Latest Updates and Proposals

All,

(1). Parents’ Meeting:

I’d like to propose a parents’ meeting as followings


Date: Oct. 4, 2009

Time: 2:30pm

Place: 9119 Las Tunas Drive, Temple City, CA

Agenda:

1. Update the status

Not sure whether you attended the hearing held on Sep 30 regarding a motion against Montecito Fine Arts Inc. There were two sections. The first section is the motion for converting the case from chapter 11 to 7. The second section is a conference with debtor counselor, trustee and Judge for request the motion to merge two cases into one. Please see the summary listed below.


2. Discussing the strategies for the coming hearing on Oct. 7. Again, here is schedule for the hearing.

Time: 10:30 am

Location:
Courtroon 1375, 13th Flr. Edward Eovbal Fed. Bldg.
255 East Temple Street, Los Angeles, CA 90012

(2). Thanks for Andy Ku who showed up in the hearing and provided the summary below.

The 1st section:

1. Trustee (Dare Law) simply stated that the records of data are completely improper record, and the debtor can’t provide all necessary info on time, and only faxed over yesterday late afternoon, and there is no way for her to review the data, and didn’t meet the bankruptcy court’s requirement – 7 days prior. Conclusively, she request court to convert the application from chapter 11 to chapter 7, as she didn’t see any transparency of record, and lack of proof.

2. Debtor counselor explained that due his clients need time to group all evident for trustee, and they need time to do it, and regarding the motion for converting from chapter 11 to chapter 7, he claimed that his clients has no objection, as they just found out two days ago, as if any high school did file bankruptcy, the data need to reapply the reopening procedure which takes more than 18 months to process, so his clients don’t see there is any chance to keep that long.

3. Judge announced the motion granted from converting the case from chapter 11 to 7, and request trustee to follow up.

The 2nd section:

1. Trustee explained the request of motion for merging the two case Futura & Montecito in one, as during the hearing, and visit, she can’t find appropriate record to show her that they run separately. Plus debtor side can’t even provide the info on time, even thought they faxed over yesterday the info, she not sure whether the info are accurate and correct. Moreover she claimed that the insurance of the data are from out of state which is not supposed to be, as the data is located inside California, and then the school insurance provider should be inside CA. Also data can’t provide a list of creditors as well.

2. Debtor counselor explained that he was aware of the insurance issue, however, he kind of switching the topic about the AR which suppose to be around 400,000.00 dollars, and he don’t see why need to merge two cases into one.

3. Judge express to the trustee that since they just faxed the info yesterday, and she need time to review and at the same time, the court day for Futura already been set on Oct 7, 10:30 am, so he feel its ok for him to wait till next judgment day to decide whether to merge the cases.

(3) During the 2nd 341 meeting today, the trustee indicated that we might have another 341 meeting listed below if Futura Education Inc. survives in a chapter 11 next Wednesday.
*** UPDATE ***

*** FUTURA DID NOT SURVIVE CHAPTER 11 ***

*** HEARING CANCELLED***

Date: Oct. 14, 2009
Time: 10:30am

Place:
Court Room 2610
725 S. Figueroa Street
Los Angeles, CA 90017

*** UPDATE ***

*** FUTURA DID NOT SURVIVE CHAPTER 11 ***

*** HEARING CANCELLED***

Lynn

***************************************************

各位：

1、我要在10月4日下午 2：30pm 在 9119 Las Tunas Drive, Temple City 召集家长会。

会议内容：

a) 通报最新情况:
不知道各位是否参加了9月30日的关于对" MFA" 的听证会，听证会内容分为两个部分. 第一部分是关于MFA从破产法１１章
变更为破产法７章（完全破产）．　第二部分是：Trustee建议合并MFA和Futura 为一个破产提案。　请看以下说明。

b)、商讨１０月７号听证会的对策。
　　　１０月７日听证会的　地点、时间是：10:30 am
　　　　　　　　　　　　　　　　Courtroon 1375, 13th Flr. Edward Eovbal Fed. Bldg.

255 East Temple Street, Los Angeles, CA 90012

2,　感谢Andy Ku 参加９月３０号的听证会并提供以下听证会内容。

　　第一部分：
　　　　１.　Trustee(Dare Law) 说：因为债务人（ED)　没有按破产法庭的规定在听证会前七天提交相关文件，直到听证会
　　　　　　前一天的下午才传真给Trustee非正式的相关文件；Trustee 没有时间也无法确定这些文件的合法性和真实性。
　　　　　　所以，Trustee 要求此案件由破产法１１章变更为破产法７章。

　　　　２.　债务人的法律顾问解释说因为他的客户(ED)需要时间收集有关资料，　而且他的客户（ＥＤ）并不反对此案件由
　　　　　　破产法１１章变更为破产法７章。因为（ＥＤ）在两天前才知道任何高中在破产后必须在１８个月以后才能重新开始。

　　　　３.　法官宣布开始破产法１１章转破产法７章的操作，　并要求trustee 做相关协助。　　

　　第二部分：
　　　　 1. Trustee　要求合并MFA 和　Futura　的案件是因为债务人（ＥＤ）无法证明两个公司的业务是分开运行的。而且ＥＤ
　　　　　　　提供的学校保险公司是外州的，　这是不应该的，　学校的保险商应该在加州。同时ＥＤ无法提供债权人的名单。

　　　　 2. 债务人的法律顾问说：他知道保险的问题，　但是他转移了话题，并声称有４０万的应收款，而且不知道为什么要
　　　　　　　把两个案件合二为一。

　　　　 3. 法官对Trustee 说：因为ＥＤ的资料昨天才传真过来，我们根本没有时间看这些资料．既然已经定了１０月７号是
　　　　　　　Ｆｕｔｕｒａ的听证会，　两案是否合二为一待听证会后再定。


３，　今天的听证会上，　Trustee 说如果Futura在１０月７号的听证会上能通过破产法１１章，　那么将会有另一次３４１听证会．
*** UPDATE ***

*** FUTURA DID NOT SURVIVE CHAPTER 11 ***

*** HEARING CANCELLED***

　　　　日期和地点是：
Date: Oct. 14, 2009
Time: 10:30am
*** UPDATE ***

*** FUTURA DID NOT SURVIVE CHAPTER 11 ***

*** HEARING CANCELLED***

Place: Court Room 2610

725 S. Figueroa Street

Los Angeles, CA 90017