The other shoe dropped.

Dear Colleague

Due to the sudden and unexpected filing for bankruptcy by **** and the Bank of America’s decision to exit the private student loan industry and terminate its relationship with ****, the Company is taking immediate measures to reduce its costs, including reducing its workforce. Regrettably your position is being eliminated.

Your presence is required at a meeting at Noon in the OCR Auditorium to review the next steps in the reduction in force process. We will be sharing important information regarding your separation from ****, including WARN notice and final paychecks and inventory sheet confirming your return of Company property.

To begin the separation process please

· Gather your personal property. There are boxes and packing materials available in the coffee areas on your floor.

· Leave all **** property at your workstation. This includes badges, laptops, IT tokens, blackberries and credit cards.

Following your meeting and completion of the pink inventory checklist you must leave the building. Your network access and badge access will be shut down shortly.