Morris Brown College officials have filed for chapter 11 bankruptcy in a final effort to prevent the 131-year-old school from being foreclosed on and sold at auction, the Atlanta Journal-Constitution reported yesterday. Morris Brown, which is more than $30 million in debt, was facing foreclosure next month after investors called $13 million worth of bonds tied to the college. The bonds were issued by the Fulton County Development Authority in 1996. As security for the bonds, Morris Brown pledged several pieces of property, including the school's administration building. An auction of assets had been scheduled for Sept. 4.
