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The Rhoades School of Encinitas has been purchased by Nobel Learning Communities of West Chester, Pennsylvania. In a news release, the company did not state the name of the seller. However, the head of the school is Luanne Kittle, wife of Bob Kittle, former editorial writer and unofficial voice of the Union-Tribune, who was let go by the new owners Aug. 12 as part of a major layoff. It has always been presumed that the Kittles had bought the school from the founder, Charlotte Rhoades-Glinski. Rhoades is a private, non-sectarian, co-educational school serving 300 children from kindergarten through 8th grade. I tried to reach Luanne at the school and at home without success. Nobel is a publicly-held company whose stock trades on the Nasdaq.

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Comments

Don Bauder Sept. 30, 2009 @ 4:19 p.m.

NOTE: In a story in February of 2006, the Union-Tribune stated that Luanne and Bob Kittle owned The Rhoades School. The story concerned Duke Cunningham's wife, Nancy, who was hired as a director at the school. Best, Don Bauder

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Visduh Sept. 30, 2009 @ 4:37 p.m.

Sounds as if it was a real den of iniquity. One upstanding citizen after another. Actually, it is probably a wonderful school for those who can afford it. But with him unemployed, I'd have thought they would need the income stream from the school for living expenses. Instead they cash in. It would be really interesting to know the selling price. Just what does a private school of 300 elementary and middle schoolers generate in the way of profit? I'll bet that if many of the parents knew just how lucrative that school was, they'd opt to save the money or look for another not-for-profit school. Or maybe even use the local public schools, which in that area are very nice and effective.

I don't suppose that Nobel, even though publicly traded, would have to disclose the price of that transaction. Or would they?

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Burwell Sept. 30, 2009 @ 7:59 p.m.

I don't suppose that Nobel, even though publicly traded, would have to disclose the price of that transaction. Or would they?

======================

Since Nobel is a public company it has to report the transaction and the purchase price to the SEC on Form 8-K. The purchase agreement is almost always included in Form 8-K as an attachment. If for some obsure technical reason Nobel is not required report the transaction to the SEC, then you might be able to glean the purchase price from cash flow statement in the next Form 10-K.

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Burwell Sept. 30, 2009 @ 8:08 p.m.

Nobel has filed Forms 8-K with the SEC in the past reporting what it paid for schools. The last one was filed on 9-10-2009.

http://www.sec.gov/Archives/edgar/data/721237/000114420409047647/v160030_ex99-1.htm

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Don Bauder Sept. 30, 2009 @ 8:17 p.m.

Response to post #2: I just checked (8:14 p.m. W. Coast time) and Nobel has not yet filed anything with the SEC. The news release mentioned neither the price nor the seller. Nobel said it used its existing cash resources and credit facility to pay for the school. I do not know how profitable such a school would be. It draws heavily from some of the most affluent areas of San Diego and is aimed at brighter kids. Best, Don Bauder

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Don Bauder Sept. 30, 2009 @ 8:20 p.m.

Response to post #3: As noted in response to post #2, no 8-K on this topic has been filed as of this time. Best, Don Bauder

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Don Bauder Sept. 30, 2009 @ 8:21 p.m.

Response to post #4: Yes, and as noted above, I see no filing today. Best, Don Bauder

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SurfPuppy619 Oct. 1, 2009 @ 12:17 p.m.

It draws heavily from some of the most affluent areas of San Diego and is aimed at brighter kids. Best, Don Bauder

By dbauder

That would have counted me out in K-8-where I was a goof ball..........actuially that goof ball period continued into high school too.

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JustWondering Oct. 1, 2009 @ 1:14 p.m.

Johnny...Since your opened the door...I suspect it's still going on today!

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Don Bauder Oct. 1, 2009 @ 1:28 p.m.

Response to post #8: JF and JW have said you're still a goofball. I stand by you, however. Incidentally, I checked the Pennsylvania company's SEC filings and also tried to get to two officers and have still not seen an official notification of the seller and the price. Best, Don Bauder

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Don Bauder Oct. 1, 2009 @ 1:30 p.m.

Response to post #9: We've heard from JW. Where's JF? Best, Don Bauder

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SurfPuppy619 Oct. 1, 2009 @ 7:18 p.m.

Johnny...Since your opened the door...I suspect it's still going on today!

By JustWondering

Thank you for your support "Deneheyrocks"!

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Don Bauder Oct. 1, 2009 @ 8:57 p.m.

Response to post #12: What would we do without SurfPuppy, JW and JF? Things would be dull around here. Best, Don Bauder

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JustWondering Oct. 2, 2009 @ 7:53 a.m.

Don, Just trying to keep you young at heart and mind. Always appreciate your columns, then and now. JW

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Don Bauder Oct. 2, 2009 @ 8:48 a.m.

Response to post #14: I guess I was young once, but I have trouble remembering those days. Best, Don Bauder

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