There seems to be a great deal of consensus that the move is problematic. Mike makes the excellent observation that if IIT really cared about Shimer, the offer wouldn't be: "we have space to rent, take it in a couple months or forget about it."
So what do we do? It looks like there is very little time to stop this train and that the only way to do it is to present the board with an alternative plan to raise money and enrollment. Simply pleading that the Shimer Way is at risk probably won't turn things around - if it could, there wouldn't have been such secrecy behind the plan (clearly there's a lot of pressure/desire to end the just-barely-scraping-by experience).
I suggested some group of alumni propose new programs that would be natural outgrowths of the existing curriculum and for which there might be some funding out there (that group of alumni might also have access to some of these potential donors).
Are there other ideas? Ways to move forward on this idea? I'm happy to write something up for the group if there's interest - maybe a conference call before I start drafting?