$1M Prize to Deaf Schools in Limbo
This just in…
The Atlanta Journal-Constitution published the article today (Wednesday, January 28, 2009) reporting that the $1 million dollar prize won by Georgia’s State School Superintendent Kathy Cox for charity last summer is in limbo.
In November 17, 2008, Kathy Cox and her husband, John Cox, the homebuilder filed personal bankruptcy citing $3.5 million in debt related mainly to Mr. Cox’s Fayette County homebuilding business.
Kathy Cox hired the investment firm, Fidelity Investments, to create an account for distributing the money to three public schools for blind and deaf students. Fidelity Investments did not want to become involved in the bankruptcy case, and they returned the check to Fox Broadcasting Co. in December.
And…
Lawyers representing the creditors of Kathy Cox and her husband John are considering going after the prize money.
Right now, all three state schools (Georgia Academy for the Blind in Macon; the Georgia School for the Deaf in Cave Spring; and the Atlanta Area School for the Deaf in Clarkston) are hopeful that this situation will be resolved soon, so that the money will be used for the “Go For It Foundation” specifically for the deaf and blind students.
Read articles for more information: School chief’s bankruptcy has $1M prize in limbo
January 28th, 2009 at 8:18 pm
Oh my goodness… which brings the light to the deaf schools. SDSD is on the track to be closed and Kansas School for the Deaf is eyed for a possible closing by the state government, as well as many deaf schools’ budgets being slashed.
Oh well.
January 28th, 2009 at 9:22 pm
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January 28th, 2009 at 10:22 pm
Holy Moly! A $3.5 million debt! The new housing market is in a slump, too, so it’s not a wonder that the hubby racked up some debt in his business as well.
Ugh, just when some deaf schools are closing for lack of funds. Where will Kansas and SDSD deaf students go? Farther afield in an out-of-state deaf school?
My own town has a $2 million shortfall in state and city funds for the next semester, meaning some teachers and school administration staff will be getting pink slips at the end of this spring semester and classes will be combined, instead of 2 first grade classes, there’ll only be one first grade class and so on at all the local schools, starting in the fall. What a headache for the remaining teachers and staff. The public school systems all over the country are already feeling the pinch too.
The Cox’s situation is but one of many scenarios playing out in this disastrous economy. It’s only the tip of the iceberg. As for the $1 million prize, I think the Coxes can kiss that one good-bye.
January 28th, 2009 at 10:28 pm
Hi Ann C,
I am more inclined to agree with your last sentence… kissing 1 million dollars good-bye, and also this financial situation really stresses everyone out. People are out looking for something to cut, and someone had to suffer with these cuts.
Look at California, many non-profit organizations serving for the deaf are suffering with massive cuts. Same for Georgia. Everyone is working so hard to fundraise money, but asking money from people who are trying to make their ends meet… is even harder!
Everyone’s hurting.
Amy
January 29th, 2009 at 3:45 am
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January 29th, 2009 at 10:06 am
Amy –
Do you really think that the bank controls Coxes’ funds? Due to the tax issue, the bank have the right to review Coxes’ credit reports.
This and that…..Banks are having some menaces with all the bailouts from the Congress. I thought it was too soft. :-/
September 9th, 2009 at 5:17 pm
Aw, dang it! For the schools who would have benefitted, “almost having it” is worse than, not having it at all.
Agree with the others, bad economy has everyone needing their bills paid, otherwise the companies who say the Banks owe them, have probably already written the debt off as bad debt.
In any case, it was a joy watching you report on this Amy! Especially the night she won! That was precious.
xo