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September 30, 2026

Croft Bankruptcy Update #11 — September 30, 2026

Croft Bankruptcy Updates

My goal for this newsletter is to provide a regular plain-language summary of what has happened in the Oxford Street Education/Croft School bankruptcy, and to flag key deadlines and dates. This issue covers filings from September 11 through September 30, 2026. It has been a quiet few weeks on the docket, so this one is short.

The short version: the trustee is digging in. Today he filed five new requests to question people under oath and collect their records. Four are aimed at members of Oxford's Board of Managers: Jack Remondi, Robert Lytle, Michael Goldstein, and Rishi Shukla. The fifth is aimed at Kate Mahoney, Oxford's Chief Financial Officer. His earlier requests all went to outside firms: accountants, a consultant, and short-term lenders. These are the first aimed at the people affiliated with Oxford/Croft.

Key dates & deadlines

  • October 20, 2026, 9:30 a.m. — Continued Meeting of Creditors (further questioning of Oxford)

The court has not yet set a hearing or objection deadline for today's five motions.

What got filed recently

The trustee wants to examine four board members and Oxford's CFO

On September 30, the trustee filed five motions, each asking for a Rule 2004 examination. A Rule 2004 examination is a bankruptcy tool that lets the trustee demand documents and question a person or company under oath. (Oxford's Board of Managers is its governing board, the LLC version of a board of directors.) The five motions cover:

  • Jack Remondi, described as a board member and note holder
  • Robert Lytle, described as a board member and note holder
  • Michael Goldstein, described as a board member and note holder, and also as an officer and co-founder
  • Rishi Shukla, described as a board member and note holder (Shukla is the board member who answered questions for Oxford at the Meeting of Creditors, covered in Issue #9.)
  • Kate Mahoney, described as an Oxford employee who acted as its Chief Financial Officer

A note holder is someone who lent money and holds a promissory note in return. A promissory note is a written promise to repay a set sum on set terms. For example, Remondi filed a claim in July for $500,000 he lent Oxford under a note dated September 1, 2025. That claim was covered in Issue #7.

In each motion, the trustee stated that he is investigating Oxford's finances and transactions before the bankruptcy. He stated that his goals include finding assets and possible claims that could benefit creditors. He stated that each person has information about Oxford's finances that he cannot readily get elsewhere. Each motion asks the court to let him question the person under oath. Each also asks for documents within 15 days of an order. The document requests reach back to January 1, 2019.

What the trustee wants from the board members. The four board motions are nearly identical. Each asks for:

  • Communications with Oxford's officers and other board members, including about Oxford's finances
  • Communications with outsiders about Oxford's finances or about loans to Oxford
  • Management reports, budgets, forecasts, and variance analyses that Oxford's officers gave them
  • Documents about Oxford's sales of securities, bonds, or other debt to investors
  • Documents about their own loans to or investments in Oxford
  • Any due diligence they did before lending or investing
  • Records of payments Oxford made to them on those loans or investments

What the trustee wants from Mahoney. Her document request is broader and focuses on Oxford's books. It asks for:

  • Income statements, cash flow statements, projections, and budgets she prepared or kept for Oxford, plus her work papers
  • Management reports, budgets, forecasts, and variance analyses prepared for Oxford's officers or board
  • Records of financing from On Deck Capital, Byzfunder, Clearfund Solutions, Meged Funding Group, and any other lender
  • Her communications with Oxford's officers and board members, and with outsiders about Oxford's finances
  • Documents about Oxford's sales of securities, bonds, or other debt to investors
  • Documents about loans that board members made to Oxford, and payments Oxford made on them
  • Documents about loans from anyone else, and payments Oxford made on those

(On Deck and Byzfunder are the two short-term, high-interest lenders covered in Issue #10. Meged Funding Group filed the first claim in the case, covered in Issue #4.)

In past rounds, the court set an objection deadline and a hearing, then granted the motions without a hearing when no one objected. Each proposed order would require the person to appear for questioning and to produce the documents within 15 days.

The court approved the examinations of the consultant and the two lenders

In Issue #10, I described three motions aimed at Measured Moxie Consulting (the firm that built financial models for Oxford), Byzfunder, and On Deck Capital. No one objected. On September 22, the judge granted all three without a hearing. The orders cover Measured Moxie, On Deck, and Byzfunder. The September 23 hearing was canceled. It is unclear from the docket if any of the examinations have taken place.

The court approved winding down Oxford's 401(k) plan

Issue #8 described the trustee's motion to end Oxford's 401(k) retirement plan. (This matters mainly to former Croft staff with money in the plan.) The motion asked to appoint Craig R. Jalbert of Verdolino & Lowey as plan administrator. A plan administrator is the person legally responsible for running a retirement plan and its required filings. It also asked to pay certain expenses from the plan and then terminate it.

The court held a hearing on September 9. On September 11, the judge granted the motion, for reasons stated at the hearing.

Key Links

  • Public Docket
  • Bankruptcy Filing (June 5, 2026)
  • Notice of Bankruptcy (June 5, 2026)
  • Claims Register as of August 26, 2026

This newsletter is a community update. Nothing in it is legal advice and reading it does not create an attorney-client relationship. If you need advice about your own situation, please consult a lawyer.

This newsletter provides factual summaries only. This is not legal advice. Consult your own attorney and monitor the docket yourself, do not rely exclusively on this newsletter.

You just read issue #13 of Croft Bankruptcy Updates. You can also browse the full archives of this newsletter.

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