Friday, May 21, 2010

We Love LU!

Today was a crucial day for Lambuth...and we got good news! The private investment firm they were hoping would buy out the university has a been approved by the Board of Trustees, and payroll will be met on June 1st. So far, these are the only details I have. I do know that final plans are still being hammered out and this should all be complete before the final SACS paperwork is turned in on May 28th.

Thank you all again for your continued support and prayers. We could have never gotten through this without our loving family and friends.

Here is the post that LU just put up on Facebook:
ambuth University Takes Major Step to Secure Future

Jackson, Tennessee, May 21, 2010:

The Lambuth University Board of Trustees met today and reviewed a Letter of Intent submitted by an investment firm for the acquisition of the school.

President Bill Seymour told the Board that this was the best proposal Lambuth has received
throughout its year-long process of searching for a suitable partner.

The Board gave approval for the sale of university assets to the company pending a few final
details that needed clarification or negotiation. Dr. Seymour said that he felt confident that these details could be satisfied in the next couple days enabling the school to meet its May 28 deadline to submit revised documents to SACS. Once those materials are submitted then SACS will make the final determination about a change in ownership during their June 21-23 meeting.

Once the Letter of Intent is finalized and signed, the University will release the name of the
company and their principal officers. Dr. Seymour praised the work of his administrative team as well as the entire faculty and staff. He also expressed appreciation for the Board of Trustee members for their faith and support.

Lambuth University is affiliated with the United Methodist church and was founded in 1843. In the ensuing years, Lambuth has earned a reputation as one of the South’s premier liberal arts universities and has received national recognition as one of the nation’s Top 250 Liberal Arts Colleges by U.S. News & World Report and as one of the nation’s “Top 100 Outstanding
Colleges” by The Washington Post.

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