SCAD Defaults on $32 Million Loan? HK Campus Sinking Ship!

SCAD Hong Kong is a sinking ship. It is being reported in the HK press that SCAD owes an estimated 21 million dollars in back payments on the 32 million dollar investment fronted to the Gold Coast Art School by the HK Development Agency.

News agencies in HK are reporting that the HK Development Agency will decide later this year (2013/14) whether or not to “recover” its $32,000,000 investment in SCAD’s Hong Kong campus by “reclaiming” the building.

Local HK business leaders are blaming a “serious lack of interest” in the low country art school as the primary cause for SCAD’s failure to pay its debts. Current SCAD HK enrollment appears to be 35% of what was estimated three years ago.

In order to make sure there are some warm bodies in the building, SCAD has resorted to exporting students from her struggling Savannah and Atlanta campuses. “Without those students here,” a friend close to Dear Leader told us, “this place would be a ghost town—the SCAD Hong Kong campus is sinking—fast!”

Captain Schettino, Tik and Dear Leader Meet to discuss escape plans from sinking ships.

Captain Schettino, Tik and Dear Leader Meet to discuss HK escape plans.

In response to the descending fortunes of the SCAD HK campus, SCAD has hired ‘Sinking Ship’ expert, Captain Francesco Schettino, of the Italian cruse ship The Costa Concordia.

As SCAD secrets readers may recall, Captain Schettino capsized the Concordia off the coast of Italy last January, and famously “tripped off the sinking ship into a lifeboat.”

“We could really use his expertise right now,” said the Mad Turk from an undisclosed location off Bull Street, “Dear Leader needs a lifeboat to fall into, and Captain Schettino is just the man to show her where to fall.”

SCAD has four months before the Honk Kong Development Agency makes its decision, we wish Dear Leader a quick landing into a soft lifeboat.

From her porch at the Landings, Dear Leader encouraged members of the SCAD community to put women and children first when escaping their personal sinking ships by stating: “the highest and best use of a front porch is to enable and encourage the art of conversation. We entertain ourselves with stories on the porch. We invite people in. We sit. We visit.”

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