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May 27, 2010

Speculation that there may have been a coup at GEOS

GEOS.jpegLet's Japan reports on speculation that the takeover of GEOS may actually have been a coup d'etat. Kusunoki, the president of GEOS was clearly against declaring bankruptcy, and the takeover by G.communication happened so quickly that it inevitably raises the questions of how long in advance the takeover had been planned and whether this planning had been without the knowledge of Kusunoki.

Let's Japan, referring to a JC-Net article, reports: 'The bankruptcy was filed with the Tokyo District Court by Hitomi Suhara and two other directors. Sitting beside Suhara at the press conference was Tabuchi. However, JC-NET notes that Tabuchi may in fact be Kusunoki's nephew, who happens to have been in charge of operations in the Chubu area, G.education's home turf. So here's the plot: Worried about GEOS's stability, Tabuchi approaches G.communication and offers to sell the company to them. We already know that an agreement was signed on April 16th. The offer to sell, however, may have been made much further in advance of the April 16 signing. G.communication may have decided to sign on the 16th after having reviewed information about GEOS' schools and sorting the schools into the ones it would keep and the ones it would close. A source says this is why GEOS' directors (Suhara and Tabuchi) could speak with such clarity about GEOS's schools during the press conference in the wake of the bankruptcy.'

Click here for the full Let's Japan report.

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