Posted on 07/24/2019 11:53:52 PM PDT by House Atreides
Oberlin has plenty in endowments to cover this ... they just don’t want to pay...
I was thinking of conservative college material
the IAs can sweat in tents.
It turns out that of their almost 900 million endowment, they can apparently only access about $100 mil without restriction due to terms - and of that they claim they have only about half of that they could pay. They’re leagally claiming poverty.
Plus, I don’t know what Ohio law is, but it is very likely that the punitive damages will be reduced — maybe substantially. Contrary to popular belief, punitive damages are actually quite rare. You hear about them — and in certain cases think they SHOULD attach (and maybe this is one of them) — but in reality they are saved for the worst kind of cases.
This will go to the state supreme court most likely, so the plaintiffs will have to wait on their judgment. The good news is that Oberlin will owe more attorneys fees later when the judgment is upheld even if the entire damage award isn’t.
That gotta hurt.
Half of 100million is fifty million, the judgment is about 39 million.
Plenty of money!
I didn’t say they *couldn’t* pay - just pointing out that Oberlin’s actual liquidity (per their own filings) was far less than their ostensible nearly $900M endowment. As such the bakery is indeed correct in getting them to at least post a bond before the lefties could pull a “oops, spent it all, whatchagonna do?”
It also points out that for a college of this type, having less than $100M in actual liquidity while having $190M in debt (again according to their own filings) is not a sign that they’re going to be around long term.
OHIO PING!
Please let me know if you want on or off the Ohio Ping list.
“Oberlin College ordered to post $36 million bond to delay Gibson’s Bakery collection of Judgement”
http://www.freerepublic.com/focus/f-news/3766536/posts
As a graduate of nearby College of Wooster, this makes me very happy! Too bad about the Tort cap in this case.
“The only thing that could improve this story is to read the college is closing.”
... and re-opening as a conservative-leaning institution after Gibson’s sells it to the Horowitz Freedom Center for $1.00
I like it!
Maybe the esteemed Oberlin graduate Lena Dunham should part with some of her cash to help her alma mater out. Or is she too busy living the 1% life in NYC?
I've been saying the same thing for years. Use the dim/socialists tactic of lawsuits against them. We read every day where some student tells their parents about a teacher requiring certain essays, role-playing, dressing up, etc. that has nothing to do with the official curriculum and to forward the teachers' lib/socialist agenda. SUE 'EM ALL FOR NOT FOLLOWING SCHOOL AND/OR DISTRICT CURRICULUM!
“The feel good story of the year”
/Hahahahaha! yes!
Hahahahahahahahahaha! Love it...:)
So, he’s basically securing assets so they don’t miraculously declare bankruptcy or something like that?
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