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.

  • Trending StoriesTrending StoriesMore>>

  • Accused serial rapist and killer undetected working as cop

    Accused serial rapist and killer undetected working as cop

    Thursday, April 26 2018 2:39 AM EDT2018-04-26 06:39:08 GMT
    Thursday, April 26 2018 12:53 PM EDT2018-04-26 16:53:13 GMT
    (AP Photo/Rich Pedroncelli). Sacramento County Sheriff Scott Jones, left, talks to reporters about the arrest Joesph James DeAngelo, seen in photo, on suspicion of committing a string of violent crimes in the 1970's and 1980's after a news conference. ...(AP Photo/Rich Pedroncelli). Sacramento County Sheriff Scott Jones, left, talks to reporters about the arrest Joesph James DeAngelo, seen in photo, on suspicion of committing a string of violent crimes in the 1970's and 1980's after a news conference. ...

    The suspected Golden State Killer became less prolific but deadlier after losing his job as a police officer.

    More >>

    The suspected Golden State Killer became less prolific but deadlier after losing his job as a police officer.

    More >>
  • Texas gang member executed for killing girl, grandmother

    Texas gang member executed for killing girl, grandmother

    Wednesday, April 25 2018 12:55 AM EDT2018-04-25 04:55:40 GMT
    Thursday, April 26 2018 1:23 AM EDT2018-04-26 05:23:56 GMT
    (Texas Department of Criminal Justice via AP). This undated photo provided by the Texas Department of Criminal Justice shows Erick Davila. Attorneys for the Texas death row inmate want the U.S. Supreme Court to halt his scheduled execution this week fo...(Texas Department of Criminal Justice via AP). This undated photo provided by the Texas Department of Criminal Justice shows Erick Davila. Attorneys for the Texas death row inmate want the U.S. Supreme Court to halt his scheduled execution this week fo...
    Attorneys for a condemned Texas prisoner are asking the US Supreme Court to halt his execution for killing a young girl and her grandmother in 2008.More >>
    Attorneys for a condemned Texas prisoner are asking the US Supreme Court to halt his execution for killing a young girl and her grandmother in 2008.More >>
  • Ford shifts gears, will stop making nearly all its passenger cars in North America

    Ford shifts gears, will stop making nearly all its passenger cars in North America

    Thursday, April 26 2018 11:55 AM EDT2018-04-26 15:55:54 GMT
    Thursday, April 26 2018 11:55 AM EDT2018-04-26 15:55:54 GMT
    Over the next few years, the automaker will cut its North America passenger car lineup by more than 80 percent. (Source: Ford Motor Co.)Over the next few years, the automaker will cut its North America passenger car lineup by more than 80 percent. (Source: Ford Motor Co.)

    Over the next few years, the automaker will cut its North America passenger car lineup by more than 80 percent.

    More >>

    Over the next few years, the automaker will cut its North America passenger car lineup by more than 80 percent.

    More >>
Powered by Frankly