Another victim of the mortgage crisis, as ocanews reported and we reproduced here. Since we aren’t OCAnews, we’ll just ask: after reading about the mortgage, is this really a surprise to anyone?
(ocanews.org) In a video posted on the St. Tikhon’s Seminary website, just days before the Seminary’s Board and Alumni meeting today, the Rector of the school, Bishop Tikhon of Philadelphia affirmed “… that St Tikhon’s Seminary is not closing nor is it merging with any other school.” The Bishop stated that regular audits of the school have been posted for the past five years, and that the Seminary ended its most recent fiscal year on “a very positive note.” The Bishop concluded his video remarks, a transcript of which is posted as well, with a statement on the importance of theological education, and that the current dialogue between St. Tikhon’s and St. Vladimir’s Seminary in New York would continue with the blessing of the Synod of Bishops….
In his letter Herzak warns: “… St. Tikhon’s board has not been consulted in any way about this event which leaves many questions unanswered. We as trustees have a fiduciary responsibility and a clear legal duty of loyalty to St. Tikhon’s. We cannot let this attempt go unanswered. I do not see how you can legally take steps to merge, close or alter St. Tikhon’s without board approval and buy in. Usurping the board is a very bad idea and that appears to be what has happened. I believe the board would have a fiduciary responsibility to take whatever legal means necessary to put a stop to this event should it continue to move forward.”