Benefactors Bail Out ICEF Charter Schools

Fifteen charters schools that were about to go out of business got a $10.5 million bailout today. After Mike Piscal founded the Inner City Education Foundation in 1994, it earned a good reputation but, despite that, it’s been on the verge of bankruptcy. Now ICEF schools will stay open, thanks to $2 million each from Eli Broad and Palmer Murray of the Otis Booth Foundation, with additional contributions from several others. Former LA Mayor Richard Riordan has come up with $2.2 million. He’s chair of the ICEF Board.