City Releases Offer for Lambuth Campus
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Since 1843, Lambuth University has stood the test of time in west Jackson, but on June 30, it will close its doors. Leaders must now decide if a deal from city stakeholders is sweet enough to take. “We have have released some sort of talking points and working toward making an offer, we have what lawyers call a letter of intent,” explained attorney Lewis Cobb. He speaks on behalf of the stakeholders. He said $5.9 million is the offer to buy the campus debt free, though he did not say how much of the four entities are contributing. Lambuth agrees they have several outstanding debts, but they also say the university is worth $38 million. On Wednesday, the university released a letter from its attorney to the stakeholders, saying as of April 15, their single biggest debt is $4.9 million to Radion, a bond company. As of that same date, the school owed almost $5.5 million to various other creditors. “This deal has got to make sense for the stakeholders,” said Cobb. But the question remains, will it be enough for Lambuth to say ‘yes’? “No, I don’t think we lose hope. What I think is we move forward. We recognize this is a complex deal, lot of moving parts. Lambuth has a lot of decisions to make and options for it to consider.”
