The New York Military School failed to open as scheduled this month, leaving its cadets and parents scrambling to find last-minute alternative boarding schools for the fall semester.
The school, located in Cornwall-on-Hudson, New York, has an alumni list that includes billionaire real estate mogul turned Republican presidential candidate Donald Trump, Stephen Sondheim, and John A. Gotti, WPIX-TV reported
Trump recently referenced the facility on the campaign trail, crediting the prep school where his parents sent him to correct poor behavior with giving him "more training militarily than a lot of the guys that go into the military," according to The New York Times.
The cash-strapped school filed for bankruptcy in March and said in June it was weighing three offers under a reorganization plan submitted to the U.S. Bankruptcy Court, the Times Herald-Record reported.
At the time of the bankruptcy, the academy had estimated debts of more than $10 million, including $6.6 million owed on a mortgage. The school's property is worth $10.2 million, according to the filing.
But in a letter on the academy's website dated Aug. 28
, Anthony Desa, the president of the academy's board of trustees, trumpeted the upcoming fall term to cadets, alumni, faculty, and staff.
"After the great uncertainty of the last several months, this term will not only be special from the standpoint of developing future cadets, it will be special for allowing NYMA's legacy as an exceptional preparatory academy to continue forward in great stride," the letter read.
"As this summer is coming to a close, NYMA is starting its 127th academic year. We welcome back our returning cadets and raise our hand to our incoming new cadets who will become new members of the NYMA family," the letter continued.
The New York Times reported Sunday that a plan
to sell the academy to investors based in California collapsed when a promised down payment of $1.3 million did not come through this month.
Some believed a bid could come from the Hasidic village of Kiryas Joel, New York, since some of its members toured the campus four years ago as a possible satellite for its growing community.
"If it's a good deal they may look into it," Rabbi Moishe Indig, a spokesman for the Satmar Hasidic group, told The Times last week.
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