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Mid-Continent Lawyers File Motion to Hire Realtor

Mid-Continent Lawyers File Motion to Hire Realtor
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By Bill Hughes
Oct. 05, 2015 | MAYFIELD, KY
By Bill Hughes Oct. 05, 2015 | 05:07 PM | MAYFIELD, KY
Mid-Continent University's slow walk toward potentially selling their Mayfield campus has made a little progress.

Tim Walker, the school's Vice President of Administration and Finance, said Monday that attorneys filed an application in Bankruptcy Court, asking for permission to hire Bunch Brothers Auction and Realty of Wingo.

If the judge approves it, Mid-Continent would sign a contract to list the property, which has been mostly dormant since the university closed last summer and filed for bankruptcy a few months later.

Walker said it's not a liquidation, and the approval wouldn't require that the property be sold. He said MCU leadership still hopes to keep the facility - if they manage to collect enough of the $13 million in outstanding debt to stay afloat.

"If we can establish the cash flow, we'll take it right back off the market, because we just have to satisfy a couple of secured creditors," Walker said. He said leadership currently has three missions: protect student transcripts and records; take care of creditors that helped them make it to 2014's graduation; and hopefully re-establish the school as a seminary, like it was when it was founded in 1949.

He said the judge would have to approve any action regarding the property, including offers made to the realtor. 

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