Las Vegas Sun: UNLV is planning for fiscal collapse.

UNLV President Neal Smatresk told a somber Faculty Senate on Tuesday that the administration was planning a kind of bankruptcy to deal with its budget crunch.
Under the "financial exigency" plan, tenured professors could be fired and whole departments and programs more easily closed down.
Earlier this month, the Board of Regents said it would be premature to consider such a move until the Legislature approved a final budget by June.
Smatresk told the faculty group that the cuts for UNLV would total $47.5 million and would need to be implemented by July 2012, so a plan for financial exigency would have to be prepared.

So is this the beginning of the collapse of higher education?