Part of the first meeting, on Friday morning, is open to the public.
A company spokesman says Universal itself is not a target.
At the commission's meeting, a District lawyer gave a presentation about what would happen if it voted to dissolve itself. It also voted not to renew Richard Allen Prep's charter, one of the city's oldest.
Starting in 2019-20, the magnet school will share space with one of the city's struggling neighborhood high schools.