Lon Morris College bankruptcy finalization in progress
POSTED: Monday, February 4, 2013 - 8:16pm
UPDATED: Tuesday, February 12, 2013 - 11:16am
Tyler, TX — A bankruptcy hearing was held Monday to come to review an agenda for the Lon Morris College property.
It was the start of the finalization, a liquidation plan was reviewed at the Federal Bankruptcy Court.
KETK met with a Jacksonville Newspaper Reporter who has been following the whole bankruptcy process.
He tells KETK, there has been a fourth amended plan of liquidation of Lon Morris College.
"As well as numerous objections to the third version of the plan, filed from everyone from banks to the Attorney General and that's going to be taken bit by bit and careful scrutinized by the judge, " Ben Tinsley, Jacksonville Daily Progress.
The City Manager of Jacksonville tells KETK,
"The property was conveyed to Lon Morris from the city, there was a restriction in the deed if it changes high or sold it goes back to the city," says Mo Raissi, City Manager of Jacksonville.
About what about the famous arena?
Many rodeos have been held at the arena and East Texans are looking forward to more.
The City Manager if Jacksonville tells KETK, the arena has entertained East Texans for 50 plus years and says, he's hopeful it will continue.
"The City of Jacksonville is asking the court to give back the property to the city," says Mo Raissi, City Manager of Jacksonville.
He tells KETK, a decision needs to be made.
"The rodeo agriculture... is so deeply entrenched and rooted in our community that it won't be the last one," says Robert Haberle.
City Manager, Mo Raissi, tells KETK, even if the city of Jacksonville doesn't get back the property,
"Still the rodeo... they have a 15 year-contract with whoever will end up with the property," says Mo Raissi, City Manager of Jacksonville.
He says, he's 100 percent sure it will go back to the city.
"We can't wait to to get the property back so we can start our rodeo again," says Mo Raissi, City Manager of Jacksonville.