Posts Tagged ‘morris brown college foreclosing’

Morris Brown College: Problems and Solutions Need to be Examined to Save it

ways to save morris brown college

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Morris Brown College: Problems and Solutions Need to be Examined to Save it

With $30 million of debt, 50 students enrolled, and a decades-long struggle, Morris Brown College filed for bankruptcy this week in an attempt to keep the institution from closing. The institution is $30 million in debt with only 50 students enrolled. Its been decades and a long struggle for the college.

Morris Brown College Files for Bankruptcy: Chapter 11

morris brown college files bankrutcy

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Morris Brown College Files for Bankruptcy: Chapter 11

The Atlanta Journal-Constitution reports that the move is a last ditch effort to prevent the school from being foreclosed on and sold at auction.

The 131-year-old historically black college is facing foreclosure next month after investors called $13 million worth of bonds tied to the school.
The bonds were issued in 1996 by the Fulton County Development Authority. The school had pledged several pieces of property as security. An auction of assets was set for Sept. 4.
Chapter 11 gives federal protection to businesses unable to pay their debts and allows reorganization. A lawyer for Morris Brown says the emergency filing delays the foreclosure until a judge decides otherwise.
SOURCE: The Associated Press

Morris Brown College: AME Church Seeks to Restructure College’s Finances Amidst Foreclosure

morris brown college faces foreclosure but may reorganize finances

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Morris Brown College: AME Church Seeks to Restructure College’s Finances

Morris Brown College is one of the nation’s oldest black colleges and they are unfortunately facing foreclosure next month. An auction of assets is set for Sept. 4.

The Atlanta Journal-Constitution reports that enrollment at Morris Brown College in Atlanta is down to about 50 students. In the past, the university has served more than 3,000 students.
Officials said the college is facing foreclosure after investors called $13 million worth of bonds tied to the college.
Former Atlanta City Councilman and Morris Brown graduate Derrick Boazman called the development “heartbreaking.”
The school is planning a prayer vigil Saturday, where plans to move the school forward will be discussed.
Benjamin Harrison is a spokesman for the 6th District African Methodist Episcopal Church, which oversees the school. He says officials will talk about reorganizing and restructuring as well as finances.
Source: The AP

Morris Brown College Facing Foreclosure Sept. 4th Even After Accreditation Restored

morris brown college faces foreclosure

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Morris Brown College Facing Foreclosure Sept. 4th Even After Accreditation Restored

It’s been so long since Morris Brown has been struggling to get back on track after its former head officials defrauded the campus of their funds back in 2002. We need to keep MB in our prayers because this is a landmark for many and a shame to lose.

Report from Biz Journals:

Morris Brown College is facing foreclosure of its property on Sept. 4, the African Methodist Episcopal Church said Wednesday.