The Frazer School filed for bankruptcy June 12 in an effort by school leadership to address alleged financial mismanagement by its former owner, James Schrader, who is no longer affiliated with the school.
The school’s co-founder, Will Frazer, said in a press release that filing for bankruptcy was the best way to protect loans made by parents and supporters, secure ownership of the school’s facility, and safeguard the school’s future. Earlier this week, attorneys for the school sent a civil theft demand letter to Schrader, his wife, Rachael Schrader, and their company, Newberry Christian Community School Inc. (NCCS), asking for repayment of more than $5 million.
Frazer filed for Chapter 11 reorganization in the U.S. Bankruptcy Court for the Northern District of Florida, which lets an organization keep operating while it works out a court-supervised plan to restructure its debts, contracts and finances…