Posted 10:15 am Tuesday, January 22, 2013
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Lon Morris auction ends; Jacksonville ISD, office supply company lead bidders
JACKSONVILLE — 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.
Lon Morris College, Texas’ oldest junior college, filed for bankruptcy protection last summer.
Proceeds from the sale will be used to pay creditors and the school’s former employees, according to Ms. Ragan.
The sale is subject to the approval of the bankruptcy court, which has scheduled a hearing on Feb. 4 to review the auction results.
Proceeds from the sale will be used to pay creditors and the school’s former employees, according to Ms. Ragan.
The sale is subject to the approval of the bankruptcy court, which has scheduled a hearing on Feb. 4 to review the auction results.
