Morris Brown College in Danger of Foreclosure

Prospects for saving the historic institution are running out as an auction of the school's assets is just around the corner.

Posted: 08/23/2012 11:45 AM EDT
Morris Brown College

Morris Brown, a Historically Black College in Atlanta, has seen its share of troubles in recent years, but its most recent financial issue threatens to shut down the time-honored college once and for all. The Atlanta-Journal Constitution writes:

“Morris Brown is facing foreclosure next month, after investors called $13 million worth of bonds tied to the college. An auction of assets, including the administration building, is scheduled for Sept. 4."

"This is heartbreaking and not only a sad day in the life of Morris Brown, but in Black academia," said former Atlanta City Councilman Derrick Boazman, a 1990 graduate of Morris Brown. "The school is needed now more than ever."

"The school is planning to have a prayer vigil on Saturday, where they will offer a plan to move the school forward.”

The school lost its accreditation in 2003 amid claims of fraud, severe financial mismanagement and debt. Since losing its accredited status, enrollment at the college dropped from around 3,000 to about 50.

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(Photo: AP)

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