Morris Brown College Files for Bankruptcy

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  • ATLANTA (AP) — Facing more than $30 million in debt, Morris Brown College officials have filed for Chapter 11 bankruptcy.

    The Atlanta Journal-Constitution reports that the move is a last ditch effort to prevent the school from being foreclosed on and sold at auction.

    The 131-year-old historically black college is facing foreclosure next month after investors called $13 million worth of bonds tied to the school.

    The bonds were issued in 1996 by the Fulton County Development Authority. The school had pledged several pieces of property as security. An auction of assets was set for Sept. 4.

    Chapter 11 gives federal protection to businesses unable to pay their debts and allows reorganization. A lawyer for Morris Brown says the emergency filing delays the foreclosure until a judge decides otherwise.
     

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    2 thoughts on “Morris Brown College Files for Bankruptcy

    1. True on that.Only thing we could do now is pray and believe god.That Morris Brown will not close in the name of Jesus.The school will be able to retain its rich history in Atlanta,Georgia.

    2. It is important that Historically Black Colleges and Universities be able to remain open. It is important to African America as a whole that these colleges and universities be supported by the Black community.
      The history and significance of America’s HBCU’s alone, is enough that we should ALL chip in and support the legacy of African America’s Colleges and Universities; particularly, in the case Morris Brown, which is about to be lost in the annals of forgotten history.

      There are approximately 40+Million African Americans in America, 40-something Million Black people, and that’s not counting recent African and Caribbean immigrants to this country. If each Black person in America donated at least $1.00 or more to save this university, and do so each year, this HBCU could be saved and donations like this could not only save, but also grow all of America’s HBCUs into State of the Art institutions.

      Office of The President

      Dr. Stanley J. Pritchett, Sr.
      Office: (404)739-1010
      Fax: (404)739-1018
      Email: stanley.pritchett@morrisbrown.edu

      Morris Brown College
      643 Martin Luther King Jr. Drive
      Atlanta, Georgia 30314

      Website: http://www.morrisbrown.edu

      http://www.morrisbrown.edu/01_06_administration_d.htm

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