Lon Morris College in Jacksonville Files for Bankruptcy
Citing numerous financial problems, Lon Morris College in Jacksonville filed for Chapter 11 Bankruptcy on Monday in Federal Court in Tyler.
In a statement released by Dawn Ragan, the Chief Restructuring Officer for the consulting firm hired by the college, she said:
Lon Morris continues to receive strong support from many of its creditors, as well as its faculty and employees, and the general community. We are operating with core staff, and continue to work on a modified academic program that will continue compliance with the SACS accreditation policies for the upcoming academic year.”
The college has experienced negative cash flow in recent years by overextending itself in an attempt to increase enrollment, taking on significant debt. The college recently hired Capstone Partners to facilitate a transaction with another educational institution or strategic partner, which the school is trying to complete this summer.
The College is continuing to work on its financial restructuring efforts, however, the timing of the filing was necessitated by a foreclosure proceeding on certain dormitories scheduled to proceed Tuesday, July 3.
With the filing of the petition, the College may now concentrate on finding a partner or consummating a transaction that will allow the college to continue its core mission of educating students, as it will realize some relief from its creditors. The bankruptcy filing will put off legal or collection actions against the college.
The case has been assigned to Judge Parker in Tyler.
Vacation Turns to Tragedy for an East Texas Family
Funeral Services have been set for a Quitman woman who drowned in the Gulf of Mexico while vacationing with her family.
According to the Wood County Democrat, 29-year-old Carrie Breding, wife of attorney Mark Breding was at the beach with her husband and children in Foley, Alabama.
Reports indicate Breding drowned while attempting to save her children who had been pulled away by strong currents.
Breding’s husband was able to pull his wife from the water while a bystander and the couples step daughter rescued the children. Carrie was transported to a hospital where she was placed on life support, she died Friday night.
Funeral services have been scheduled for 2 p.m. Thursday, July 5 at Lowe Funeral Home. Graveside services will be held at the Quitman City Cemetery.