Former St. Catharine College Placed in Receivership

St. Catharine College, a small Roman Catholic college located in Kentucky, is shutting down. The college's leaders blamed its closure on the U.S. Department of Education, claiming the feds unfairly sanctioned the college over its management of federal financial aid money.

This week a federal court placed all property owned by the college into receivership, a rare occurrence involving a college campus, which means a firm has been appointed on behalf of St. Catharine's creditors to manage and preserve its assets.