The nation’s oldest black college is in peril and faces the possibility of foreclosure next month as creditors are calling in millions of late bond payments.
Morris Brown College which used to boast a student body of 3,000 now has only 50 students.
“This is heartbreaking and not only a sad day in the life of Morris Brown, but in black academia,” City Councilman Derek Boazman told the Atlanta Journal Constitution. Boazman, who graduated from the college added, “This school in needed now more than ever.”
Foreclosure became a reality when investors called in $13 million in bonds tied to the college. On September 4th the college will auction of assets which include the administrative building.
This upcoming Saturday, Morris Brown will hold a prayer vigil and introduce a plan to move the school forward.
The college is overseen by the 6th District African Methodist and their spokesman Benjamin Harrison said they will talk about reorganizing or restructuring. But with their debt liability the college is going to face trouble satisfying their debts.
Some of the college’s notable alumni include Gloria Cain, wife or former Presidential candidate, Tommy Hart, defensive end for the San Francisco 49ers, and George Atkinson, former defensive back for the Oakland Raiders.
A foreclosure attorney will be able to offer deeply indebted businesses alternatives to foreclosure. In some instances a structure bankruptcy can avert a looming foreclosure allowing the entity to get protection from their creditors.
