offered $10 million for 10 seats on the 19-member board effectively seeking control of the entire university. On May 8, 2008, university trustees rejected the ACCC's "best and final" offer – $9.5 million for the college and another $6 million for the graduate campuses in exchange for eight board seats, with an additional four new trustees to be jointly agreed upon by the ACCC and current trustees. Temporary closure after separation from university The college closed on June 30, 2008. The suspension of operations of the college led to a collaboration between the university and certain college alumni to explore a means to separate the college from the university in a manner that preserved the viability of both. Recognizing that any reopening of the college required the cooperation and substantial financial support of alumni, the Board of Governors of Antioch University adopted a resolution on June 8, 2008, requesting that the Alumni Association prepare a plan to bring the college back to vigor and vitality. Thereafter, the Antioch University Board of Governors announced on July 17, 2008, the creation of a new task force composed of University and Alumni representatives to develop a plan to create an independent Antioch College. The task force discussions were facilitated in part by the Great Lakes College Association. During this time, a group of alumni with former faculty, staff, and students of the college formed what would become the Nonstop Liberal Arts Institute in 2008, an effort to preserve the DNA of the college during its closure and to create a bridge between the original college and a potentially new independent college. As the result of the task force discussions, ACCC and Antioch University agreed to an asset purchase agreement on June 30, 2009, at a sale price of $6,080,000. That agreement called for the transfer of the college campus, Glen Helen Nature Preserve and the college endowment to ACCC which would operate the college as an independent corporation with its own fiduciary board of trustees; but, it provided for Antioch University to retain reverter rights to campus real estate, Glen Helen, and the College's continuation fund. As part of the transaction, Antioch University licensed to ACCC an exclusive right to use the name "Antioch College". The parties closed on the transfer of assets on September 4, 2009. Matthew A. Derr was hired as interim president to recruit an entering class for the Fall