According to the H. Jason Gold, the Chapter 7 Trustee for the Computer Learning Centers, 23 remaining leases--along with computers and other equipment--must still be sold to pay off the company's debts. Most are being sold as turnkey operations. The remaining leases are located in a dozen states across the country, says Gold.

Computer Learning Centers shut down its schools suddenly after filing for Chapter 7 liquidation. The closure came shortly after the US Department of Education demanded that it refund $187 million in federal funds which students paid the school since 1994, because investigators claim the school improperly paid its admissions staff. The school has denied any wrongdoing. Virginia Attorney General Mark Earley is investigating the school's sudden demise.

In order to sell the schools, Gold negotiated a settlement with the federal government. Federal regulations bar the sale of the assets of a company, such as CLC, that is in bankruptcy and has previously received money under Title IV. Under the agreement with Gold, the government waived the prohibition."I am very pleased at this significant financial development," says Gold, "because it will enable the bankruptcy estate to begin to get money into the hands of CLC's commercial and student creditors by this fall."