Wednesday, September 17, 2014

Thomas Jefferson On Road to Recovery

So Thomas Jefferson Law School has defaulted on some bonds or something.  Apparently there was a payment due in June that was missed, and they're working on restructuring some $133M in debt obligations under a new agreement that lasts until October 17.

I know what you're thinking:

Well, shit, that was a good run.  We put a lot of great lawyers into practice and built a glorious new law school building at the tail end of a legal education bubble.  We can be proud of what that school accomplished, easily living up to its namesake, but it is obvious that maybe the law school enrollment market isn't what it used to be, since, you know, the world has gone fucking crazy and no longer values high-quality legal education.  Thank God many of our peers were able to ride the wave for so long.

But, you know, you're a negative nancy and the school has other ideas.
The School expects to have additional positive information concerning our work with the bondholders within the next few weeks. Because a restructuring of the School’s obligations to the bondholders is likely, the School believes that it will be able to continue to prosper.
Continue. to. prosper.

This should be obvious to anyone who knows American economic history.  All sorts of companies have gone into Chapter 11 or similar situations and come out stronger and better than ever.  Like Blockbuster, Eastman Kodak, KMart, and most of the major airlines!  Like them, I expect TJLS to heal its wounds and become stronger than ever.  Broken bones heal stronger.


  1. What a fanTTTTa$TTTTic in$TTTTiTTTTuTTTTion, huh?!?!

  2. If you owe the bank a hundred-thousand then the bank owns you. If you owe the bank a hundred-million then you own the bank.

  3. I think they should apply to the federal government for a bailout. After all when it comes to law schools don't the Feds have Stockholm syndrome?

  4. If you have an IQ over room temp would you even apply to this place now? Even if by some miracle the restructuring happens the kind of person going to this place will not have sufficient aptitude to pass the bar. This will jeopardize accreditation and the screwal will close. I'll bet avg LSAT does to 130s.

    Is that the bell tolling that I hear?

  5. The fantastic thing is that the suit against the school is set for June of next year. Keep hope alive! Keep hope alive for students! Though I walk through the valley of debt, I fear no evil, for the US government is behind me. I can see clearly now my bail out.

  6. The third best law school in San Diego finally is living up to its namesake, for it is the case that the Sage of Monticello was a notorious spendaholic and debtor. Well done, Thomas Jefferson School of Law, I hope they put a picture of your fancy new building on the back of a nickel.

    1. I found a great New York Times commentary called "The Monster of Monticello, " oddly enough written by Paul Finkelman, an Albany Law School professor. It's online, just an easy Google search away.

      Among other issues, Finkelman mentions Jefferson's deep-seated racism, abhorrence of emancipation, and hostility to free black citizens. Sounds like he would have made a great law school dean.