Idaho
Idaho State Board of Education to consider extension in U of I-Phoenix negotiations • Idaho Capital Sun
This story was originally posted on IdahoEdNews.org on June 26, 2024.
The University of Idaho and the University of Phoenix want more time to talk about a deal.
And the State Board of Education will meet Friday morning to discuss an extension — which could immediately net the U of I $5 million.
If the State Board signs on, the parties would have until June 10, 2025, to reach a deal that would move the for-profit online giant under the U of I’s ownership. The State Board first endorsed the $685 million purchase in May 2023. The deal has been mired in political and legal limbo for months. However, the U of I and Phoenix have continued to negotiate past an initial, nonbinding May 31 deadline.
“The extension will allow the (U of I) time to incorporate feedback from legislators and other Idaho stakeholders into the transaction and make amendments based on the feedback,” State Board staff said in a memo released late Wednesday afternoon. “There is no commitment to a closing at this time.”
The extension has been in the works for some time. Idaho Education News reported first on many of the basics in a May 28 article.
The State Board memo spells out the details:
- Phoenix and its owner, Apollo Global Management, would have a chance to negotiate with other would-be sellers, or pursue an initial public offering.
- The U of I would immediately receive $5 million for agreeing to an extension.
- The U of I could also receive additional “breakup” fees if the purchase falls through. If the June 2025 deadline comes and goes without a sale, the U of I would receive another $5 million. If Apollo finds another buyer or pursues an IPO, the breakup fees would total $15 million.
The fees to the U of I are designed to offset the university’s consulting and legal bills. As EdNews has previously reported, the U of I has spent some $11 million on due diligence as it has reviewed a Phoenix purchase; the bulk of those fees went to U of I President C. Scott Green’s former employer, Hogan Lovells, an international law firm.
In their memo, State Board staffers say the U of I remains bullish on a Phoenix purchase. The U of I says its Phoenix business model “remains intact and is growing stronger.” The U of I has maintained it could net $10 million or more in annual revenues from Phoenix operations.
The U of I also maintains that it can navigate some turbulent political waters — even after the state Senate voted down a bill in March designed to salvage the purchase.
“The parties … are committed to continue working collaboratively with legislators, through the 2025 legislative session if needed, to arrive at transaction acceptable to all.”
The board is scheduled to meet at 8:30 a.m. Friday.
Check Idaho Education News on Friday for coverage of the meeting. And click here for in-depth, exclusive Phoenix coverage from Idaho EdNews.
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Idaho
Idaho leaders mourn the sudden passing of Senator Lindsey Graham
BOISE, Idaho (CBS2) — U.S. Sen. Mike Crapo and U.S. Sen. Jim Risch issued statements mourning the sudden passing of U.S. Sen. Lindsey Graham of South Carolina, remembering him as a friend, colleague and influential conservative lawmaker.
“For most of my public service in Congress, I had the privilege of calling Lindsey Graham not only a colleague in both the House and Senate, but a loyal and generous friend,” Crapo said. “He was a formidable public servant who held the line on issues important to him and South Carolinians with unwavering courage.”
Crapo highlighted Graham’s military service and foreign policy work, saying, “As an Air Force veteran and foreign policy hawk, he traveled the world demonstrating America’s strength and resolve. To our nation’s allies, he was a friend. To our adversaries, he was unflinching.”
Crapo also pointed to Graham’s work in the Senate, including his leadership on budget issues and his role on the Senate Judiciary Committee. “Lindsey was a staunch conservative, and he shepherded the Senate Budget Committee through the critical steps of the budget reconciliation process,” Crapo said. “His work put more money in Americans’ pockets and kept our homeland safe. On the Senate Judiciary Committee, he safeguarded the federal judiciary and conducted much-needed oversight.”
“Senator Graham enriched the lives of those of us who knew him,” Crapo said. “He will be deeply missed, and I offer my sincere condolences to his family, staff and other loved ones during this difficult time.”
Risch and his wife, Vicki, also expressed condolences, calling Graham “a dear friend and colleague whose warmth, humor, and unwavering dedication to public service will be deeply missed.”
“He loved America deeply and devoted his life to serving our nation and fighting for what he believed was in its best interest,” Risch said. “We extend our deepest condolences and are praying for his family during this difficult time.”
Idaho
Idaho’s Most Unusual Listing: A Pair of Medieval Castles Complete With a Dungeon and Drawbridge
Idaho is not a place that’s often associated with Medieval castles, but a pair have just hit the market for $6.25 million.
The imposing stone structures have towers, turrets, ramparts, arrow-slit windows and even a drawbridge, and might just be the most authentic-looking castles this side of the Atlantic.
“Who expects to see a castle like this in Idaho?” said listing agent Brenda Burk of Coldwell Banker Schneidmiller Realty, who brought the property to the market last week. They are, she said, “extremely unusual.”
MORE: Late PBS Anchor Jim Lehrer’s Historic Washington, D.C., Home Lists for $5 Million
Schweitzer Castle and Château de Melusine, as they’re known, stand within Schweitzer Mountain Resort in the Selkirk Mountains and overlook the nearby mountain resort town of Sandpoint. They take in panoramic views of Lake Pend Oreille, Idaho’s largest lake.
The pair of ski-in/ski-out homes each have three bedrooms, two bathrooms and three stories, Burk explained. They are “so authentic,” she said. “Every single stone was handlaid.”
Schweitzer Castle, she said, wasn’t built for “functionality,” but has been modernized and adapted and now has everything a 21st-century residence requires, along with a dungeon, which for some buyers may also be a requisite.
MORE: Arizona’s Most Expensive House—With an Indoor Go-Kart Track and Shooting Range—Sells for a Record $40.2 Million
The chateau, meanwhile, has a hot tub room with mountain views, as well as a garage.
The property is being sold furnished, and will come complete with the hand-carved statues, armor, mounted swords, stained-glass windows and a host of antiques dating to the 15th and 16th centuries.
The owner, an antique collector who couldn’t be reached for comment, “is always looking for that hidden jewel and he found that here,” Burk said.
The next custodian is likely to stem from a varied pool of buyers, Burk said, that would include “the trophy-home buyer, someone who can say ‘I own a castle.’”
The property could also appeal to someone looking for a vacation home, or a multi-generational estate, and beyond that “there’s the dreamers,” she said. “We definitely try to market to people who like Medieval history or maybe do Renaissance fairs.”
The seller “really wants it to go to someone with the same passion.”
Idaho
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