The management of the college misused funds collected, did not develop labs, library, did not recruit proper qualified staff members and professors. and even promoted unethical practices. Consequently many colleges fell from grace and students did not prefer such colleges. seats in large numbers remain unfilled. Axe finally fell on such colleges. They had to close down.Hundreds of such colleges closed down business and vanished. But no one became pauper. Real estate sector saved them because land values went sky high. The value of college lands and buildings also soared sky high making them very rich. In many such buildings schools junior colleges degree colleges are being run and some are given on rent as administrative buildings to govt at high rents. On the whole ,they are happy they are not loosers and made fool of public 
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