I looked at announcements from beginning of 2015 about Phoenix...

I looked at announcements from beginning of 2015 about Phoenix acquisition. Paid $2.5 million on signing and a further $2.5 million payable over three years dependant on profit targets being met. I hope Ivan does not pay out any more.

It is clear ACO were planning to leverage the Phoenix VET FEE license to develop and sell courses through Phoenix and mytimelearning.com.au. I believe management thought they had sufficient controls in place to filter students out from entering courses they were not capable of completing( I give them the benefit of the doubt at this stage). Unfortunately, unethical sales practices seemed to flourish since the takeover of Phoenix.

What a mess.

VET announced voluntary administration today. Hope ACO don't go that way.