Craig Phillips Wins Bid For Alderson Broaddus University Assets In Bankruptcy Court

Longtime Barbour County resident and business owner Craig G. Phillips emerged victorious in the bid for the assets of Alderson Broaddus University during a session at the United States Bankruptcy Court in Clarksburg on Wednesday.

The decision came as a culmination of a closely watched bankruptcy case that has gripped the community since Alderson Broaddus declared bankruptcy in August. The university faced financial challenges after the Higher Education Policy Commission revoked its authority to grant degrees.

Mr. Phillips, who had placed an upset bid last week, was on the brink of triggering an auction for the university's assets. However, the proceedings took an unexpected turn when Buckhannon-based DACK Investments, a real estate and leasing company, withdrew its $4.9 million bid, eliminating the need for a competitive auction.

Mr. Phillips declined to provide any statements to media members present at the hearing, noting at the time that an official press release would be issued, likely close to or after the conclusion of the sale. The court has granted Mr. Phillips a 30-day window to complete the necessary processes and close the sale of Alderson Broaddus University's assets.

This week, Mr. Phillips gave an exclusive interview to the Barbour County media. Regarding his plans for the university, Phillips stated that he purchased the property because he saw an opportunity to rejuvenate the campus and contribute to the town and county. With several decades of business experience in Barbour County and across the state, he expressed a desire to collaborate with the community and organizations to make the venture beneficial for everyone involved.

Phillips has already contacted various county organizations and the City of Philippi officials, expressing a willingness to work together and seek ideas from the community. The next stage involves planning to ensure the project becomes a substantial asset for the county.

Addressing rumors, Phillips clarified that there are no intentions to use the property as a facility for housing of undocumented immigrants, as he believes it wouldn't be the best use of the property.

In terms of athletic facilities, Phillips mentioned ongoing conversations with individuals showing interest. He also touched upon the potential for reviving at least the parts of the campus as an educational institution, expressing a desire to see it happen. He talked about Alderson Broaddus history of being known as a nursing school and for its storied Physician Assistant program (which was the first one in the nation), and that he would be open to the idea of bringing it back to the top of the hill.

Phillips emphasized his commitment to pursuing educational initiatives and involving the community in the planning process for the future of the campus.