Mid-Continent University is trying to decide how it will list the campus as it continues working through bankruptcy. Two weeks ago, a judge heard Huntington Bank's objection to Mid-Continent using Bunch Brothers as its Realtor.
Mid-Continent's legal team spoke with the U.S. Bankruptcy Court and their creditors, Huntington Bank, over the phone today to try to settle that objection. They came to an agreement, but the judge has to sign off of on it. Mark Whitlow, part of the university's legal team, says Bunch Brothers listed the university for $4.5 million.
Whitlow says Huntington Bank wanted an assurance on how it would get its $2.3 million investment in the campus paid back. Whitlow says they agreed that if an interested buyer pays cash, Huntington Bank would cover Bunch Brothers' commission costs. But if the buyer came back with credit of some form, Huntington's $2.3 million investment would have to be covered first.
The U.S. Bankruptcy Court in Louisville says it could be a couple of days until the judge makes a final decision before the university can officially be listed. Huntington Bank says their policy is not to comment on litigation.
Mid-Continent will be back in bankruptcy court Nov.19. The judge will hear a motion to sell the campus's sports and library items and a second motion to dismiss the case.