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Finlandia University shut down at the end of its spring 2023 semester, the school still had deferred salaries left to pay for faculty and staff. The university employed 145 staff members when operating. The university’s state-appointed receiver Patrick OKeefe says he remains committed to paying staff their remaining salaries. Stating that his team has not paid salaries for employees experiencing a company receivership.
“We have never not paid salaries. We have always, you know, to the extent that there’s been expenses incurred on our watch. We have always paid those obligations. And these, while they were not necessarily incurred on our watch. Because they were earned previous to when we got to the university, we will make every effort to get them paid.” – Patrick O’Keefe, Finlandia University Receiver
The second group O’Keefe says his team is concerned about includes local creditors to the university. In any receivership, his job as an arm of the court includes doing his best to protect the community.
“The next body of creditors that always concerns us is the people in the community that extended lines of credit, in this case to Finlandia. That have payables, or in their case receivables, that have not been collected.” Patrick O’Keefe, Finlandia University Receiver
O’Keefe says that his team remains committed to paying off the university’s debt and paying faculty salaries. That means focusing on selling the university’s remaining buildings, and assets.
If you missed this past Sunday’s Copper Country Today find the full episode here.
