Actually 5 billion yen is a bit low I think. Simul went under with about 5 schools and 9 billion in debt. By the way, the company got picked up by Benese/Berlitz for 18 cents on the dollar (debt).
Is the Giganet valuable? I first read about it on letsjapan.

9 shoe guy, if I were you, I would be acepting Nova coupons for free lessons to bring in new customers.

By the way, when I meet anyone from Nova in a bar now, they get a free drink from me.:)

Update. The debt is around 50-60 billion yen (500 million dollars).

We looked at buying Nova lock stock and barrel about a month ago. Took a quick look, and realized that thing was more radioactive than a leak at Kashiwazaki-Kariya, and so we gave it wide berth. Instead we did the takedown of Arysta. Just as dangerous, but at least the cash flow is steady.

News has filtered through to Australian media due to the large number of Australians employed by NOVA.

http://www.brisbanetimes.com.au/arti...941377731.html

There has been a lot of press recently basically telling people not to go over if they were promised a job.

Nova group had no impact on my business...........

I came to this area in late 1990 and have never worked for the major chains (except Britannica). I cut my teeth at the YMCA which treated it's employees well. We had generous packages which included free Japanese lessons and use of their centre at Nanakuma. I established my own classrooms in 1991-1992. At the top my sales with just 2 teachers topped 18 million yen (20 hours a week teaching). I myself had 90 regular students, 2 kindergarten contracts plus outsourcing to Mitsui Kosan and an Asahi Glass affiliate in my area for about 10 years straight. I have also worked for Kyuden and most recently the Nishinippon Newspaper group.

As it stands now I am closing the school and haven't accepted any new students since last February. I am quite happy to say that my experience in Japan has been wonderful........and pity those that have been enslaved by this fetid industry.

You could have just taken a look at the stock movements in August, (can you say "tobashi")and not even needed to take a quick look.

Not necessarily. For free, even Nova is worth buying.

You would have to put up with 300K winey customers ......but then again you would probably schlep a good deal of nachas with folks at MITI( which might be worth something in a trade).

Sahashi's (NOVA's former president) office, complete with video (was on NHK and in the newspapers a few days ago).

http://www.japanprobe.com/?p=3042

From the sound of things, it seems like he might get arrested for failing to disclose stock trades or something.