The bankrupt CSB School of Broadcasting is set to be on the auction block May 8.

The current potential buyer, Dick Robinson Media, Inc., would buy up all of the company’s assets, but reopen only 10 of its 26 campus locations, if it wins the auction.

That means if Robinson Media wins the auction, the two Chicago-area campuses would shut down, says Jack Esher, an attorney for the bankruptcy trustee. The sale would provide money for refunds for students at the Loop and Downers Grove campuses if they are unable to finish the program.

Esher says another buyer interested in the other campuses could emerge and bid in the court auction.

“There are other people looking at the situation; there is an opportunity for other people to identify leases that are not now being selected by this bidder,” he says.

Robinson Media formerly owned 13 of the campuses before selling them in 2005. The campuses it would buy back are in Connecticut, Florida, Georgia, Massachusetts, New Jersey and North Carolina, court records state.

The schools went bankrupt in early March and shut down for about two weeks, before the bankruptcy court allowed them to reopen temporarily so that students who had started the three- to four-month program could try to finish. But it is unclear how many students will finish the courses, which include a required internship, by the April 20 deadline set by the court.

 “We know that 10 of the schools will be able to reopen and those students will be served, and the other students for which there isn’t a location, there is going to be a fund, a significant fund set aside, so their tuition is reimbursed,” Esher says.