Dowling College’s motion to pay bid protections in Oakdale sale denied

By Caroline Salls

Pittsburgh, April 5 – Dowling College’s request to pay a termination fee and expense reimbursement, if necessary, to stalking horse bidder Vanderbilt Palace LLC was denied Wednesday by the U.S. Bankruptcy Court for the Eastern District of New York.

As previously reported, Dowling asked to pay the termination fee and expense reimbursement to Vanderbilt Palace in connection with the proposed sale of Dowling’s Oakdale, N.Y., campus.

Specifically, Dowling said it would pay Vanderbilt a termination fee of 1% of the purchase price and reimburse up to $80,000 of its sale-related expenses if an order is entered approving an alternate transaction.

Wednesday’s order did not specify why the motion was denied.

Dowling is based in Oakdale, N.Y. The college filed for bankruptcy on Nov. 29 under Chapter 11 case number 16-75545.

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