This case study provides the background for a discussion of the bankruptcy of a composite non-profit corporation under Chapter 11 of the Bankruptcy Code, and the possible alternatives available to bankruptcy. Topics considered include: reorganizations, the selection of a bankruptcy trustee or an examiner, duties of a non-profit board, the automatic stay, aspects of the creation and confirmation of the bankruptcy plan, priority of creditors, termination of employment contracts for tenured and non-tenured faculty and those faculty represented by a union, at-will employment, and Title IX implications for any bankruptcy filing. The case study then turns to a discussion of options and perspectives available in the case that bankruptcy under Chapter 11 is not seen as a viable or practical alternative. Could the real target of restructuring and cost cutting be academic tenure?