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Thu Dec 6, 2012, 12:09 PM

Lon Morris College bankruptcy auction next month

TYLER (AP) - A bankruptcy judge in East Texas has approved a Jan. 14 sale date for the assets of Lon Morris College.

The oldest junior college in Texas in July filed for bankruptcy protection. A judge in Tyler on Wednesday agreed to allow the Dec. 13 auction date to be pushed back a month.

The judge also authorized the school to borrow up to $500,000 to help pay auction fees, utilities, insurance and other administrative costs, but capped any initial loan at $150,000.

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.

More at http://www.news-journal.com/news/local/lon-morris-college-bankruptcy-auction-next-month/article_8c46259e-3faf-11e2-97ec-001a4bcf887a.html

Add on edit: More from the Tyler Telegraph:
http://www.tylerpaper.com/article/20121206/NEWS01/121209885

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