Attorneys for Lon Morris College, along with the Texas Attorney General's Office, are investigating endowment funds that have gone missing from the bankrupt East Texas college.
The college's attorney filed a motion in court last month requesting to interview former college president Dr. Miles McCall and accountants at Acker and Co. in relation to missing funds related to an endowment.
Attorneys examined McCall this week. He resigned from the college back in May.
They are expected to interview Lynn Acker and representatives of Acker & Co. under oath about the missing funds. The college also asked for all documents related to the Long Endowment including board minutes, resolutions and e-mails.
Attorneys could not disclose more details about the investigation.
Paperwork filed in federal bankruptcy court said the attorneys are seeking information about a $1 million Long Endowment. That endowment was left from the will of LMC grad and Rusk-native Dr. James Long (1925-2009). Long graduated from Lon Morris College, went on to earn his B.S. and M.A. from Sam Houston Teachers College in Huntsville and Ph.D. in Zoology at the University of Texas at Austin.
In documents submitted to bankruptcy court in July 2012, the Long Endowment had a balance of $1,092,796.
Dr. Long's will submitted to the court states that if Lon Morris College is unable to accept the endowment or ceases to exist at any time, the money should be given to Sam Houston State University. LMC has not held classes since the Spring 2012 Semester.
It is still not known what has come out of those sworn oral examinations or where the endowment money may be located. Attorneys say the investigation is still ongoing.
Saturday, July 26 2014 2:09 PM EDT2014-07-26 18:09:07 GMT
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