Settlement saves Sweet Briar; lawyer to be at college helm, along with new board members
Image from Sweet Briar College.
A Virginia judge on Monday approved a settlement agreement intended to keep Sweet Briar College operational.
With the help of over $12 million in promised donations from alumnae, the school will stay open at least one more year, the New York Times (reg. req.) reports. Thirteen of the 23 board members must resign as a condition of the settlement.
Attorney Phillip Stone, who formerly was president of Bridgewater College in Virginia and helped turn it around when it was struggling financially, is expected to be appointed by the new board to run Sweet Briar.
“I want to make it clear that my commitment is not merely to keep the college open for the coming school year but to help it embark on a path for its next 100 years,” Stone said in a written statement Saturday as the settlement in the Bedford County Court case was being worked out.
Related coverage:
ABAJournal.com: “Stop efforts to close Sweet Briar, lawsuits by county attorney and alumna urge Virginia court”