First Step Taken to Create a Newly Independent Antioch College

Letter of Intent Approved by Boards of Antioch University and Antioch College Continuation Corporation

Ann Arbor, MI—Six months after operations were suspended at Antioch College in Yellow Springs, Ohio a Letter of Intent to finalize an agreement to create a newly independent Antioch College, separate from Antioch Univer-sity, has been approved by both the Board Pro Tempore of the Antioch College Continuation Corporation and the
Antioch University Board of Trustees.

“This Letter of Intent seeks to protect the interests of Antioch University while creating the prospect for a newly independent and viable Antioch College,” said Richard Detweiler, President of the Great Lakes Colleges Associa-tion and mediator and chair of the Taskforce. Detweiler continues, “This letter of intent, while not binding on the parties, establishes the framework to negotiate a more detailed and comprehensive definitive agreement.”

The Taskforce was proposed by the Alumni Association in response to a request from the University Board of Trustees to develop a process to create an independent college; both the University and the Alumni have sanc-tioned its work. The Taskforce, in addition to Richard Detweiler, also included Antioch College alumni Matthew Derr, ’89, Lee Morgan, ’67, and Antioch University Trustees Dan Fallon, ’61 and Antioch University-New Eng-land alumnus Jack Merselis, ’96.

The Taskforce has been working since August and has explored a number of possible solutions while also taking into consideration the volatility in the financial marketplace. With the financial support of the Andrew W. Mellon Foundation and the Morgan Family Foundation, the Taskforce was able secure independent financial analyses from George K. Baum and Company and legal counsel from Bond, Schoeneck & King, LLC.

Lee Morgan, Antioch College graduate of 1967, Chairman of the Antioch College Continuation Corporation, and grandson of Antioch College’s 11th president and educational pioneer, Arthur Morgan, stated: “This is an historic moment for the College and for Yellow Springs, Ohio. We have monumental work ahead, but we now have the framework in place to restore the College to health as an independent institution for the first time in forty years. I am honored to lead this effort with my fellow Board Pro Tem members and we are pleased with the support this Letter of Intent has been given by both Antioch University and the Antioch College community.”

Art Zucker, Antioch College graduate of 1955 and Chairman of the Board of Trustees of Antioch University said, “This Board of Trustees made a clear commitment to the revitalization of Antioch College and I am pleased at the
high level of collaboration that took place.” As an alumnus of the College and a member of the University Board Zucker said he looks forward to continued work with the Board Pro Tempore. “We all know that the world needs Antioch University and Antioch College – both great educational innovators -- to be healthy and thriving and this agreement moves both institutions in that direction,” Zucker said.

"Antioch University and Antioch College are best served by our collaborative work to develop a plan that will re-
store the college to successful operation for the long term," said Chancellor Toni Murdock.

The Taskforce will continue to work with the Great Lakes Colleges Association and its legal team to develop the definitive agreements necessary to finalize the transaction. Included in this agreement are ambitious fundraising goals on the part of the newly independent college and important conditions to complete regarding the transaction such as the approval of third-party financial institutions and governmental bodies in the State of Ohio such as, the Ohio Attorney General. The Letter of Intent calls for a 90-day period of “exclusive dealing” in which to accom-
plish this work starting in early January.

Nancy Crow, Antioch College graduate of 1970 and president of the Antioch College Alumni Association and Antioch University trustee said ”Throughout this year, many different groups have worked to find a way forward for Antioch College and we all share in this important accomplishment. I know that the alumni, former faculty, staff and students will look at this Letter of Intent as a promising sign for the future of the College and that we can begin to work together on inventing an exciting future.”

View the LOI here