Word spread through e-mails and the Internet. On Tuesday afternoon, a crowd gathered in the NYMA chapel for an update on the school’s status.
Anthony Desa, the president of the Board of Trustees, had arranged the meeting, and was the first one to speak. “We’re here,” he said, “to put to bed the rumors that the academy has been sold.”
The stories had circulated through Cornwall during the previous week. Residents had called Supervisor Randy Clark, and he had reached out to Mr. Desa for information.
The session on June 10 was brief. Gregg Nolan, the chairman of the Global Financial Exchange (GFE) told the audience that his company was structuring a bond offering, where both the principal and the interest would be insured. “We’ve focused on emerging growth situations [in the past],” he said. “We’re not afraid to walk into places with problems…. I think we’ll have good luck in putting the financing together.”
Vincent DeBiase of Corbally, Gartland & Rappleyea has represented NYMA in its $20 million suit against Obridge Academy. He said that the suit was in the discovery stage and that depositions should be completed in the fall.
The attorney also referred to a letter of intent, signed by Supervisor Clark, indicating the Town’s interest in purchasing the NYMA property for $8 million. The offer is being reviewed. If it os accepted, it will have to be approved by the New York State Supreme Court, since NYMA is a not-for-profit organization.
Mr. Desa returned to the microphone to reiterate what he had said at the beginning. “We’re here to stay,” he promised. “My agenda is to move NYMA forward.”
There was no formal question and answer session, but Mr. Desa chatted with people after he left the platform. He said that he would be announcing changes later in the month, and hoped to provide information on how the school stands with its creditors. A group of businessmen had rescued the school in 2010 with a loan of $6 million. To date, they have not been repaid.
Visitors lingered in the chapel after the conference was over, and mulled over what they had heard. Outside, in the quadrangle, there were hints of a future. A sign announced an open house on June 21. And a couple of laborers were making repairs on the balcony of a barracks.
“We’re still alive,” a long-time employee said cheerfully. “And as long as there’s life, there’s a chance.”