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“The defendant was literally the only person who knew the truth about CNR’s financial condition,” prosecutors state in a sentencing memorandum. “He was the only person who could have initiated a successful effort to save the college."
Borge detailed his version of the college’s decline in a sentencing memorandum and letter to a federal judge in which he asks for no jail time and no fine when he is sentenced on Aug. 28.
A letter signed by the college president and interim board chair said the school is still facing "significant cash flow challenges" stemming from a financial crisis that started to unravel in 2016.
The private college disclosed to bondholders in December that it is has reached a memorandum of understanding for “a potential strategic transaction” with an unnamed educational institution.
The college, which has been in the throes of a financial crisis since last fall, said that a committee will work to find a replacement for Judith Huntington, who stepped down in October.
The College of New Rochelle, which is investigating how it fell millions of dollars behind in taxes and other debts, received a boost this week...
The probe also revealed additional debts and liabilities of $11.2 million.
The College of New Rochelle board of trustees said the board accepted her resignation after being advised that the college had accrued “significant unmet financial obligations.”