Attorney general clears sale of Mount Ida to UMass
The state attorney general's office has determined that while inconvenient to many, the $75 million sale of Mount Ida College to the University of Massachusetts Amherst can proceed.
In a letter released Tuesday, the attorney general said that UMass-Amherst paid fair market value for Mount Ida's Newton campus and the only alternative to the sale was the bankruptcy and closure of the smaller school, which would have caused more harm to students and staff.
The office, however, says its review of the transaction is not complete because it is still investigating whether Mount Ida trustees violated their fiduciary duties in addressing the school's tenuous financial situation.
The attorney general also noted is has negotiated for Mount Ida students in specialized programs to continue their educations at other schools.