Westchester Jews Committed To Honesty in Education – You Should Be Worried

wta-drawings

Letter Regarding Proposed Mortgage by Westchester Torah Academy

To the writers of the below letter, we believe that the entirety of the Mortgage, or the underlying assets is/are structurally unsound. We believe that Mark Nordlicht’s finances are heavily intertwined with the academy and would gladly send out research along. We have tried to publish information here.

You have reason to be worried. The money, in our view, is going towards creative accounting on the books and records of Nordlicht as his financial dealings interact with WTA and with ease in whichever form he chooses, whether as accounting against loans or receivables.

The Platinum swindle, Nordlicht’s involvement in WTA and the Huberman connection are no wild coincidences.

See the letter below.

image.wta2

wta.2

Advertisements

A Platinum Loan or a Nordlict Investment – the Yeshiva Business and WTA

A PLATINUM EDUCATION FOR JEWISH CHILDREN, A MODEL TO BE EMULATED, OR – PERHAPS NOT…

This article should be viewed as a follow up to an article we published earlier in April regarding Westchester Torah Academy and alleged “Loans” from Mark Nordlicht to the Westchester Torah Academy.

We contend that the “Loans” were donations. Whether they began as a means of hiding money, a lot of it, and shielding Nordlicht from potential financial liability or evolved and have been converted is a question for debate. We have our theories.

We further posit that subject only to the previous paragraph, the “donations” are now being called back as “Loans” to give Nordlicht visible and “clean” (i.e. laundered) working capital to manage his current legal woes. Each and every dollar Nordlicht is referring to as “Loans” represents an injustice to the Westchester Torah Academy and all of its students and their families..

We finally maintain that if investigators want justice for those many, many people aggrieved by Platinums’ litany of carefully planned and executed swindles, they need to open Nordlicht’s personal financial statements and trusts, scrutinize the money, its providence and underlying transaction. Nordlicht’s (and Bodner’s) personal family trusts, which we believe are comprised of Platinums’ assets should unshieded  from creditors of Platinum and all of its many victims.

See 2012:

Lower-Tuition School Model Spawning Imitators

Impact of just-opened yeshiva being felt, but financial projections remain untested.

November 20, 2012, 12:00 am

 

Rabbi Netanel Gralla, head of Yeshivat He’Atid, has two things he wants everyone to know about his school.

First, teachers have not been replaced by computers. And second, while the tuition — $8,990 for kindergarten and first grade — is substantially lower than that of other area day schools, the students are hardly enduring a no-frills education.

“We have art, music and gym,” the 40-year-old father of seven points out to a visitor during a recent tour of the Bergenfield, N.J. elementary school. “We’re not cutting corners.”

With its dual approach of making Jewish education affordable and using “blended learning,” a mix of computerized and face-to-face instruction, He’Atid — the name means “Yeshiva of the Future” — has been open just two and a half months.

But already, the 116-student Orthodox school’s impact is being felt in the Jewish day school world; other Bergen County schools are lowering tuition in the younger grades and looking to incorporate more technology. Meanwhile, two new Orthodox schools following He’Atid’s model are on track to open next year: Westchester Torah Academy in New Rochelle and Tiferet Academy in Long Island’s Five Towns.

The two planned schools, along with He’Atid, have the financial backing of the New York-based Affordable Jewish Education (AJE), an ambitious nonprofit so new it is still awaiting 501(c)3 approval.

Established by 44-year-old hedge fund manager Mark Nordlicht (who, through an intermediary, declined to be interviewed) together with six anonymous donors, AJE’s goal is nothing less than solving the day school tuition crisis by creating a new breed of tech-savvy, lower-cost schools.

“This is an urgent problem, and we have a sense of urgency,” says Jeff Kiderman, AJE’s executive director. “We can’t take a wait-and-see approach; this is the time to act.”

The money from AJE is intended solely as a startup investment to get the schools “on their feet”; the goal is that eventually the schools will be financially self-sustaining.

“The point is not to redistribute who’s paying, but to change how much it actually costs,” says Kiderman.

The He’Atid approach, inspired in part by innovative charter schools like California’s RocketShip and Arizona’s Carpe Diem, is not without its critics. While it’s hard to object to lower tuition, some parents — and leaders of established day schools — are skeptical about blended learning, which has yet to be proven successful on a large scale or over the long term. Others wonder whether AJE and He’Atid’s budget projections are realistic — the school, currently spending over $11,000 per student, is supposed to break even financially in its third year — or if the model risks faltering as it expands (the target size is about 1,000 students in pre-K through eighth grade).

Not helping the matter is that He’Atid and AJE have refused to make public the details of the “model” they are using to project expenses, although they have revealed that cost savings will come from “efficiencies” like larger class sizes, fewer administrators and group purchasing.

“The ‘model’ is just our prediction of what we think will happen — what’s more important is what actually happens,” says Kiderman. “We are constantly tweaking the model as we learn more, and we are prepared to share it with any school who wishes to learn from it.

Says Gershon Distenfeld, He’Atid’s president: “We’re happy to go over it one on one, but with no context everything gets misinterpreted.”

 

Continue reading

Mark Nordlicht – WTA – A Platinum Swindle, “Loans”? “Donations”?

68936-16 2016/12/13 EP PETITION NYSCEF DOC# 0001
68936-16 2016/12/13 43 EXHIBITS NYSCEF DOC# 0002
68936-16 2016/12/13 43 EXHIBITS NYSCEF DOC# 0003
68936-16 2016/12/13 43 EXHIBITS NYSCEF DOC# 0004
68936-16 2016/12/13 43 EXHIBITS NYSCEF DOC# 0005
68936-16 2016/12/13 43 EXHIBITS NYSCEF DOC# 0006
68936-16 2016/12/13 43 EXHIBITS NYSCEF DOC# 0007
68936-16 2016/12/13 43 EXHIBITS NYSCEF DOC# 0008
68936-16 2016/12/13 06 RJI NYSCEF DOC# 0010
68936-16 2016/12/21 50 MISCELLANEOUS CORRESPONDENCE NYSCEF DOC# 0011
68936-16 2016/12/22 50 MISCELLANEOUS CORRESPONDENCE NYSCEF DOC# 0012

Westchester Torah Academy – Case Number 68936/2016

According to court papers, WTA owed Nordlicht over $3 million and was trying to get a bank loan to pay him off. Financing for WTA has been denied; Nordlict is calling the Loans; and the children who attend that school are collateral damage.

Putting together the pieces of a puzzle of circuitous loans, investments, promissory notes, tax deductions, it looks like Mark Nordlicht (of Platinum fame) needed to reclaim the money he “donated,” “loaned,” to WTA presumably to pay his lawyers. WTA, now in a precarious financial position, had to withdraw the petition once Nordlicht was arrested.

Apparently desperate for cash, and despite what appears to be a schematic for fraud and theft from unwitting investors which included friends and people who trusted him, Mark Nordlicht now appears to be forcing Westchester Torah Academy to take on millions of dollars in debt in order to repay him for a “loan” he made to the school to acquire a new property.  The “loans” looked conveniently like “donations” before Mr. Nordlicht got himself into financial hot water.

Keep in mind of course, nobody has any idea where he obtained the money that was “loaned,” “donated,” whatever to WTA. Platinum Partners, perhaps? In court papers filed in late December 2016 , WTA filed a petition (see above links) to take out a mortgage on property that would have resulted in Nordlicht receiving proceeds of over $1 million on account of a promissory note he entered into with the school.

It appears that without creating yet another venture (Ponzi Scheme), Nordlicht has turned his attention to a day school. One can only wonder why the school would go along with this calamity of an arrangement, particularly given that Nordlicht was the primary source of funding (loans, donations – who knows what) of the school and it is unclear how the school will continue to function without his “donations” somehow called loans, somehow generating promissory notes – doesn’t add up.

Not surprisingly, once Nordlicht was arrested the NY Attorney General opposed the school’s application to obtain the mortgage. If WTA cannot operate in a responsible manner (and who knows what else the school “owes” to Nordlicht) it is good that at least someone is paying attention.

We are hoping the new Attorney General will next investigate the school and how it was funded. Our guess, this is yet another piece of the Platinum Partners pattern of pilfering.

Platinum Partners – Where is this Going?

Det. Whitney Tilson Would’ve Caught These Platinum Scammers Years Ago

http://dealbreaker.com/2017/02/whitney-tilson-platinum-partners/