Local Businesses Named in Lambuth Bankruptcy Filing
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After learning Lambuth University is filing bankruptcy, ABC 7 Eyewitness News is now learning more about their more than $10 million debt and who they owe. A nearly 25 page list of creditors shows that the University owes money to several Jackson businesses. Many of those business owners said they have no choice at this point but to write off the debt, and they do not expect to get paid. Topping the list is the Jackson Downtown Lions Club. They are owed more than $40,000 for the softball field they sold to Lambuth in 2008. Club members tell us they plan on taking the field back from Lambuth in the near future. “Every business guy out there that is gonna be on this list and is not gonna get paid in a way they did their part to help save it,” said Jackson resident Seth Chandler. The majority of the local companies Lambuth owes to also said they were not aware of the severity of the university’s financial woes until this past year.
