Judge Approves Auction for Bankrupt Texas College 11/1/12
November 1, 2012
TYLER - The financially strapped oldest junior college in Texas
has received permission to hire an auctioneer and sell some buildings.
A bankruptcy judge in Tyler yesterday approved plans by Lon Morris
College in Jacksonville to hire AmeriBid LLC. Brent Wellings with AmeriBid saysthe auction could be scheduled for December.
Lon Morris College sought bankruptcy protection in July.
Fall classes were suspended at the 158-year-old United Methodist complex
because U.S. law bars federal assistance for students at schools that file for bankruptcy.
The Texas attorney general's office is investigating how a $1.3 million
endowment was spent by the school.