Nova's worst nightmare is now a reality. As of 3pm yesterday, it appears that Nova was unable to pay all of its instructors. A note from Nova stated:
Regrettably, it has not been possible to complete all the necessary operations to deposit instructors salaries on September 14, 2007. Salaries will be deposited by September 19, 2007. I sincerely apologize for any inconvenience this causes.
Can you smell the bullshit? This is eerily reminiscent of the "technical glitch" that caused the staff's pay to be delayed. Somehow, over this 3-day long weekend, Nova is going to come up with the money. What the note confirms is that Nova is insolvent. There's no money in the bank.
Unless Nova comes up with some concrete changes to its business model (and we haven't seen anything beyond hiring more teachers and closing some schools) and you can expect paydays from now on to be uncertain.
Update: Images of the note:
Sadly, Let's Japan went offline around 2:30 yesterday. I haven't thoroughly gone through the web logs, but my host confirms that the site was flooded with a massive amount of traffic that forced them to shut down LJ before it crashed the server. Hopefully the worst is over.