OSHKOSH, WI (WTAQ) – UW-Oshkosh’s private fundraising foundation is reportedly filing for bankruptcy.
The Milwaukee Journal Sentinel reports the foundation is filing a reorganization petition under Chapter 11 of the federal bankruptcy laws, which its chairman says will protect the university’s endowment and allow for restructuring.
Earlier this year, the foundation was facing $14,500,000 in debt.
That was after former Chancellor Richard Wells and his chief business officer allegedly funneled $11,000,000 from the university to the foundation to cover various real estate projects.
