General Theological Seminary says it may have to sell property to pay bills

from VirtueOnline


By Mary Frances Schjonberg
Episcopal News Service
April 20, 2010

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.