People can debate the quality of the tech education offered at ITT Technical Institute, but the stock price chart is a great lesson for investors. It seemed to be a recession-proof stock, reaching over $120 per share in early 2009. Now that the shower of federal money has been shut off the stock is worth pennies.
Separately, what will these folks do with the corporate shell? Presumably they aren’t solvent due to real estate obligations, such as leases for campus buildings.
They obviously need to go thru bankruptcy to shed the leases as well as claims from disgruntled students, laid off faculty, state regulators, etc. The shareholders will get nothing but the other claimants can pick the corpse clean after the bankruptcy lawyers have had first dibs.