K-12 Tax & Spending Climate: Email More Sharing ServicesShare | Share on facebook Share on twitter Print Text Size Lon Morris College President resigns

CBS19:

As you know, the College has experienced significant financial and liquidity difficulties and has missed its last 3 payrolls. The Board and a special Restructuring Committee of the Board has retained Bridgepoint Consulting as a restructuring advisor and appointed Dawn Ragan as Chief Restructuring Officer ("CRO"). The CRO is responsible for the day to day operation of the college and for making decisions relative to continued operations and exploring various potential restructuring alternatives. Given insufficient cash flow, the college cannot continue to employ personnel and further cannot allow employees to continue to work even on a "volunteer" or unpaid basis. Your loyalty to the College, and especially to the Mission, is very much appreciated, but unfortunately due to the current circumstances all employment by the College is hereby terminated on the earlier to occur of either immediately as of 5.22.12 or the last day worked prior to 5.22.12, subject to confirmation where appropriate, excluding a minimal core group. Vacation accruals, pursuant to company policy, are extinguished upon termination of employment.

In any case where an employee or other representative may have been extended campus housing or other room/board type benefits, those benefits are also hereby terminated, and the employee/tenant will be provided 10 (ten) days to vacate.

Posted by Jim Zellmer at May 24, 2012 1:20 AM
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