JACKSONVILLE, TX (AP) – The oldest junior college in Texas has been sold at auction with much of the property going to the local school district and an office supply company.
Oklahoma-based AmeriBid said Tuesday the auction of Lon Morris College that started Jan. 14 has been completed, with winning bids totaling about $2.2 million. The two-year college located in the East Texas town of Jacksonville filed for bankruptcy and suspended classes last year.
The Jacksonville school district’s purchases included the administration building, gymnasium and athletic fields. Jacksonville-based office supplier 11 x 17 Inc. bought most of the academic buildings, the chapel and student residences.
The Lon Morris chief restructuring officer, Dawn Ragan, says proceeds will be used to pay creditors and the school’s former employees.
The sale is subject to bankruptcy court approval.
(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
Also Check Out: