Morris Brown College has become the Debbie Downer of Atlanta schools. The latest in a long series of depressing headlines: MBC's property is facing foreclosure September 4th for a $13M bond indebtedness. The institution's response will be forthcoming this weekend during a "Day of Prayer" - hey, it brought rain that one time, right? The school's troubles stem from an embezzlement scandal involving a former president and financial aid director which caused MBC to lose its accreditation and federal funding in 2002. At one point only 44 students and 7 staff members occupied the historic campus, and in 2008 its water was shut off temporarily. This won't be the first time the college has had to deal with foreclosure proceedings, as it lost Jordan Hall to a similar fate in 2009. Will this be the final nail in the coffin?
· Morris Brown College Facing Foreclosure [ATL Biz Chronicle]