Antioch University went from what many considered a great institution to what might accurately be described as an asylum. Unfortunately, in this case, the inmates are running the asylum, and seem to be having serious difficulties attracting new customers.
I went into this story here, but it begs a revisit, since as of June 1st, it looks as though Antioch will be closed, presumably for at least a year. It is in debt, and needs more than twelve million dollars to satisfy its creditors.
And now, the madness continues as the end approaches.
Antioch University officials are still hoping for an 11th-hour agreement with the Antioch College Continuation Corporation, a group of wealthy alumni created to negotiate independence for Antioch College, despite rejecting the group's "best and final" offer on Friday, March 29.
But a late announcement Saturday night that the university would seek offers from "any party" to help the ACCC come up with $12.2 million cash at closing does not mean the university is for sale, spokeswoman Lynda Sirk said Tuesday, April 1.
But the ACCC said Tuesday it's too late to close a deal and still meet regulatory approvals to open the college in the fall. The only offer on the table now is a "10-10" proposal: $10 million now in exchange for 10 of the 19 seats on the board of trustees.
"This way the college can stay open because the same entity owns the college, but allows us more time to work on independence," said Eric Bates, co-chair of ACCC. But Sirk said the university would not consider the offer.
So, what exactly are the sticking points?
Chancellor Toni Murdock said the university has significant bond debt on the new Antioch University McGregor building in Yellow Springs, and buildings in Seattle and in Keane, N.H.
Another sticking point in negotiations was ownership of WYSO, the NPR-affiliated radio station based in Yellow Springs. The ACCC wanted WYSO as part of the $12.2 million purchase.
What it amounts to is the current Administration is bogged down trying to make a success out of a college that is run on a formula for failure. The Antioch College Continuation Corporation is determined they can do a better job, and want control of the college in order to prove it. The faculty and current staff want to keep their positions and salvage their reputations. The corporation wants to save Antioch and salvage their ideals.
Any students who are lured to the place will still get the short end of the stick, unless by some miracle the college adapts to reality. Good luck with that.
The only truly surprising thing in this story is that there actually are wealthy Antioch Alumni.
