Mid-Continent University continues battling its bankruptcy troubles.
A judge gave the school permission to sell more sports equipment to help pay back its debt, but Graves County leaders are against that because they feel Mid-Continent is destroying the integrity of the campus. County leaders say selling all that equipment hurts their chances of finding someone to buy and move into the campus.
Mid-Continent Vice President Tim Walker had few words after Thursday’s bankruptcy hearing. Walker and his legal team will put together a plan to negotiate or sell almost everything from the athletic fields, which are on county property.
With the exception of the dugouts, as of now, the only equipment that is definitely staying on the field is the chain link fence and the bleachers. Graves County Judge Jesse Perry says his number one goal is to get someone back into this campus.
"It’s a blow to Graves County that we’re going back and forth over portable buildings and equipment," Perry says.
When Perry continues answering calls from interested parties about taking over the campus, he wants to show them a complete campus. "The writing’s on the wall for me. They are now scratching for whatever they can liquidate out there," he says.
Walker believes they have to look beyond the county’s needs when selling the campus. He says their interest is for everybody, not just Graves County. "We’re looking out for all the stakeholders, students and the community," he says.
The bankruptcy judge asked Mid-Continent to put $5,000 in a trust. This was so if Graves County wasn’t happy with the way the land was left, the county could use Mid-Continent’s money for repairs.
Perry told me they still have not released that money after Mid-Continent took down the stadium lights.
Mid-Continent said they were considering auctioning, talking to local schools, and even offering the Graves County fiscal court to buy the equipment, but Perry told me right now they don’t have plans to buy anything out there.
The judge heard two other motions. A motion to convert or dismiss the case was dismissed. The judge will hear the second motion to accept the school’s bankruptcy disclosure statement next month.