nova

Your company is in ruins. Your board of directors has ousted you in a coup d'etat and you are no longer in control. You have liabilities totaling nearly 100 billion yen. You haven't paid your employees in months.

The Sankei Shimbun makes the Nova collapse personal. Here's a translation of a recent article.

What's the attraction for bailing out Nova? It doesn't produce anything tangible and it doesn't own its schools. Given recent reports, if Nova makes anything, it's a giant mess.

The Japan Times

The Asahi Shimbun has reported that the Osaka Labour Bureau questioned former Nova president, Nozomu Sahashi, on November 2.

This is what is has come to:

In the final installment of its three-part series, The Daily Yomiuri touches on something that I commented on last night: that Nova's business model was fatally flawed.

The Daily Yomiuri:

The City of Osaka has put the kibosh on its ALT contract with Nova according to the Asahi Shimbun. Here's a translation of the article:

Pretty much all of the news we've seen about Nova's collapse has focused on the business aspect--Nova's management and the efforts of the General Union. When it comes to the instructors, the media privileges the union representatives. They go to them for quotes. When the media does talk to an actual instructor, you generally get a predictable sound bite or quote: I need my paycheck! My bank account is empty! I'm eating nothing but instant ramen! Here are two video blogs that put faces to those voices.

InterGlobal has contacted me with information regarding private medical insurance. Here's the message:

More red meat for the grinder. that Nova president Nozomu Sahashi was the sole owner of Ginganet, the company that sold videophones to Nova.

According to the article, Nova's trustees announced in a press conference that former president Nozomu Sahashi, who was the sole shares holder of the company Ginganet, sold videophone systems to Nova a several times the list price.