Morris Brown Acknowledges Foreclosure of Jordan Hall

Atlanta, GA (March 3, 2009). Frederick Douglas Jordan Hall, a Morris Brown College classroom building that also houses the Ruth Hall Hodges Art Gallery, was placed into foreclosure by Valstone Asset Management on Tuesday, March 3. Purchased in the 1980s and named after one of the AME Bishops, Jordan Hall was used to secure indebtedness for a $13.1 million bond issuance in 1996. Morris Brown has been unable to fulfill its obligations owed to the lien holder under the terms of the agreement; and one of the properties, used to secure the Deed to Secure Debt and Security Agreement, was purchased at the foreclosure sale for $900,000 by the trustee (U.S. Bank) for the bond holder. A conscious decision was made by the Board of Trustees of Morris Brown College to acquiesce to the lien holder in the firms (Valstone) decision to foreclose on Jordan Hall. When considering other alternatives, it was more prudent to take the route of the foreclosure sale on this particular portion of the campus. This permits us to stay alive to fight for another day, said Bishop William DeVeaux, Chairman of the Board of Trustees

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