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
