Foreclosure looming for Morris Brown College - CBS46 News

Foreclosure looming for Morris Brown College

Posted: Updated:
ATLANTA (AP) -

One of the nation's oldest black colleges is facing foreclosure next month, and an auction of assets is set for Sept. 4.

The Atlanta Journal-Constitution reports that enrollment at the Atlanta school is down to about 50 students. At times in its history, the university's enrollment has topped 3,000 students.

Officials said the college is facing the foreclosure action after investors called $13 million worth of bonds tied to the college.

Former Atlanta City Councilman and Morris Brown graduate Derrick Boazman called the development "heartbreaking."

The school is planning a prayer vigil Saturday, where plans to move the school forward will be discussed. Benjamin Harrison, a spokesman for the 6th District African Methodist Episcopal Church, which oversees the school, said officials will talk about reorganizing and restructuring.

Information from: The Atlanta Journal-Constitution

Copyright 2012 Associated Press.  All rights reserved.

Powered by WorldNow
CBS Atlanta
Powered by WorldNow
All content © 2000-2014 WorldNow and WGCL-TV. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.