Auction Of Lon Morris Campus Completed
Posted/updated on: January 23, 2013 at 11:03 am
JACKSONVILLE — The auction of Lon Morris College property has been completed with major purchases by the Jacksonville Independent School District and an office supply company. The winning bids for the multi-day auction totaled nearly $2.2 million. According to KETK, Jacksonville ISD agreed to purchase the Wilson Administration Building, in addition to the Lon Morris College gymnasium, swimming pool and athletic fields. Jacksonville-based office supplier 11 x 17 agreed to purchase most of the schools academic buildings, Memorial Chapel and student residences. The list of all winning bidders and the individual properties are detailed in a filing submitted to the U.S. Bankruptcy Court for the Eastern District of Texas in Tyler on Jan. 22, 2013.
Lon Morris College, Texas oldest junior college, filed for bankruptcy protection last summer. Dawn Ragan of Bridgepoint Consulting in Dallas is the chief restructuring officer for the schools bankruptcy estate, which is represented by Houston attorney Hugh Ray III and other lawyers from the Texas offices of McKool Smith. Proceeds from the sale will be used to pay creditors and the school’s former employees, according to Ms. Ragan.
The sale is subject to the approval of the bankruptcy court, which has scheduled a hearing on Feb. 4 to review the auction results.
