The private university has been in Chapter 11 protection from creditors since April 1, 1998. It closed last August after 92 years. The university hired the CB Richard Ellis real estate firm to market the campus after plans proved unworkable to emerge from Chapter 11 and keep the university open. Sam Bratton, an attorney for the university's faculty committee, reluctantly agreed to Phillips' request that Bohanon delay a sale decision until next month. But he conditioned his support on the assumption that a firm decision will be made on May 21.
Faculty members have claims for back pay.
About 500 creditors have sold their claims to San Diego-based Debt Acquisition Company of America. The department filed the claim to recover funds in the event they were mismanaged by the university, he said. Kline said audits prove that department funds were properly spent. Enid wants the campus to expand a branch of Northwestern Oklahoma State University.