153 Dr. Talbot agreed to try to obtairi $1,500 from the Church of the Open Door as an advance on its rent to Biola. Also, members of the Board offered to go with two othe-r ind-i vi-duais-~-to--contact some friends of Bio la for help in this crisis. Fortunately, all these efforts were successful, and Biola was able to get through another crisis. The picture began to appear a little brighter by the beginning of 1936. The cloud which had hung over Biola so long appeared to be lifting, and the first rays of hope began to filter through. In July, 1937, the President, Dr. Paul Rood, presented a plan for a three-year financial campaign for lift- ing the entire indebtedness on the School by June, 1940. The campagin be- gan with a special day of prayer, and an enthusiastic mass meeting on a Sunday afternoon, October 10. Unfortunately, Biola had only passed through the first phase of the hurricane. The second phase was soon to spend its fury upon the battered School. To the utter horror of all concerned, in June, 1938, the Board was in- formed of the impending foreclosure facing the School. It was obvious that some immediate action was absolutely necessary. Application for Bankruptcy under Title 77B was available to the School which would have stopped any foreclosure procedure and preserved the School's assets under the protection of the court, and would have enabled Biola to operate as a Christian School. However, the Board decided not to take this course, preferring rather to seek a program of reorganization. Under the Re-Organization Provision of Title 77B, the Court would in- vite submission of plans for continued operation. If the plans were satis- factory to a majority of the creditors, such plan would then be put into effect immediately. The Business Manager's plan for re-organization, presenti to the Board and approved for presentation to the Court under Title 77B, state< the following: "l . The Security First National Bank, having taken advantage ' of the existing depression which rendered large-scale re-financing practic- ally impossible, has initiated foreclosure which, if consum..'i.\21.ted would depriv1
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