The perilous state of Documents and interviews with insiders offer a more complete picture of key economic, strategic and circumstantial factors leading to the dramatic turn of events that left students, staff, faculty and families in limbo for months. in New York City developed over decades, hit turbulence in the past two years, then turned into a stunning death spiral in the Spring 2023 semester.
Read MoreThe King’s College officially ended its partnership with Primacorp Ventures and switched out members of the Board of Trustees, according to an email announcement from Chairman Henry Morriello sent on the evening of Friday, April 21. “The King’s College and Primacorp Ventures, Inc. have mutually and amicably agreed to end our collaboration agreements,” Morriello said, “including with respect to board representation and involvement in operations.”
Read MoreThe King’s College will be able to finish the spring 2023 semester thanks to a $2 million loan from Peter Chung, although the future of the college remains uncertain. In an email on Friday, March 3, King’s confirmed that “we received bridge financing that will provide us with funds to ensure that we can fulfill our financial obligations to faculty and staff through the end of the semester.” The $2 million loan does not cover the overdue rent for the Albee on-campus housing.
Read More(OPINION) So far, most of the coverage by mainstream news outlets of The King’s College’s financial woes has oddly focused on King’s donors such as Bill Hwang, the DeVos family and interim president Stockwell Day. It would be smart for reporters to dig more into Canadian businessman Peter Chung and his involvement with King’s in the past two years as well as his other business ventures through Primacorp Ventures Inc. and the Emanata Group. Could it be true that Chung was a philanthropist and a savior for King’s during a time of crisis of the Covid-19 Pandemic? Or could it be true that Chung's failed vision and turbulent strategy for King’s has contributed to King’s weak financial position and potential for closure?
Read MoreThe King’s College announced its new collaboration with Primacorp Ventures Inc. on May 14 via newsletter email, The King’s Insider. President Tim Gibson and the Board of Trustees approved the agreement on April 30.
Under terms of the agreement, Primacorp will provide resources and expertise regarding student recruitment, marketing and fundraising, while the College will retain control of academic standards, institutional messaging and curriculum offerings.
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