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The foundation of the University of Wisconsin, Oshkosh, has declared bankruptcy.
The news comes as two former UWO Foundation administrators are being sued after the UW System asked the Wisconsin Department of Justice to pursue action regarding “improper financial actions” related to five real-estate projects financed by the nonprofit.
The UWO Foundation continues to operate rogue of UW Oshkosh'sof the foundation? of UW system? -sj--changed to UW Oshkosh's discretion discretion.
“We learned on August 17 the UWO Foundation filed a reorganization petition under Chapter 11 of the federal bankruptcy law,” Chancellor Andrew Leavitt said in a statement. “After months of extensive effort by the Board of Regents, UW System and the Department of Justice to secure the future of these investments for UWO, the parties were unable to reach a settlement and the Foundation ultimately chose this action.”
“As for the future of the real estate projects we hold dear, we remain in limbo."
