Trial Date Not Likely to Come Before Fisk Runs Out of Cash

Attorneys representing Fisk University offered some details today on just how bad the school’s financial condition has become.

Fisk attorneys says the school has mortgaged every building on campus and has no other lines of credit to draw from. They told a Davidson County judge the 140-year-old institution won’t be able to make its payroll come December 15th without some kind of cash infusion.

For the last two years Fisk has been locked in a legal battle over whether it can sell parts of its famed art collection to stabilize the school’s finances. The historically black university has most recently agreed on terms to sell a 50-percent stake of the Steiglitz Collection to the soon-to-be-open Crystal bridges museum of American art – a project of Wal-Mart heiress Alice Walton.

The Georgia O’Keeffe Museum in Santa Fe, however, is blocking the 30-million dollar deal. The late artist donated the collection in 1949 and her estate says Fisk can’t sell any part of it.

The judge in the case said from the bench it would be nearly impossible to complete a trial before December 15th. Attorneys expect a trial date set in the next few hours.

Fisk officials did not return calls seeking comment on whether the delayed trial would mean the school might suspend operation.