Lambuth Counter-offer Released
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$9.4 million. That is what Lambuth University’s Board of Trustees are now proposing that local stakeholders should pay to purchase the historic campus. Friday afternoon, city of Jackson attorney Lewis Cobb released the counter-offer stakeholders received in response to their previous offer of $5.9 million. The Lambuth trustees’ attorney stated in a letter their new suggested purchase price is about 90 percent of the total debt and would help them avoid bankruptcy. There were also a few conditions to the proposal, including payment by June 30, an operational transitions plan and approval from the state attorney general’s office.
