Wednesday, August 28, 2013

Owners to Sell Charleston Law to InfiLaw

Here’s the news release

 CHARLESTON, S.C., Aug. 28, 2013 – The founders and directors of the Charleston School of
Law announced today that they have signed an agreement expressing their intent
to transfer ownership of the law school to The InfiLaw System (“InfiLaw”),
which would become effective if approved by the South Carolina Commission on
Higher Education (CHE) and the American Bar Association. Such approval is
expected to take months to complete.

 “We made this decision because a majority of the founders had expressed a desire to pull
back and retire, Robert S. Carr and George C. Kosko said in a joint statement.
They are directors and founders of the Charleston School of Law. “As a result,
this transaction is part of a necessary succession plan that ensures that the
Charleston School of Law will be viable and thrive over the long term.”

 They continued, “One of the key reasons we chose to move forward with InfiLaw is
because it is committed to maintaining the best of the Charleston School of
Law, including our culture and vision, while at the same time bringing its
strengths, including investment in the law school in terms of systems, programs
and infrastructure, as well as a demonstrated commitment to public service.”

 “We want everyone to understand that until a transition to new ownership is complete,
the directors will continue to own and operate the law school,” Carr said.
Moving to clear up a public misperception, Carr stated that InfiLaw Management
Solutions, a subsidiary of InfiLaw, will provide consulting services, but “will
not make any operational decisions.”

In an announcement to students, faculty, staff and alumni, the directors also
indicated that they are willing to consider well thought-out and
financially-viable alternative offers. They further established a process by
which offers could be submitted to their lawyer, Edward Hughes at Nexsen
Pruett, LLC, 400 Main Street Office Campus, Suite 100A, Hilton Head Island, SC
29925-3526; (843) 689-6277; [email protected],.

 Carr pointed out that the decision to transfer ownership was not made in haste, but
had been in the planning stages for quite a while. However, due to the
complexity of such a transfer under any circumstances it took some time to find
a viable succession plan.

 They also acknowledged the public speculation that law school should be sold to a private
or public institution. However, they pointed out that they have not been
approached by any public institution interested in buying the Charleston School
of Law and noted that private institutions that they contacted elected not to
engage in substantive discussions. They also acknowledged that they looked at
other options, such as becoming a non-profit institution and a sale to a
current owner, but pointed out that none of the options would have done as much
protect the interests of the law school for the foreseeable future as the
InfiLaw transaction.

 “As this process moves forward, we will continue to keep all interested parties informed of developments regarding this transaction,” Carr concluded.

(ljs)

http://lawprofessors.typepad.com/legal_skills/2013/08/owners-to-sell-charleston-law-to-infilaw.html

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