With Miles College's failed purchase of Birmingham-Southern College's (BSC) campus, another hope has been snuffed out for those interested in BSC's fate.
Another spoke-too-soon. Another dead end. Another unknown.
Miles College's failed purchase of BSC's campus in West Birmingham comes as no surprise. Where was a school with a "modest endowment of $27 million” (as self-described on Miles College's website) going to come up with the competitive capital needed to purchase a college campus valued at $65 million?
Why did BSC sign a purchasing agreement with Miles College in the first place if it was bound to be a fool's errand and a waste of both parties' time? The answer seems clear enough after BSC's serious struggles in selling its campus over the past several months: there are no interested buyers.
What does this mean for Birmingham-Southern College? What’s next in the cards?
If BSC is unable to find a capable buyer and satisfy its debt obligations from the proceeds of the proposed sale, the next rational thing to do would be to declare bankruptcy. Right?
What would become of the campus if BSC defaults on its debts and is forced into bankruptcy?
ServisFirst, BSC's primary lien holder, would likely sell the campus property to real estate developers, who would then convert the campus into residential property. Or will the city of Birmingham acquire the campus and turn The Hilltop into low-income housing, a hospital or some other public service?
The BSC news release stated, "But to meet its commitments to lenders and other creditors, the BSC Board of Trustees is obligated to sell the 192-acre campus property as quickly as possible."
What BSC needs to do, however, might not be what it should do.
Maybe these struggles to sell the campus are a sign. Maybe The Hilltop is trying to tell us something. No one wants to buy the college campus; those who want to don't have the purchasing power to do so.
Maybe it's a pie-in-the-sky pipe dream, but why don't we, those who hated to see BSC go, come together (again) and make (another) last-ditch effort to revive the closed college?
If selling the campus looks like such a pessimistic endeavor with no prospects, what’s the harm in trying to reformulate, restructure and revive BSC? There is nothing to lose and everything to gain.
Conner (CR) Hayes is a small business owner based in Nashville, Tennessee. He is a 2017 alum of Birmingham-Southern College and a screenwriter, novelist, and poet. CR Hayes is published in various mediums, including academic articles, journalism, prose, and poetry.
The views and opinions expressed here are those of the author and do not necessarily reflect the policy or position of 1819 News. To comment, please send an email with your name and contact information to Commentary@1819news.com.
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