Welcome Guest [Log In] [Register]
Add Reply
Morris Brown College facing foreclosure; It's a damned shame!
Topic Started: Aug 23 2012, 10:25 AM (706 Views)
UTB





Think that any of the big time entertainers here in Atlanta are going to rescue it, don't hold your breath!

Posted Image


http://www.11alive.com/news/article/253291/40/Morris-Brown-College-facing-foreclosure

Quote:
 
ATLANTA -- Morris Brown College is facing foreclosure of its property on Sept. 4, the African Methodist Episcopal Church said Tuesday.

According to a news release, a creditor of the historically black college, a corporation which holds $13.1 million in college bonds secured by its downtown Atlanta property, has called the loans and the college is unable to pay.

In a statement, Preston W. Williams II, chairman of the board of trustees of Morris Brown, said he will announce the school's formal response on Saturday, Aug. 25, at 1 p.m. at an event on the school's campus. Leaders are calling for people to gather at the school's gymnasium to hear the plan and pray for the school's survival.

Morris Brown College once joined Spelman, Morehouse and Clark Atlanta University among highly acclaimed historically black colleges and universities (HBCUs). But in 2002, Morris Brown lost accreditation and federal funding following mismanagement of the school's finances.

Enrollment numbers, once topping 2,500, have now dropped to around 50 students. Some of the campus buildings are boarded up and abandoned.

Still, Morris Brown continues to function; Wednesday was the first day of classes and the school website posts a full calendar for the year.

According to trustee board spokesman Benjamin Harrison, the school has two weeks until a "significant portion" of its campus is foreclosed upon. Harrison said the board has a plan to keep the property, but foreclosure could spell disaster for the school.

"It would almost be a nail in the coffin, if you will, to the viability of the school going forward," he said.

Earlier this year, Atlanta Business Chronicle reported that plans to develop a Truett Cathy Legacy Project on the campus of Morris Brown had fallen through. The project would have utilized portions of the college's campus.
Offline Profile Quote Post Goto Top
 
UTB

http://www.ajc.com/news/atlanta/morris-brown-college-seeks-1506275.html

So much for Negroes/Kneegrows , and Niggers!
Another HBCU college is destined for the ash heap! ^o)

Quote:
 



By Ernie Suggs

The Atlanta Journal-Constitution

Morris Brown College officials have filed for Chapter 11 bankruptcy in a last ditch effort to prevent the 131-year-old school from being foreclosed on and sold at auction, and to give them time to regroup.


Morris Brown, which is more than $30 million in debt, was facing foreclosure next month after investors called $13 million worth of bonds tied to the college. The bonds were issued by the Fulton County Development Authority in 1996. As security for the bonds, Morris Brown pledged several pieces of property, including the school's administration building. An auction of assets had been scheduled for Sept. 4.

"The trustees are taking several deliberate actions to insure that we not only survive, but thrive," board Chairman Preston W. Williams said Saturday. "Our commitment is to focus on restructuring and making it possible for us to survive another day."

Chapter 11 is part of the U.S. Bankruptcy Code, which permits reorganization and gives federal protection to businesses unable to pay their debts.

Renardo Hicks, an attorney for Morris Brown, said the emergency filing automatically delays the foreclosure until a judge decides otherwise.

"Our expectation is that the sheriff's sale will not happen," Hicks said.

Morris Brown President Stanley Pritchett said the filing will give the school breathing room to find a steady stream of capital to keep it afloat.

"We are making a statement that Morris Brown College is not going anywhere," Pritchett said. "We are not going to allow this latest challenge to get in the way of what we are trying to do."

Hundreds of supporters and alumni of the school gathered on campus Saturday for a prayer vigil and campus prayer tour.

At times, the vigil, which started in the John H. Lewis Gymnasium, was more like church. The air conditioning wasn't on so large fans were placed at the doors to circulate the air. Everyone used their programs to fan them selves as members of the Morris Brown Choir sang hymns.

Beneath banners touting the school's athletic dominance of the 1940s and 1950s — including one that read "Black College National Champions 1951" — several ministers offered prayers and hymns.

Then they walked across campus, stopping at each major facility to pray — from the multi-million-dollar football stadium that Olympic money built, which now sits choked with weeds, to Fountain Hall, the historic building where W.E.B. Du Bois once had an office, now boarded up and abandoned.

Eugenia McDowell stood at the top of the steps overlooking the football field, waiting for a group to gather for prayer. To her right was Furber Cottage, now boarded up. To her left was Gaines Hall, which was the honors dorm when she was a student there in 1997 — also boarded up.

Directly behind her was the Sarah Allen Quads, gutted by a recent fire.

"It is sad that we might lose all of this," McDowell said. "I would love to come back to this campus one day and see it revitalized. That is why we are praying today."


Offline Profile Quote Post Goto Top
 
White Man

What happened did the blacks steal all of the money at that school?
Offline Profile Quote Post Goto Top
 
White Man

Where is there a need for a black college any way, isn't that racist. What if white people had all white colleges?
Offline Profile Quote Post Goto Top
 
White Man

All of those black college should be closed they fester racism.
Offline Profile Quote Post Goto Top
 
Last Black man
Member Avatar

MBC only have themselves to blame for this because Tom Joyner, Oprah, Ted Turner wanted to help, but the officials did not like their terms. They want to have a voice in how things got done at MBC. LLLLLLLLL, Ted was going to give them a big endowment, but since he does not believe in God, they said NO!
Offline Profile Quote Post Goto Top
 
cisslybee2012
The REBEL
Last Black man
Aug 26 2012, 12:18 AM
MBC only have themselves to blame for this because Tom Joyner, Oprah, Ted Turner wanted to help, but the officials did not like their terms. They want to have a voice in how things got done at MBC. LLLLLLLLL, Ted was going to give them a big endowment, but since he does not believe in God, they said NO!
There...

There's always two sides to every story. :)
Offline Profile Quote Post Goto Top
 
Last Black man
Member Avatar

cisslybee2012
Aug 26 2012, 12:22 AM
Last Black man
Aug 26 2012, 12:18 AM
MBC only have themselves to blame for this because Tom Joyner, Oprah, Ted Turner wanted to help, but the officials did not like their terms. They want to have a voice in how things got done at MBC. LLLLLLLLL, Ted was going to give them a big endowment, but since he does not believe in God, they said NO!
There...

There's always two sides to every story. :)
When your azz is broken, you only have one side. If these people wanted to remove people that caused the problem, then you have to bow down. MBC could have millions of dollars in endowments form Ted, Tom, oprah, Tyler, etc.
No one is going to give you some money if they do not trust you will do the right thing with it. Ted run a billion dollars business, so he might know more than anyone at MBC.
Offline Profile Quote Post Goto Top
 
Last Black man
Member Avatar

UTB
Aug 23 2012, 10:25 AM



Think that any of the big time entertainers here in Atlanta are going to rescue it, don't hold your breath!

Posted Image


http://www.11alive.com/news/article/253291/40/Morris-Brown-College-facing-foreclosure

Quote:
 
ATLANTA -- Morris Brown College is facing foreclosure of its property on Sept. 4, the African Methodist Episcopal Church said Tuesday.

According to a news release, a creditor of the historically black college, a corporation which holds $13.1 million in college bonds secured by its downtown Atlanta property, has called the loans and the college is unable to pay.

In a statement, Preston W. Williams II, chairman of the board of trustees of Morris Brown, said he will announce the school's formal response on Saturday, Aug. 25, at 1 p.m. at an event on the school's campus. Leaders are calling for people to gather at the school's gymnasium to hear the plan and pray for the school's survival.

Morris Brown College once joined Spelman, Morehouse and Clark Atlanta University among highly acclaimed historically black colleges and universities (HBCUs). But in 2002, Morris Brown lost accreditation and federal funding following mismanagement of the school's finances.

Enrollment numbers, once topping 2,500, have now dropped to around 50 students. Some of the campus buildings are boarded up and abandoned.

Still, Morris Brown continues to function; Wednesday was the first day of classes and the school website posts a full calendar for the year.

According to trustee board spokesman Benjamin Harrison, the school has two weeks until a "significant portion" of its campus is foreclosed upon. Harrison said the board has a plan to keep the property, but foreclosure could spell disaster for the school.

"It would almost be a nail in the coffin, if you will, to the viability of the school going forward," he said.

Earlier this year, Atlanta Business Chronicle reported that plans to develop a Truett Cathy Legacy Project on the campus of Morris Brown had fallen through. The project would have utilized portions of the college's campus.
Ted tried to help.
Offline Profile Quote Post Goto Top
 
Negrodamus
Member Avatar

UTB you just love this shit lol.
Offline Profile Quote Post Goto Top
 
1 user reading this topic (1 Guest and 0 Anonymous)
Go to Next Page
« Previous Topic · General Discussion · Next Topic »
Add Reply