Concordia creditors do battle as campus slated for June foreclosure auction
“For over a year, Concordia has hidden its finances from public view while diverting its remaining assets away from HotChalk, which is owed over $300 million,” said McDermott in the recent article featured in The Oregonian, and referencing the largely publicized Concordia University-Portland case. The University is attempting to auction off its campus to the highest bidder, but ongoing lawsuits may prevent the sale from taking place. The Lutheran Church Extension Fund claims it is owed over $40 million, while Hotchalk, Inc. says the university owes them more than $300 million for developing online education programs.
While the court battle rages, developers are anxious about the fate of the land in the heart of residential Northeast Portland.
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