Let's Japan.org Debunking Eikaiwa and Ramblings in Japan

It turns out that the fax Nova president "Nozom" Sahashi sent out telling everyone not worry was a lie. Titled instructors still have not been paid, making pay 11 days late. The cruel irony is that they were given a payslip, just not the money itself. Ha ha, very funny. Isn't that illegal?

The Japan Times today weighed in on what I, Is it all over for Nova? And if you've been following Let's Japan and the forums, then you already know the answer.

"It's kind of like a financial run on a bank," said Louis Carlet, deputy secretary general of the National Union of General Workers Tokyo Nambu, which counts hundreds of Nova employees among its members. "That's why this could be the biggest consumer wipeout in Japanese history, because the customers are depositing all this money as if in a bank, assuming the money will be there, and now . . . Nova students are getting worried that they're gonna get wiped out, so they're rushing to cancel the contracts and the more they rush the more Nova can't pay their bills."

Let that bold type sink in for a moment. This is shaping up to be a shit sandwich that everyone will have to take a bite of. Students are suing for their refunds, the Japanese staff had their bonuses pushed back to October (good luck collecting those!) and their pay delayed (good luck collecting that, too), with the teachers being the latest to be told to wait a bit longer for their pay. All told, that over 400 thousand students and 7,000 Nova employees who are going to have a bite of that sandwich. I've harped about how Nova is out of cash, but forum member allblacks took it upon himself to call up Super Nova racing, who are sponsored by the Nova Group, and ask if they were still receiving cash from Nova. The reply:

Thanks for your email.

I am sorry to hear about your situation in Japan.

Super Nova has not recieved any funding from Japan for a very long time. In fact Super Nova is nothing to do with the Nova Group anymore, and we have had no contact with them this year. In fact we are probably in the same situation as you. Please let me know if yor situation improves.

Good luck for the futute.

"Nozom" couldn't have written it better himself. Somehow, Nova is out of money yet still sponsoring a race team.

The second, and perhaps most useful article for teachers in today's Japan Times, is Advice for Teachers. Read it if you want to know more about your visa, collecting wages, and unemployment insurance.

The Japan Times' third offering is a turd titled, "Why is Nova still the most popular "eikaiwa" chain in Japan?. Nova is still popular? Who knew? I don't know where they came up with that idea for a question and how it relates to the two other stories is beyond me, but I guess they had to fill up space somehow.

That said, it looks like ol' "Nozom" has pulled a rabbit out of his ass hat. According to Sponichi, "Nozom" and Nova Kikaku have offered up 9 million shares as collateral to an equities firm in exchange for some quick cash. Looks like the teachers and staff might finally get paid after all.

What will next payday bring?

Original article

ＮＯＶＡ９００万株担保に資金繰り？

英会話学校最大手ＮＯＶＡ（統括本部・大阪市）の猿橋望社長と関連会社「ノヴァ企画」が、ＮＯＶＡの株式計９００万株を担保とする金銭貸借契約を投資事業組合との間で結んだことが２５日、分かった。運転資金の調達が目的とみられる。

近畿財務局に提出した大量保有報告書によると、猿橋社長らは今月、「フォレスト投資事業有限責任組合」から金銭を借りる契約を結んだ。担保のＮＯＶＡ株は、猿橋社長が保有する１１８万１０００株と、ノヴァ企画の７８０～１万９０００株。

ＮＯＶＡの統括本部は「猿橋社長個人とノヴァ企画が結んだ契約で、報告書以上のことは分からない」とコメントしている。