Texas School District Agrees To Buy College’s Assets
JACKSONVILLE (AP) — An East Texas school district has agreed to pay $1.53 million for the gymnasium, administration building and other assets of bankrupt Lon Morris College.
Superintendent Joe Wardell of the Jacksonville school district tells the Tyler Morning Telegraph that the assets, which include more than 50 acres of land, have a value of about $6.8 million.
Lon Morris, located in Jacksonville, is the oldest junior college in Texas. It filed for bankruptcy and suspended classes last year.
The school’s assets were sold at auction last month. The bankruptcy court must still give its approval.
The restructuring officer for the college says the proceeds from the sale will be used to pay creditors and the school’s former employees.
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