Texas junior college sells oil rights in bankruptcy case

Lon Morris College filed for Chapter 11 bankruptcy relief last year when it could no longer pay its creditors. Administrators of the state’s oldest junior college attempted to add a football team and expand the college; however, the expansion only created more debt. They also offered tuition discounts to grow enrollment but when that move proved successful, the school did not have the money to pay operations. Now the school is petitioning the court to sell off its mineral rights to pay creditors.

For more details on this story read, “Closed Lon Morris Plans to Sell Oil Rights.

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