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 is a short issue covering today's continued Meeting of Creditors, plus the few filings since September 30.

The short version: board member Rishi Shukla returned to answer more questions under oath. The trustee, Harold Murphy, showed him a 2025 financial forecast that Scott Given forwarded to the Board, which listed upcoming payments on "Croft Bonds," the loans Given solicited directly from Croft families. Shukla testified that he had no recollection of seeing it. He also testified that board member Jack Remondi was repaid a $250,000 loan, and that it has since become clear the money for that repayment came from, among other sources, parents' money invested in the Croft Bonds.

On the docket, the four board members agreed to hand over documents, and the trustee put off questioning them for now. And a group of about 90 Croft bondholders, through their attorneys, asked the court to let them join the investigation.

Key dates & deadlines

• December 15, 2026, 9:30 a.m. — Continued Meeting of Creditors

A Note on This Issue

As with my coverage of the first session in Issue #9, I don't have a transcript. What follows comes from my own notes, and the quotes are as close as I could get them. Rather than recount the whole day, I've focused on the testimony I think matters most.

Cash Crunches and "Downside Planning"

Shukla testified that in the lead-up to the summer of 2025, Given went to the Board twice with urgent needs for cash on very short notice. He testified that this was not unusual: versions of the same thing had happened in 2022, 2023, and 2024.

At the same time, Given and the Board were planning for growth, including in Cambridge. But they were also doing "downside planning," which could have included closing the Providence campus. Shukla testified that this was "on the table."

That summer, Given wrote to the Board about the stress he was under, stating that he "continue[d] to juggle a lot which puts strain on me and presents risks to the business."

The Outside Financial Review

Shukla testified that the Board knew it needed to raise more money, and decided: "let's bring on an outside party to look at the total playing field and help forecast more robustly . . . ." In his words, "there [was] clearly a disconnect between [what Given said] is going to happen, [and] the need you have to raise money immediately, more urgently . . . ."

Because of those concerns, the Board hired Andrew Solomon to do a financial review and build a forecast model. (Solomon is the principal of Measured Moxie Consulting. The court approved the trustee's request to examine Solomon and his firm on September 22, as covered in Issues #10 and #11.) Shukla described what the review was for: "That was supposed to govern how we thought about raising additional equity, taking on additional long term loans, and just thinking about the future state of the business, to expand, to not expand, to do things that were more strategic . . . but you couldn't do that without reliable financials."

The Board never spoke with Solomon after he finished his report and forecast, even though it asked for a call to walk through his model and report. Shukla testified that "Scott pushed it off multiple times," citing "health reasons" and "being busy."

The Forecast That Named the Croft Bonds

Murphy showed Shukla a document, apparently sent in the summer or fall of 2025, in which Given purported to forward Solomon's report to the Board. The attached model included an earnings and cash flow forecast. It referred to "debt payments," and specifically to the "Croft Bonds," the name of the bonds Given sold to Croft families. (Other loans that Shukla was aware of and that were made by existing investors or family and friends of Given were called "Promissory Notes" or "Bridge Notes," not "Croft Bonds.")

Murphy asked whether the document refreshed Shukla's recollection of being aware of the Croft Bonds in the summer of 2025. Shukla testified that he had "no recollection" of seeing it. "This was a Solomon document, his terminology, his view of the world, and this was his forecast."

Shukla also testified that Solomon's actual model had many tabs, but Given shared only two of them with the Board. Even so, the part the Board apparently received explicitly referred to the Croft Bonds. The forecast showed "debt payments" of:

• $930,220 in 2026
• $607,720 in 2027
• $2,017,720 in 2028

That is $3,555,660 in debt payments over three years, in a forecast that named a kind of debt different from the notes Shukla said he knew about.

My read: the Board's position is that Given hid the Croft Bonds from it. In August, Shukla testified that Given removed the Croft Bond loans from the spreadsheets he gave the Board (Issue #9). But the Board hired Solomon precisely because it no longer trusted Given's numbers. And the slice of Solomon's work that Given did pass along named the Croft Bonds outright, next to millions of dollars in upcoming payments. That's odd for someone who was trying to hide these things from the Board. And whatever the case, "Croft Bonds" were apparently in front of the Board in 2025, months before everything unraveled in March 2026.

Disclosure: My family holds Croft Bonds and is represented separately as a bondholder.

Remondi's $250,000 Repayment

Shukla testified that board member Jack Remondi was repaid a $250,000 loan "a year or year and a half ago." He testified that, "post March 6, it has now become clear" that the company got the money for that repayment from, among other sources, the Croft Bonds, meaning from Croft parents. Murphy put it this way: "Borrowing new money to pay old money."

(Remondi is also the board member who filed a claim in July for $500,000 he lent Oxford under a note dated September 1, 2025, covered in Issue #7.)

What got filed recently

The board members agreed to hand over documents, and questioning is on hold for now

In Issue #11, I described the trustee's requests for a Rule 2004 examination of four board members and Oxford's CFO. A Rule 2004 examination is a bankruptcy tool that lets the trustee demand documents and question a person or company under oath. A hearing was set for October 16.

On October 15, the trustee and the four board members filed a joint request asking the court to approve a stipulation. A stipulation is a written agreement between parties to a case, often submitted for the court's approval. Under the stipulation:

• The board members will hand over documents in agreed categories, without the need for a subpoena.
• They will do so on a timeline the trustee and the board members will agree on later.
• The trustee will not schedule questioning of the board members "at this time."
• The trustee can still ask for questioning or more documents later, and the board members can still object.

The agreed list covers three areas:

• Remondi's loans and any other loan from a board member, including loan papers, due diligence, what they were told to get them to lend, and repayment
• Andrew Solomon of Measured Moxie, including his hiring, documents from him, documents from Given that claimed to be Solomon's work, and board emails about Solomon
• Board communications about the school's finances, loans to the school, loans from "friends and family" (including Given, his father, and his father-in-law), and loans from others, including parents of students

The same day, the judge approved the stipulation and canceled the October 16 hearing. The order treats the trustee's motions as withdrawn. It also states the trustee can seek more under Rule 2004 later, in line with the stipulation.

Croft bondholders asked to join the investigation

On October 19, about 90 bondholders filed a motion asking for their own Rule 2004 examinations. They are represented by the law firm Troutman Pepper Locke. The motion states they hold about $13 million in claims, the largest group of unsecured creditors. It states that each of them filed a Proof of Claim on time.

The bondholders want to examine nine of the people and companies the trustee has already issued requests to:

• Oxford's accountants, All-In Accounting Solutions and AAFCPA
• Andrew Solomon of Measured Moxie
• On Deck Capital, one of the short-term lenders
• Board members Remondi, Lytle, Goldstein, and Shukla
• Kate Mahoney, Oxford's CFO

The motion asks the court to:

• Let the bondholders demand documents from each one and question each one under oath
• Require the examinees or the trustee to turn over any documents already produced to the trustee
• Require the trustee and the bondholders to coordinate, so each person is questioned only once

The motion states that its requests match the trustee's. For the four board members, they match the trustee's original requests, before the stipulation narrowed them.

The court set a hearing for November 4 at 10:45 a.m. Objections are due November 2.

Disclosure: My family holds Croft Bonds and is represented separately as a bondholder (including in this motion) by Troutman Pepper Locke.

Key Links

• Public Docket
• Trustee's motion to examine Measured Moxie and Andrew Solomon (August 31, 2026)
• Order granting that motion (September 22, 2026)
• Board members' stipulation with the trustee (October 15, 2026)
• Bondholders' examination motion (October 19, 2026)
• Massachusetts Securities Division complaint against Scott Given (June 30, 2026)

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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.