JACKSONVILLE (KYTX) – The auction of Lon Morris College property has been completed with major purchases by the Jacksonville Independent School District and office supply company 11 x 17 Inc. The winning bids for the multi-day auction totaled nearly $2.2 million.
Jacksonville ISD agreed to purchase the Wilson Administration Building, in addition to the Lon Morris College gymnasium, swimming pool and athletic fields. Jacksonville-based office supplier 11 x 17 agreed to purchase most of the school's academic buildings, Memorial Chapel and student residences. The list of all winning bidders and the individual properties are detailed in a filing submitted to the U.S. Bankruptcy Court for the Eastern District of Texas in Tyler on Jan. 22, 2013.
Lon Morris College, Texas' oldest junior college, filed for bankruptcy protection last summer. Dawn Ragan of Bridgepoint Consulting in Dallas is the chief restructuring officer for the school's bankruptcy estate, which is represented by Houston attorney Hugh Ray III and other lawyers from the Texas offices of McKool Smith.
"The unique circumstances of the Lon Morris College bankruptcy required a non-traditional process that called for a lot of flexibility and patience, and we're glad that those efforts resulted in a successful sale," said Stephen Karbelk of Oklahoma-based AmeriBid, the auction company retained to market the properties and conduct the auction.
Proceeds from the sale will be used to pay creditors and the school's former employees, according to Ms. Ragan.
"A great deal of work was done with the creditors, employees, prospective buyers and many others, and it's good to see a positive outcome," Ms. Ragan said.
The sale is subject to the approval of the bankruptcy court, which has scheduled a hearing on Feb. 4 to review the auction results.
AmeriBid is the premier global real estate auction leader specializing in the sale of commercial and residential real estate, land properties and other assets for lenders, servicers, receivers, bankruptcy attorneys, estates, private owners, investment companies and local, state and federal government agencies. Individuals seeking additional information about the auction may visit www.AmeriBid.com or call 877-895-7077.