There was an undercurrent of optimism in US Bankruptcy Court yesterday. “It’s too soon to celebrate,” Steven Jurista admitted, “but we have a high bid and a credible back-up bid.”
Mr. Jurista is representing the unsecured creditors. Last month, he had asked to postpone the auction in the hope of attracting more buyers. Now he was satisfied with the results. The $15.825 million selling price should more than cover the school’s debts.
There are still loose ends, however. The Pension Benefit Guaranty Corporation is still lacking some documents. Attorney Courtney L. Morgan was due to visit the school (from Washington, D.C.) later in the month. But Judge Cecelia Morris wasn’t satisfied. “I expect you to act like it’s an emergency,” she said. The visit was moved up to Oct. 14.
After the Sept. 30 auction, the foreclosure sale was postponed until Nov. 2. If the transaction with SouFun Holdings Ltd. is completed on schedule, the foreclosure sale will be canceled.
