Lon Morris College Auction concludes - WAFF-TV: News, Weather and Sports for Huntsville, AL

Lon Morris College Auction concludes

The Lon  Morris College bankruptcy auction has concluded and Jacksonville ISD was one of the highest bidders on several properties. 

The auction began on Monday of last week. Tuesday, KLTV received information on the highest bidders, all of whom are from Jacksonville. 

The Lon Morris gymnasium is just one of the many properties Jacksonville ISD has agreed to purchase. Ameribid said the winning bids totaled nearly $2.2 million.

Hugh Ray III, the Lon Morris attorney, said not everything they planned to sell was included in that auction, so there is still hope to bring in even more.

 

"There is some real property that we didn't sell that we are going to sell in a subsequent sale. There's property outside of Jacksonville, there's mineral interests and mineral royalty interests that we are selling separately, and then there are other assets in the form of litigation, and certain potential assets in foundation accounts all of which we will use to pay the creditors," Ray confirmed. 

Jacksonville ISD had board approval to participate in the auction. One property they were really fighting for? The gym.

"We will have a basketball game against John Tyler where will be turning fans away because we do not have space to put them."

The gym is not the only facility the district acquired. 

"We basically bid on three different lots that were part of the process. Those lots were the gym and the acreage of the gym and then there was some land that currently had the baseball and softball fields on them, but we wanted the land aspect and then also the administration building," said Jacksonville ISD Superintendent Dr. Joe Wardell. 

Dr. Wardell also said they are not having to borrow any money to pay for the properties. 

"This money is reserve fund money that we have in the banks that we are not having to borrow in any way; we are not having to issue any bonds or anything else. This will be an outright purchase," Dr. Wardell explained. 

Ray is calling the auction a "success". 

"The sale will confirm a plan of reorganization. I believe a confirmed plan of reorganization will guarantee a distribution to the unsecured creditors. It will also guarantee, I believe, payment of the former employees past due wages, which is one of my primary considerations," Ray said. 

Related Stories:

Copyright 2013 KLTV. All rights reserved.

  • NewsMore>>

  • Amber Alert canceled for Pickens County boy

    Amber Alert canceled for Pickens County boy

    Saturday, March 25 2017 6:31 PM EDT2017-03-25 22:31:56 GMT

    Alabama Law Enforcement Agency has CANCELLED the Amber Alert for 11-month-old Christian Clay Perkins. 

    More >>

    Alabama Law Enforcement Agency has CANCELLED the Amber Alert for 11-month-old Christian Clay Perkins. 

    More >>
  • David: Showers and storms ongoing across the Valley

    David: Showers and storms ongoing across the Valley

    Saturday, March 25 2017 5:50 PM EDT2017-03-25 21:50:37 GMT

    Showers and storms will be ongoing across the Valley this evening. The most widespread rain will be over northeastern AL, but additional scattered storms will track into the Shoals from the west. That round of stormy weather will head east with time and should be out of the Valley after midnight. The threat for severe storms is low, but a few strong storms are possible. 

    More >>

    Showers and storms will be ongoing across the Valley this evening. The most widespread rain will be over northeastern AL, but additional scattered storms will track into the Shoals from the west. That round of stormy weather will head east with time and should be out of the Valley after midnight. The threat for severe storms is low, but a few strong storms are possible. 

    More >>
  • New details released in Guntersville double shooting

    New details released in Guntersville double shooting

    Saturday, March 25 2017 2:07 PM EDT2017-03-25 18:07:30 GMT
    Guntersville police say two people were shot at this mobile home area on Edmonds Road. (Source: WAFF)Guntersville police say two people were shot at this mobile home area on Edmonds Road. (Source: WAFF)

    The Guntersville Police Department have released news details on a double shooting late Friday afternoon that left one man dead.

    The incident occurred at approximately 5:30 p.m., when police from multiple law enforcement agencies responded to a 911 call reporting two people had been shot on Edmonds Road.

    More >>

    The Guntersville Police Department have released news details on a double shooting late Friday afternoon that left one man dead.

    The incident occurred at approximately 5:30 p.m., when police from multiple law enforcement agencies responded to a 911 call reporting two people had been shot on Edmonds Road.

    More >>
Powered by Frankly