Trustees of bankrupt Morris Brown College have rejected an offer of nearly $10 million in taxpayer money from Atlanta Mayor Kasim Reed, which would have erased the school’s $35 million debt and resolved its legal woes.
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Portrait of a bankruptcy
Morris Brown College is mired in millions of debt. Last August, the school filed for Chapter 11 bankruptcy protection. Here is a summary of what and who they owe.
Valstone Partners — $16.7 million
AME Connectional Church — $5 million
U.S. Department of Education — $1.153 million
Various nechanics liens — $600,000
Current employees — $480,000
Ga. Department of Revenue — $100,000
Internal Revenue Service — $51,000
Unsecured creditors — $10 million
Source: Morris Brown College