DaytonDailyNews.com

YELLOW SPRINGS — Antioch University officials are still hoping for an 11th-hour agreement with the Antioch College Continuation Corporation, a group of wealthy alumni created to negotiate independence for Antioch College, despite rejecting the group's "best and final" offer on Friday, March 29.

But a late announcement Saturday night that the university would seek offers from "any party" to help the ACCC come up with $12.2 million cash at closing does not mean the university is for sale, spokeswoman Lynda Sirk said Tuesday, April 1.

The university instead seeks offers from any party who can underwrite half of the $12.2 million negotiated price for the college on behalf of the ACCC. It's received no nibbles yet, Sirk said.

In its final proposal, the ACCC said it would pay half the price at closing and make payments over a five-year period. But the university says that arrangement won't satisfy creditors, who need guarantees that $12.2 million in cash is available to satisfy terms on substantial outstanding bonds on university properties.

But the ACCC said Tuesday it's too late to close a deal and still meet regulatory approvals to open the college in the fall. The only offer on the table now is a "10-10" proposal: $10 million now in exchange for 10 of the 19 seats on the board of trustees.

"This way the college can stay open because the same entity owns the college, but allows us more time to work on independence," said Eric Bates, co-chair of ACCC. But Sirk said the university would not consider the offer.

The original deal before negotiations reached impasse was $12.2 million for most of the college's assets.

It did not include WYSO, which the university wanted to keep because it was considering selling the radio station's license, Bates said.

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