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- Sep 5, 2010
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I am concerned about he trouble that this school is experiencing. We all have to be careful with these new private school as their business practices may be shady. The best of luck to this situation.
The majority owner of Louisvilles Sullivan University claims his ex-wifes attempt to cash out more of the schools profits threatens to saddle the fast-growing school with heavy debt.
Patricia Sullivan-Schrenk, the ex-wife of Sullivan University Chancellor Alva Ray Sullivan, is suing her ex-husband and the school, claiming the business profits are being hoarded rather than paid to her as the owner of just less than half the stock.
Documents filed in the case provide a rare window into the finances of the for-profit corporation, which in addition to the flagship university includes Spencerian College and the old Louisville Technical Institute, now called Sullivan College of Technology and Design.
Enrollment across the Sullivan University System jumped nearly 50 percent in the 2000s, to 8,565.
With campuses in Louisville, Lexington and Fort Knox, the flagship Sullivan University, founded in the early 1960s, is the largest private institution regulated by the Kentucky Council on Postsecondary Education.
An internal university document filed in Jefferson Circuit Court shows Sullivan and Schrenk cashed out more than $76 million from the business between 2000 and 2009.
As part of a 1999 agreement related to their divorce, Sullivan owns 50.1 percent of the corporation, while Schrenk owns the other 49.9 percent.
Court documents also show the system made a profit of $16 million in 2008, up from $6.6 million in 2000.
Schrenk says too much of those earnings has been locked up in the business, which her ex-husband controls as the majority shareholder and chief executive.
Al Sullivan has not yet filed a response in court to the lawsuit, which was filed Sept. 9.
But in an Oct. 12, 2009, letter that is part of the court record, he said the universitys profits have been plowed back into the business to allow for growth, and that his ex-wifes requests to extract more money from the corporation would wipe out years of prudent fiscal management.
The majority owner of Louisvilles Sullivan University claims his ex-wifes attempt to cash out more of the schools profits threatens to saddle the fast-growing school with heavy debt.
Patricia Sullivan-Schrenk, the ex-wife of Sullivan University Chancellor Alva Ray Sullivan, is suing her ex-husband and the school, claiming the business profits are being hoarded rather than paid to her as the owner of just less than half the stock.
Documents filed in the case provide a rare window into the finances of the for-profit corporation, which in addition to the flagship university includes Spencerian College and the old Louisville Technical Institute, now called Sullivan College of Technology and Design.
Enrollment across the Sullivan University System jumped nearly 50 percent in the 2000s, to 8,565.
With campuses in Louisville, Lexington and Fort Knox, the flagship Sullivan University, founded in the early 1960s, is the largest private institution regulated by the Kentucky Council on Postsecondary Education.
An internal university document filed in Jefferson Circuit Court shows Sullivan and Schrenk cashed out more than $76 million from the business between 2000 and 2009.
As part of a 1999 agreement related to their divorce, Sullivan owns 50.1 percent of the corporation, while Schrenk owns the other 49.9 percent.
Court documents also show the system made a profit of $16 million in 2008, up from $6.6 million in 2000.
Schrenk says too much of those earnings has been locked up in the business, which her ex-husband controls as the majority shareholder and chief executive.
Al Sullivan has not yet filed a response in court to the lawsuit, which was filed Sept. 9.
But in an Oct. 12, 2009, letter that is part of the court record, he said the universitys profits have been plowed back into the business to allow for growth, and that his ex-wifes requests to extract more money from the corporation would wipe out years of prudent fiscal management.
The majority owner of Louisvilles Sullivan University claims his ex-wifes attempt to cash out more of the schools profits threatens to saddle the fast-growing school with heavy debt.
Patricia Sullivan-Schrenk, the ex-wife of Sullivan University Chancellor Alva Ray Sullivan, is suing her ex-husband and the school, claiming the business profits are being hoarded rather than paid to her as the owner of just less than half the stock.
Documents filed in the case provide a rare window into the finances of the for-profit corporation, which in addition to the flagship university includes Spencerian College and the old Louisville Technical Institute, now called Sullivan College of Technology and Design.
Enrollment across the Sullivan University System jumped nearly 50 percent in the 2000s, to 8,565.
With campuses in Louisville, Lexington and Fort Knox, the flagship Sullivan University, founded in the early 1960s, is the largest private institution regulated by the Kentucky Council on Postsecondary Education.
An internal university document filed in Jefferson Circuit Court shows Sullivan and Schrenk cashed out more than $76 million from the business between 2000 and 2009.
As part of a 1999 agreement related to their divorce, Sullivan owns 50.1 percent of the corporation, while Schrenk owns the other 49.9 percent.
Court documents also show the system made a profit of $16 million in 2008, up from $6.6 million in 2000.
Schrenk says too much of those earnings has been locked up in the business, which her ex-husband controls as the majority shareholder and chief executive.
Al Sullivan has not yet filed a response in court to the lawsuit, which was filed Sept. 9.
But in an Oct. 12, 2009, letter that is part of the court record, he said the universitys profits have been plowed back into the business to allow for growth, and that his ex-wifes requests to extract more money from the corporation would wipe out years of prudent fiscal management.
The majority owner of Louisvilles Sullivan University claims his ex-wifes attempt to cash out more of the schools profits threatens to saddle the fast-growing school with heavy debt.
Patricia Sullivan-Schrenk, the ex-wife of Sullivan University Chancellor Alva Ray Sullivan, is suing her ex-husband and the school, claiming the business profits are being hoarded rather than paid to her as the owner of just less than half the stock.
Documents filed in the case provide a rare window into the finances of the for-profit corporation, which in addition to the flagship university includes Spencerian College and the old Louisville Technical Institute, now called Sullivan College of Technology and Design.
Enrollment across the Sullivan University System jumped nearly 50 percent in the 2000s, to 8,565.
With campuses in Louisville, Lexington and Fort Knox, the flagship Sullivan University, founded in the early 1960s, is the largest private institution regulated by the Kentucky Council on Postsecondary Education.
An internal university document filed in Jefferson Circuit Court shows Sullivan and Schrenk cashed out more than $76 million from the business between 2000 and 2009.
As part of a 1999 agreement related to their divorce, Sullivan owns 50.1 percent of the corporation, while Schrenk owns the other 49.9 percent.
Court documents also show the system made a profit of $16 million in 2008, up from $6.6 million in 2000.
Schrenk says too much of those earnings has been locked up in the business, which her ex-husband controls as the majority shareholder and chief executive.
Al Sullivan has not yet filed a response in court to the lawsuit, which was filed Sept. 9.
But in an Oct. 12, 2009, letter that is part of the court record, he said the universitys profits have been plowed back into the business to allow for growth, and that his ex-wifes requests to extract more money from the corporation would wipe out years of prudent fiscal management.
$4.78 million isn't enough?
