Acquisition Of UB Completed, No Name Change–Lamont Heralds Partnership

From Cayla Bamberger, CT Post:

Goodwin University has completed the $32 million acquisition and accreditation of most of the University of Bridgeport’s academic programs and real estate, the university announced Monday.

The new UB, which will keep its name, has a freshly named Board of Trustees, which as its first order of business named Danielle Wilken, provost and dean of faculty at Goodwin, the next president of UB.

Several board members are also familiar faces at Goodwin–like President Mark Scheinberg–while others are well known in the UB community, including George Estrada, a former vice president of facilities at UB who is now Trumbull public works director.

“There are so many people involved with this, from a regulatory perspective to stakeholders,” said Scheinberg, who helped orchestrate the deal. “I’ve been likening it to a symphony, where you have all these people who are trying to play something, and if even one person is a half measure off, you have to start again.

“And finally, we are there,” he said.

Full story here.

From Governor Ned Lamont:
Governor Ned Lamont today is applauding the completion of Goodwin University’s acquisition of the University of Bridgeport, saying that the change of ownership will ensure that this longstanding and respected private institution of higher education in Connecticut can continue far into the future. The change of ownership received approval from the U.S. Department of Education, the Connecticut Office of Higher Education, and institutional and programmatic accreditors, including the New England Commission of Higher Education.

Under the terms of the deal, Governor Lamont and the Connecticut Department of Economic and Community Development are supporting the project with a $7.5 million loan at a fixed interest rate for a term of ten years.

“For nearly a century, the University of Bridgeport has been a well-respected institution of higher education, and I am pleased that this acquisition has been finalized so that its legacy can continue well into the future,” Governor Lamont said. “Located in Connecticut’s largest city, the university is a hub for expanding access to educational opportunities for people in the region and launching successful careers. I am proud that our administration and the State of Connecticut could help solidify this partnership between Goodwin University and the University of Bridgeport as they begin this next chapter.”



    1. Both you, Jeff, and Harvey are probably right. The reason is simple. “The most valuable property…..” AND- Politicians are involved! Some of them may be oblivious to what the others have possibly concocted. (“So many people involved”!). “Likening it to a symphony where you have all these people trying to play something.” Emphasis on trying to play. As someone here says-“time will tell” whether it’s beautiful music or the kind of band you cover your ears to and leave. Better hope it doesn’t make you hold your nose as well!

  1. Bob: Here we agree on something. By all indications, there are parties at the core of this “deal” — a land-grab in motion — who have no interest in seeing UB, as such, succeed and who were part of what can only be perceived as a deliberate scheme to allow UB to fail. The city, and its developer players, are juggling three parcels of land involved with the Bassick relocation… UB would appear to be involved as “swing” space in this regard… But lots of land and property exposed for unholy “investment”/redevelopment schemes by the City’s role in UB’s collapse… I hope that the FBI, et al., are keeping a close eye on this situation… The City and the pre-collapse UB BOD should have been securing state, federal, and private intervention/assistance to maintain the institution as Bridgeport-based/controlled even as appropriate segments of the private sector were brought on board to adjust the University’s offerings/competencies to fit the economic development needs of the region/state…

    But, since the state is economically-rudderless and myopic, if not entirely clueless, it’s not surprising that the Governor and our GA delegation ducked when the need to field real answers/solutions for Bridgeport’s most critical institution demanded such — and that being the case, the private sector wouldn’t be expected to show much interest in anything “Bridgeport”…

    This whole situation — on the background of the Bridgeport Bicentennial — certainly marks one of the City’s lowest points.

  2. I can’t put my finger on it, but something just doesn’t feel right about this deal. I hope the Fed’s have an eye on this going forward.Those 50 acres of land are Bpt’s most valuable,and it feels like that’s what this deal is really about..We’ll see I guess..

  3. Ok. The Ponzi scheme just got crazier.
    The CT DECD has chipped in a 10 year $7.5 million dollar loan. ????
    Is the principal on the loan a lump sum payment at the 10 year anniversary or does it begin being paid back now?
    $7.5 million does not seem that big for an institution that was bleeding its endowment but if the payment is not due to be repaid for 10 years then it’s much more significant.

  4. A $7.5 million “loan” for a Bridgeport anchor institution is an insult and shows a flippant attitude by the Governor/state for the city… And where was the Bridgeport GA delegation when it was time to shore-up our most valuable asset?…


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