Lambuth Readies for Final Day
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With less than 24-hours until Lambuth University closes its doors for good, there is still no deal that would allow a seamless transition of ownership. Jackson Mayor Jerry Gist says his group of stakeholders, including the City of Jackson, Madison County, JEA and West Tennessee Healthcare, plan to negotiate with Lambuth’s largest creditor, Radian Assurance Bond Company, until the very last minute. Mayor Gist says he remains hopeful. The major sticking point – stakeholders are asking Radian take less than the $5 million they’re owed in hopes of paying at least a portion of the other debt the university owes. Stakeholders have offered $5.9 million for the campus, which they plan to turn over to the University of Memphis to set up a satellite campus.
