Judge signs off on auction for bankrupt Texas college
Updated On: Nov 01 2012 12:08:43 PM CDT
The financially strapped oldest junior college in Texas has received permission to hire an auctioneer and sell some buildings.
A bankruptcy judge in Tyler on Wednesday approved plans by Lon Morris College in Jacksonville to hire AmeriBid LLC. Brent Wellings with AmeriBid said the 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.
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