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.
Friday, May 17 2013 7:33 PM EDT2013-05-17 23:33:11 GMT
A six-vehicle wreck brought east bound I-20 to a standstill for most of the afternoon Friday. It happened around 1:30 near the Barber Road exit in Smith County. One woman was so close to the accidentMore >>
A six-vehicle wreck brought east bound I-20 to a standstill for most of the afternoon Friday. It happened around 1:30 near the Barber Road exit in Smith County.More >>
Friday, May 17 2013 11:30 PM EDT2013-05-18 03:30:12 GMT
It might be 60 or 70 years later, but residents at Greenhill Villas of Mount Pleasant nursing home haven't forgotten how to have fun at prom. "It's been a long time since I've been through something likeMore >>
It might be 60 or 70 years later, but residents at Greenhill Villas of Mount Pleasant nursing home haven't forgotten how to have fun at prom.More >>
Saturday, May 18 2013 12:14 AM EDT2013-05-18 04:14:44 GMT
There was some controversy at an East Texas school district special board meeting on Friday night, after the school decided to cut several faculty and staff positions.Several employees of Winona ISD wereMore >>
Winona ISD officials say that at the beginning of the decision-process, as many as 15-20 positions were being considered for removal.More >>
Friday, May 17 2013 10:21 PM EDT2013-05-18 02:21:45 GMT
NEW ALBANY, IN – New Albany police said Friday that a mother found dead along with her two young children in a creek in Binford Park in March drowned her two young children and then herself. New AlbanyMore >>
Investigators said Jaime Clutter, 35, suffered from mental illness -- possibly psychosis and postpartum depression -- when she walked her children to Binford Park March 13 and drowned them. More >>
Friday, May 17 2013 7:16 PM EDT2013-05-17 23:16:53 GMT
One person has died in a crash near Harrisonville, MO, Thursday evening. The crash happened on Missouri Highway 7 and Walker Road. It involved a car and a tractor-trailer. Harrisonville is in Cass County.More >>
Savannah Nash celebrated her 16th birthday last week. She died Thursday when her car slammed into a semi while she was texting during her first time driving by herself.More >>