A federal bankruptcy court in West Virginia has scheduled a hearing for the possible sale of a defunct university’s campus.
The Associated Press reported a court-appointed trustee filed a motion to sell the land and assets once belonging to Alderson Broaddus University in Philippi, West Virginia, to DACK Investments LLC for $4.9 million. In the event a rival bid is submitted by Jan. 26, an auction will be held for the property and assets. If there are no additional bids, a hearing will take place on Jan. 31 hearing to approve the acquisition by DACK, a real estate company in Buckhannon, West Virginia.
Alderson Broaddus was a small Baptist university founded in 1932. Its trustees voted on July 31 to develop and plan to shut down the school, which had 625 students, and it filed for bankruptcy in August.
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