AIFS Inc., a San Francisco company that sells and operates educational programs, disclosed in a U.S. Securities and Exchange Commission filing that it owns 5% of United Education & Software, a troubled chain of vocational schools based in Encino.
In the document, AIFS said it may seek to take over the company, although such wording is common in SEC filings that disclose stock ownership. In an interview, Roger O. Walther, AIFS chief executive, said the company is investing in United Education because he believes that its stock price does not reflect the company's value.
"We plan to wait and watch to see how they work out their problems," Walther said. "We don't have any specific course or plans right now."
Founded in 1964, AIFS operates study-abroad programs for students, schools that teach English and other education programs. In the year that ended Sept. 30, the company earned $536,000 on revenue of $95.6 million.