Word: lowther
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Dates: during 1970-1979
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...December, the Lowthers' pyramid started falling apart. In an apparent attempt to gain another base for securing grant money, Lowther tried to take over tiny (445 students) Prescott College, an experimental school in Arizona. The college was $440,000 in debt and on the verge of bankruptcy. Thus, when Lowther agreed to pay the school's operating costs in return for control of its board and operating capital, the college thought it had found a savior and tentatively agreed to the deal. But soon $105,000 in foundation checks to the college bounced, and-for the first time...
...roof also fell in on the institute. Employees were not paid, the rent was due in New York and in Lombard. Educational Testing Service was demanding payment on its $200,000 loan. Gould resigned as institute president last month (although he remains a trustee), and at an emergency meeting Lowther was thrown off the board. Lawrence E. Dennis, 54, former provost of the Massachusetts state college system, was named treasurer and acting president. Dennis estimates that the institute is at least $500,000 in debt and may have to shut down at the end of the month. Meanwhile, the Lowthers...