopping mall -- sound like fun?Marui was apparently interested in Nova's loan operations, but Sahashi turned down an offer from them in May. Will they go crawling back to a failing company?
Rakuten and Yahoo! might conceivably be interested in Web-based language lessons. Rakuten, however, is still hurting from the TBS thing earlier this year, so I doubt they would be up for anything as risky as a tie-up with Nova. As for Yahoo!, who knows, but I think it's fairly safe to say that none of these four companies is going to take over Nova and run it as a chain of language schools.
Tonight we're left with more questions than answers. If Nova can't find a sponsor, it's in deep trouble, but who's going to want to get involved? Meanwhile, according to Ken Worsley, Sahashi holds only about 20% of Nova's shares. Were the share warrants exercised, or did he sell or lend more of his holdings? And for that matter, where in the world is he, and why is he hiding? Stay tuned!
Update 10/27:TV coverage of Sahashi’s dismissal and Nova’s bankruptcy.
Comments
Just came on this f--ken little gem in today`s Sydney Morning Herald, reporting the plight of NOVA teachers-
`Foreigners sponsored by Nova to work in Japan face the possibility of losing their visas, and consequently their right to stay in the country.`
I can just imagine the panic a lot of parents and family members are gonna get into after reading this. I`m sure a lot of you have time to email the SMH to print a correction.
What a hero you are.
Captians Going Down
The Captian of the Titanic went down with his ship. He is the only one I know of.
Rotten To The Core.
It is clear that as long as Nova continues operating with the present company directors the company will continue with their unethical business practices and inept management. The present directors are as guilty as Monkeybridge for the blatant lies of the last few months. Anders should be prosecuted with Monkeybridge for breaking labour standard laws.It is clear that this company does not care for its workers - they have failed to even provide concrete advice for teachers- the nova website still has no information for teachers. The foreign personnel office can provide little in the way of advice because they have still not been given any useful information. The company`s move for bankruptcy protection will further delay teachers` ability to claim unemployment benefit. When this company finally declares bankruptcy it will take several months before teachers will see any results. This is a national scandal for Japan. The Government has neglected to follow the law by allowing a company to employ workers full time for many years without paying health insurance- this surely shows how deep the corruption goes in this country.
Completely agree about the Nova website. The Japanese statement has been up for over 24 hours now, but still no sign of an English translation.
I've lived in several
I've lived in several countries, and all in all, Japan is a fairly good one. Also, if you think that things like this don't happen in yer home country, then you are seriously naive. Bash away at Nova all you want, but all of this hysterical moaning about Japan is a bit much. For those who think that they are seriously discriminated against here--if you were Chinese or Brazilian, I might have some sympathy, but you have white dudes who come here and get the best-paying job they've ever had plus a pretty girlfriend in weeks... cry me a river so I can piss in it. By the way, for the jerks whining about foreigners not being able to speak Japanese--yeah, more of us should. But, generalization is the mark of an idiot and 実は日本語そんなに難しくない言葉だよ。日本語話せる外国人いっぱいいるけど、書ける人ちょっと少ない。漢字だけ難しいから。外国語話せないけど外国で住んでいる日本人もいるよ。
Yea... fuck those guys.
Wait, wasn't this thread about Nova's bankruptcy?
Hilarious!
This site needs a moderator
I believe that this site needs a moderator. I am an Italian language instructor at what used to be NOVA MM center and I am writing (without hiding as anonymous as most of you on this site) to remind everyone that this particular blog should be about sharing information and opinions that can actually help us, as NOVA or ex-NOVA employees, or people not directly involved to understand this mess. So, to you all who are using this site for insulting people, swearing, offending and taking the piss out of all NOVA teachers, staff or students who are now in this unfortunate situation, my message is: SAVE YOUR TIME AND THE LITTLE BRAIN YOU HAVE LEFT AND STOP THIS CRAP! we do not need your comments and we do not care about the grudges you may be bearing against NOVA or the whole eikawa industry in this country. Just stop and write only if you have something interesting, helpful or useful to us all to say. Thank you!
Marui won't sponsor Nova
There was speculation that the Marui Group might sponsor Nova, but those hopes have been dashes when they announced they weren't interested in Nova.
New report here:
http://www.youtube.com/watch?v=5vVpcIX-mUo
I VOTE THIS BEST THREAD POSTED BY LETSJAPAN.ORG
Just reading this garbage has been completely hilarious.
If you are disgusted with the "unbiased" newscaster's attempt to quantify the suffering of the victims of NOVA's collapse I implore you to e-mail them and demand a retraction. NHK is allegedly a public and unbiased NEWS source, like the BBC or PBS. If enough of us voice our disgust, perhaps we can at least get an apology. Here is the link to the page that allows you to e-mail NHK directly.
http://www.nhk.or.jp/nhkworld/english/about_e.html
Click on CONTACT at the bottom of the page and it will pop up a window where you can send in your comments. Don't just complain here, you're preaching to the choir.
Yeah honestly, anyone who supports giving retroactive immunity to the telecommunications firms that have been illegally spying on us at the behest of governor Bush doesn't deserve our support. Fuck her.
Give your vote to someone who actually opposes the relentless expansion of executive power.
ECC TRAINING
i went to the ecc interview seminar yesterday...ugh...who said it was better than nova?..more blowhard bullshit...AND we had to do a kids demo lesson...
so here we are...8 of us in our best interview suits, made to sit on this dirty damn floor, and these 4 "trainers" are sitting above us at these desks taking their little notes.
screw this..it was very very demeaning i felt.
its one thing for the usagi goofs to put us through that, and when i did it they sat on the floor with us...not hovering above us.
screw this english school crud.
Perry?
an Italian instructor named Perry?
It is called "Eikaiwa" which
It is called "Eikaiwa" which involves bureaucratic nonsense among gaijin that will always exist in all bigger/major schools through out Japan.
Thanks for sharing your
Thanks for sharing your experience. After all this crap has gone down, I've wondered what it would be like to start over with another one of the big eikaiwa. I want to stay in Japan and continue teaching English. But, thinking about going through the same orientations, training, red-tape and whatnot makes me feel a little weird and sucky. I'm glad I'm not the only one who feels that way.
Good luck to ya.
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