General News: Effort to Save NYMA Down to the Wire
June 23, 2010
Negotiations to rescue the financially-troubled New York Military Academy are going right down to the wire as deadlines imposed by the school’s board of trustees keep passing and a $1.5 million dollar loan from the Bank of America comes due on June 30th.
The trustees announced on Wednesday that the academy’s current financial picture remains substantially unchanged despite a plan to provide $5.8 million in financing that is being put together by the NYMA 2.0 committee and an effort by the town of Cornwall to purchase the property. The board also said that $7.5 million or more is necessary to reopen the academy on solid footing in the fall.
In a prepared statement, the trustees say the NYMA 2.0 group has missed two deadlines – June 1st and June 21st – to secure a firm written commitment of significant funding. NYMA 2.0 spokesman Tony Jarrett said that although the deadline passed, his group continues daily discussions with the board, along with the potential funders who are part of the $5.8 million package that NYMA 2.0 proposes.
Jarrett said his colleagues are still optimistic and the board acknowledged that it is still pursuing all options to secure the funding needed to continue.
“It is NYMA’s fiscal picture that will dictate the course of events between today and the end of June, when circumstances will determine the final outcome for the school,” the board concluded in its statement.
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