The executive committee of General Theological Seminary’s board of trustees said April 19 that the school may have to sell some of its property to raise enough money in order to pay its bills after mid-November.
The Rev. Canon Denis O’Pray, chair of the trustees, said in a news release that the committee considered merger or collaboration with other entities, as well as the likelihood of “immediate philanthropy,” before coming to the conclusion that selling property was the “most reasonable source” of money. He did not say what property might be sold.
The executive committee concluded that the school’s “first priority” must be to “develop a source of immediate cash relief so that seminary operations can continue and debt be serviced until a long-term strategic financial plan can be designed and implemented,” O’Pray said.
The property is already encumbered. This is getting stranger and strranger. http://northernplainsanglicans.blogspot.com/2009/06/picture-is-worth-1000-words.html
My guess on what is most sell-able —
The northwest corner within the Close and the building on the other side of 20th street which used to be called, “married students’ housing”
If they hadn’t been forking money down more than one black hole for all these years they wouldn’t be in this pickle now.
Fr Timothy,
When I go to [the site mentioned on your blog]
I get a message from my anti-virus program saying the site is infected.
How ironic that AVG software is so discerning of apostasy.
[Edited by Elf for commenters’ security]
Can humility come from humiliation?
Decline stage two: eat the resources.
Here’s a “safe for your system” description of teh project.
Tim+,
I know you are a General alumnus, and so the demise of GTS must be especially sad for you. However, the tragic decline and failure of a once great seminary, the only one that General Convention elects trustees to help oversee, is a source of grief and dismay for many of us, and not least those of us who have a particularly strong interest in theological education.
Of course, selling off part or all the property and renting some of it back is what EDS has done. Not sure how that is working out for that pitiful imitation of a seminary near Boston, but I’m glad if General’s trustees are finally beginning to face reality and acknowledge the grim depth of the problem GTS faces. It’s hard to imagine how in the world General could ever raise the money it would take to do the $100 million in deferred maintenance and repairs the place needs.
Hmmm. We were recently reminded of how the glorious old Church of the Holy Communion (founded in 1844 by the legendary Fr. William A. Muhlenberg) was deconsecrated and turned into a disco for over two decades before now becoming a mini-mall for high end retail shops. You have to wonder who would buy the GTS buildings, and how compatible such new owners would be with the goals of GTS.
Very, very sad.
David Handy+