The campus and remaining equipment from defunct Alderson Broaddus University could be sold in bankruptcy proceedings for nearly $5 million, WV MetroNews reported. A private Baptist college rooted in Phillipi, W. Va., starting in 1909, it filed for bankruptcy in late August under financial and accreditation pressure. A sale hearing was scheduled today in bankruptcy court for 11 a.m. Jan. 31. The likely buyer will be DACK Investments, a Buckhannon real estate, rental and leasing company. Two other Baptist institutions combined in 1932 to form Alderson Broaddus College, and the institution was named a university in 2013. About 750 students had been enrolled there in recent years. Higher education officials had worried that the university was in such a financial bind that it could collapse partway through the semester or before the conclusion of the academic year. The affairs of the private university in Philippi have been handled by Thomas Fluharty, a trustee appointed by the bankruptcy court to oversee the collection and liquidation of assets and the payment of appropriate claims made by creditors. The biggest creditor for the university and its associated foundation is the U.S. Department of Agriculture, which provided $30 million in federal financial support.
