POSTED: Tuesday, November 13, 2012 - 3:35pm
UPDATED: Tuesday, November 13, 2012 - 5:48pm
Jacksonville, TX — Lon Morris College, the 168 year-old junior college in Jacksonville Texas that filed bankruptcy, is seeking Court approval for an auction on December 13th at 11:00am, with AmeriBid LLC conducting the auction for qualified bidders only at McKool Smith, PC, 300 Crescent Court, 12th floor, Dallas, Texas.
Upon approval by the United States Bankruptcy Judge in Tyler, Texas, the core of the College's 112 acre campus will be auctioned, including such unique features as a library, chapel, administration building, classroom facilities, student center, dormitories and fields.
"We're delighted to have the auction plans finalized. AmeriBid  will be providing prospective bidders with detailed information about the school and its extensive campus," said Dawn Ragan, Chief Restructuring Officer for the college.
Stephen Karbelk, co-chairman and founder of AmeriBid, said he expects prospective bidders to include other colleges, churches, denominations, school systems, and other groups that might wish to use the property as a conference center, corporate retreat or even residential treatment center.
The 112-acre college will be offered in multiple parcels and as an entirety. "It will sell in the combination of parcels that brings the highest total price for the school," said Karbelk. The former United Methodist college, which was the state's oldest two-year college, has approximately 50,000 square feet of academic lecture halls, five dormitories, a technology center, a gymnasium, an athletic training complex, and fields for football, baseball and other sports.
"It would make an excellent home for seniors, substance rehabilitation center, juvenile detention facility, or any of a number of other uses," said Karbelk. "We're providing very detailed information on the various facilities to make it easier for interested individuals."
All sales will be consummated through a Chapter 11 Plan confirmed by the Bankruptcy Court, giving the purchaser the assurances of a federal court order.