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Also...on Tuesday the suit in Montana Federal District Court, brought by a student against Airola and the lender, was dismissed. The case was "dismissed with prejudice" which generally means the parties reached an out of court settlement and the suit cannot be re-filed. I would guess that the student's loan was forgiven. So what's the lesson here? Invest a couple of thousand and sue Airola personally and the lenders and then settle out of court. A better result than paying on the loan for twenty years or filing personal bankruptcy.

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Also...on Tuesday the suit in Montana Federal District Court, brought by a student against Airola and the lender, was dismissed. The case was "dismissed with prejudice" which generally means the parties reached an out of court settlement and the suit cannot be re-filed. I would guess that the student's loan was forgiven. So what's the lesson here? Invest a couple of thousand and sue Airola personally and the lenders and then settle out of court. A better result than paying on the loan for twenty years or filing personal bankruptcy.

 

Was this for just one individual or for multipule plaintifs?

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Was this for just one individual or for multipule plaintifs?

 

Just one student plaintiff against Airola and three lender defendants. Probably why they settled (if in fact that's what happened)...they could each kick in a nominal sum, likely less than they would pay in legal fees to go to court, and wipe out his loan.

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The case was "dismissed with prejudice" which generally means the parties reached an out of court settlement and the suit cannot be re-filed.

 

Usually that means that the case was dismissed and it can not be refiled or appealed. If there was a settlement of some sort there is another legal term used, tat I don't remember right now, that means that the case is set aside, but can be reopened if either side doesn't comply with the agreement.

Edited by rick1128
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Anybody ever wonder how much money Jerry is making of the student loans he harvested?

I'll bet he is raking in a couple million every month if his money manager has it invested wisely.

:rolleyes:

 

"A couple of million every month"???? Get real...you're numerically challenged. If he was earning 10% a year...about twice the going return rate...he would have to have a nestegg of $240 million. He and his co-owners only got $13 million from Eos for their interest in SSH.

 

This is an example of why SSH was successful. Folks who were willing to enter into loan agreements for $70k at high interest rates that end up costing $200k in total...because they are financially illiterate.

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"A couple of million every month"???? Get real...you're numerically challenged. If he was earning 10% a year...about twice the going return rate...he would have to have a nestegg of $240 million. He and his co-owners only got $13 million from Eos for their interest in SSH.

 

This is an example of why SSH was successful. Folks who were willing to enter into loan agreements for $70k at high interest rates that end up costing $200k in total...because they are financially illiterate.

 

True but we don't know how much he diverted to other places before he sold the company. We also don't know where he invested the money that was sucked out of the company.

He's probably already into his next big scam. :rolleyes:

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