Children's Discovery Centers of America, Inc. Specimen Stock Certificate

Description

Children's Discovery Centers of America, Inc. Specimen Stock Certificate
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Children's Discovery Centers of America, Inc. was a chain of preschools in the United States which provided educational services for children of both preschool and elementary school age.
The company operated 248 preschools in 22 states and the District of Columbia. Children's Discove
ry's school age programs included private academic programs, before and after school programs, and summer camps.
The company's growth led to bigger aspirations which, however, required funding, and CDC was not alone in recognizing the potential of the for-profit private education business. One of the new players in the field was Knowledge Universe, and rather than compete against it, CDC decided to join forces when the Michael Milken-led corporation came calling. In May 1998, a subsidiary of Knowledge Universe took CDC private.
The driving force behind the creation of Knowledge Universe was Milken, the controversial king of junk bonds who served 22 months in federal prison and paid a billion fine for six counts of felony securities fraud. After his release from prison in 1993, much of his attention was spent on the Milken Family Foundation, which was involved in education through the awards granted to top teachers and minority students. He also came to see for-profit education as a business opportunity, revealing to Fortune magazine in 1996 his vision for a "cradle to cane" enterprise, encompassing not only schooling for children but also technical training and continuing education for adults. Even capturing a small percentage of this vast market could mean tens of billions of dollars. To make his vision a reality he contacted Lawrence Ellison, founder and CEO of Oracle. A subsidiary of Oracle was already one of the world's largest computer training companies, making Ellison a likely partner. Milken also enlisted his brother Lowell, and together the three men formed Knowledge Universe with 0 million in financing. The company essentially served as a vehicle for investing in the education industry.
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