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Category: Universities

Laurentian Blues (6) – The Model

Most of what we know about the Laurentian affair suggests that it is sui generis, but some people insist on turning it into an exemplar of broader trend: not so much a “who’s next” as a “there but for the grace of God go all of us” (or, as a recent podcast had it: is Laurentian the “canary in the nickel mine”?).  Basically, this argument suggests that Laurentian is not really at fault, but rather a victim of “the Ontario

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March 8, 2021 4 Comments

Laurentian Blues (4) – Who is Next?

Note: since the publication of this post, Concordia University and St. Thomas University have provided responses disagreeing with the assessment of this post. Click the university names above to read their respective positions. So, the mixed metaphor I keep hearing is that Laurentian is the canary in the coal mine, and there must be other dominoes ready to fall.  And people seem to assume I know who is next.  In fact, my priors are that there are probably not any

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February 9, 2021 1 Comment

Laurentian Blues (3) – Hillary Redux

OK, before I get to the actual blog here, some updates on Laurentian: 1)      On Friday, Laurentian published its list of creditors.  It listed $184 million in potential debts, plus a couple of hundred small suppliers with amounts listed as “TBD”.  This is presumably the origin of the comment last Monday from an un-named source indicating they opened the books and instead of $100 m in debt it’s closer to $200 m.  But this is somewhat misleading: about $52m is for various

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February 8, 2021 5 Comments

Laurentian Blues (2)

I want to go into more detail on Laurentian, digging into finances, and correcting one or two things I got wrong yesterday. An unfortunate amount of time is going to be spent dragging Laurentian for bad data practices, but that can’t be helped. Let’s go back to this graph I showed yesterday. With a little bit more digging, I see that Laurentian claims that there were about $8 million in outstanding deficits prior to 2012-13, and that they are claiming

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February 4, 2021 12 Comments

Laurentian Blues (1)

Laurentian University will run out of cash at the end of February.  That’s the most important – but far from only – take-away of the Monitor’s Report filed Monday in an Ontario court as Laurentian University filed for creditor protection. People are throwing around words like “unprecedented” to describe what is happening at Laurentian.  I’m always careful about that because before WWII a lot of wild things happened in Canadian universities (the Honorary Bursar making off with the entire University

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February 3, 2021 18 Comments

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