Computer Learning Centers Bankruptcy Sale Completed

Trustee Reports Solid Progress;

On Track to Begin Paying Claims in the Fall



Apr 16, 2001, 01:00 ET from Gold Morrison & Laughlin PC

    MCLEAN, Va., April 16 /PRNewswire/ -- H. Jason Gold, the Chapter 7
 Bankruptcy Trustee for the Estate of Computer Learning Centers, Inc.,
 announced that the sale of all CLC schools and other assets around the country
 has been completed and that he has received all the funds, almost $23,000,000,
 due from the sale.  "Virtually all of the estate's tangible assets have been
 disposed of and we are on track to begin reviewing and processing claims this
 summer and disbursing monies to creditors and students later this fall," said
 Mr. Gold.
     The bankruptcy of CLC required that Mr. Gold and a team of lawyers,
 accountants, operations and technology personnel to deal with dissolving an
 operating business with 25 schools in 11 states, 1800 employees, and thousands
 of past and current students. The Trustee continues to collect the debts owed
 to the school by those who have graduated.
     "This is a large and complex chapter 7 bankruptcy case that is
 unparalleled in our region to date," said Mr. Gold, a restructure and
 insolvency lawyer in McLean, Virginia.  Gold's firm, Gold Morrison & Laughlin
 PC, focuses its practice on troubled technology companies.  "We have been
 fortunate to have the cooperation of virtually all the parties involved in the
 case.  So far we have had little to no litigation to delay our progress.  The
 filing of the bankruptcy had the direct result of causing untold financial
 pain and distress for thousands of employees, students and others.  But once
 the case was filed, the case became an example of the bankruptcy process
 working as it was designed to work. Our team has been has been focused on
 doing the things necessary to get money in the hands of those who have
 suffered the most as quickly as possible."
 
 

SOURCE Gold Morrison & Laughlin PC
    MCLEAN, Va., April 16 /PRNewswire/ -- H. Jason Gold, the Chapter 7
 Bankruptcy Trustee for the Estate of Computer Learning Centers, Inc.,
 announced that the sale of all CLC schools and other assets around the country
 has been completed and that he has received all the funds, almost $23,000,000,
 due from the sale.  "Virtually all of the estate's tangible assets have been
 disposed of and we are on track to begin reviewing and processing claims this
 summer and disbursing monies to creditors and students later this fall," said
 Mr. Gold.
     The bankruptcy of CLC required that Mr. Gold and a team of lawyers,
 accountants, operations and technology personnel to deal with dissolving an
 operating business with 25 schools in 11 states, 1800 employees, and thousands
 of past and current students. The Trustee continues to collect the debts owed
 to the school by those who have graduated.
     "This is a large and complex chapter 7 bankruptcy case that is
 unparalleled in our region to date," said Mr. Gold, a restructure and
 insolvency lawyer in McLean, Virginia.  Gold's firm, Gold Morrison & Laughlin
 PC, focuses its practice on troubled technology companies.  "We have been
 fortunate to have the cooperation of virtually all the parties involved in the
 case.  So far we have had little to no litigation to delay our progress.  The
 filing of the bankruptcy had the direct result of causing untold financial
 pain and distress for thousands of employees, students and others.  But once
 the case was filed, the case became an example of the bankruptcy process
 working as it was designed to work. Our team has been has been focused on
 doing the things necessary to get money in the hands of those who have
 suffered the most as quickly as possible."
 
 SOURCE  Gold Morrison & Laughlin PC