Complex sentence: The modern university emerged from a bankruptcy reorganization of a predecessor institution named Chicago University and known more broadly as Old University of Chicago which was founded by prominent members of the Chicago and greater Illinois community including Justice Stephen A. Douglas and Chicago Mayor James Hutchinson Woodworth.
Split into simpler sentences: The modern university emerged from a bankruptcy reorganization of the predecessor institution of the same name, later renamed as the Old University of Chicago. The earlier institution was founded by prominent members of the Chicago and greater Illinois community including Justice Stephen A. Douglas and Chicago Mayor James Hutchinson Woodworth.