Philanthropists move to rescue ICEF Public Schools
By Howard Blume/Los Angeles Times
A group of the city's leading philanthropists, including billionaire Eli Broad and former mayor Richard Riordan, rallied Monday to save ICEF Public Schools, one of the nation's largest and most successful charter school companies, which was teetering on financial insolvency. ICEF, which operates 15 schools in low-income minority neighborhoods of Los Angeles, was virtually out of cash, unlikely to meet its Oct. 1 payroll. The nonprofit faced a $2-million deficit in the current budget year as well as substantial long-term debt. (more…)