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Last Minute Bid To Keep Antioch Open Rejected

05/09/2008 11:37:15


YELLOW SPRINGS, Oh -- The Antioch College Continuation Corporation, the alumni group that has tried to negotiate deals with Antioch University trustees to keep the college open next year, said today that trustees rejected its 11th-hour offer known as the “10-10 plan.”

The group offered a large donation — $9.5 million immediately and then another $6 million for other university campuses — in exchange for 10 seats on the 19-member board of trustees, which would give it a majority vote. The college could continue operating, the group said, while allowing the board more time to legally separate the college from the university.

Eric Bates, co-chair of the ACCC and an Antioch alum, said the following in a press statement: “It almost defies belief that the trustees could reject this extraordinarily generous offer by a group of major donors,” he said. “We were not only prepared to make an immediate contribution of $9.5 million for Antioch College, we offered to make an additional contribution of $6 million for the direct benefit of the University’s five other campuses. This was a win-win opportunity for the entire University, and the trustees squandered it.”

Courtesy: Springfield News-Sun. www.springfieldnewssun.com

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