An Alabama judge dismissed Birmingham-Southern College's lawsuit against the state treasurer over a loan denial on Wednesday, a decision that could put the future of the 167-year-old private college in jeopardy. Birmingham-Southern College filed a lawsuit last week against state Treasurer Young Boozer, saying Boozer wrongly denied a $30 million loan from a program created by lawmakers to provide a financial lifeline to the college.
Birmingham-Southern is exploring an appeal to the Alabama Supreme Court, college President Daniel Coleman said in a statement. The college had argued it met the loan requirements set out in the law and that Boozer was acting in bad faith or under a misinterpretation of the requirements. 'Our good faith was betrayed over the several months of working with Treasurer Boozer to deliver this bridge loan to the college,' Coleman said.
The college will likely close without emergency relief from the court, lawyers wrote in the lawsuit. The private college, located a few miles from downtown Birmingham, has 731 full-time students and 284 employees. The legislation set off criteria for qualifications for the loan, including that an institution had sufficient assets to pledge as collateral.
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