raised its requirement for the National Shakespeare Conservatory to post a Letter of Credit in order to continue participation in the federal student aid programs. A Letter of Credit is collateral for a portion of a school's federal financial aid, which is put up as assurance that if the school closes, there will be funding to cover the costs of the school's obligation to the USDE. Because of The Conservatory's quality of accreditation review, low student loan default rate and consistent long-term operation as a non-profit organization, The Conservatory considered the amount of the Letter of Credit excessive and contested it in federal court. After a two-year battle with the USDE the federal judge ruled against the school. The National Shakespeare Conservatory then offered to post the Letter of Credit. The Department of Education refused to accept the Letter of Credit from the National Shakespeare Conservatory, and terminated the Conservatory's participation in federal student financial assistance programs, based on the school's failure to provide a sufficient letter of credit in 1996. As a consequence, the school ceased operations of the Two Year training program that fall. The Summer Conservatory continued to operate for the next two years. In 1996 in addition to its training program, it provided free outdoor performances of Shakespeare in municipal parks in upstate New York, under the banner Catskill Shakespeare until the school closed in late 1998. Faculty Philip Meister - Artistic Director and Master Acting Teacher. Deceased. Mario Siletti - Head of Acting, Also headed faculty of Stella Adler Conservatory. Deceased. James Tripp - Master Acting Teacher, current Head of Acting and Master Teacher at the Stella Adler Studio of Acting. Peter Lobdell - Movement, Currently teaches at Amherst. Physical coach for the original Broadway productions of The Elephant Man and Equus. Alice Winston, Master Acting Teacher. Deceased. Joanne Munisteri - Movement, Speech, Acting. Lisa Jacobson - Movement, Acting. Deceased. Robert Perillo - A Master Voice Coach in New York City and director with such companies as Jean Cocteau Repertory in New York City. Joan Evans - Movement, Currently teaches at the Stella Adler Studio of Acting and New York University. Casey Kizziah - Acting, voice and speech. Deceased. Angela Vitale - Voice and Speech, Currently teaches at the Stella Adler Studio of Acting. Sandra Cavanaugh - Voice and Speech and body Alignment, currently artistic director of New Heritage Theatre Company. Jane Armitage Eloise Watt