Friday, October 26, 2007

NOVA: How it had to End

Let's keep this simple, shall we?

1. NOVA was broke and expected to file for bankruptcy
2. NOVA was broke and filed for bankruptcy
3. NOVA President Nozomu Sahashi is in the wind, following his unexplained absence at an emergency board meeting
4. There are approximately 4,000 unemployed foreign teachers in Japan, low on funds and with limited time for housing
5. The company's debt totals 43.9 billion yen

Nova Corp., Japan’s largest language school chain, filed for bankruptcy Friday with estimated debts of about ¥43.9 billion as it failed to recover from a crippling penalty for false advertising.

Osaka-based Nova said it applied for protection from creditors under the Corporate Rehabilitation Law with the Osaka District Court, and pledged to find a sponsor for rehabilitation under the supervision of a court-appointed administrator. The court accepted the application.

The Jasdaq Securities Exchange said Nova’s stock has been suspended from trading and will be delisted on Nov. 27.

The company, offering mainly English conversation classes to an estimated 420,000 students nationwide, said it has shut down all its schools, and Nova President Nozomu Sahashi, who has a 16 percent stake in the company, is nowhere to be found.


Source: http://search.japantimes.co.jp/cgi-bin/nn20071026z1.html


For Unemployed NOVA Teachers

- For those in the Tokyo area, there will be a meeting to discuss options at 7 PM on October 28th at the National Union of General Worker's headquarters in Shimbashi

〒105-0004
東京都港区新橋5-17-7
全国一般労働組合東京南部
なんぶ外国人分科会

Email info@nambufwc.org for more info.

- For Australian citizens, be sure to look at this official notice issued by the Australian Government in response to NOVA's recent annoucement

- For those in semi-stable positions who still want to stay in Japan, be sure to check out Gaijinpot

- For those in the Kagoshima or Miyazaki area, feel free to email me if you need emergency housing


To get your mind off things...

Submit to me your own graphic version of just how the NOVA bunny should commit suicide:



Courtesy of NOVA teacher James Rolton




Courtesy of Japan Probe




Courtesy of News on Japan


Other links:

http://www.chinapost.com.tw/headlines/2007/10/26/49893/Japan's-largest.htm
http://news.bbc.co.uk/2/hi/asia-pacific/7063205.stm
http://www.japantoday.com/jp/news/420582

3 comments:

John said...

I apologise if you have already mentioned it before, but what was "false" about Nova's false advertising?

C said...

Hey, I've got another fun dead Nova Usagi at my Legal.3yen.com blog about Nova today, "If you are screwed by NOVA..."

See my image (JPEG, 35KB) of the dead Nova Usagi, hee, hee.

ターナー said...

John,

NOVA was using a points system for classes - buy so many points beforehand, and cash them in for particular classes. Unfortunately, the points had a set expiration date and students couldn't usually get the classes they wanted because of bad scheduling. The courts ruled this was illegal.