_ _ _ _
Page 5 of 8 FirstFirst 1 2 3 4 5 6 7 8 LastLast
Results 81 to 100 of 155

Thread: Russo Park name OK'd, with conditions

  1. #81
    Join Date
    May 2003
    Location
    Lafayette
    Posts
    4,006

    Default Re: How will this effect baseball?

    Quote Originally Posted by VObserver View Post
    There are far worse problems than 'this thing not happening'... Like this thing happening and the University having to come up with 10 mil it doesn't have. And that's without getting into the 'why' we don't have it in hand already.
    Well I wasn't going to go there...however charitable donations can be subject to clawback laws regarding "bad actors" and they usually have a 2-6 year timetable. I'll guarantee you there are some attorney's for UL checking on the potential exposure and if not shame on them. IF the money were in hand then I'd say there would be potential protection from insurance coverage. For money not in hand it could get tricky because there is an expectation that you "should have known" the monies were subject to legal proceedings.

    I'm not an attorney but as a business person I understand the allegations being made and potential consequences. Based on what is in the suit I think there is something there but that does not mean people acted in bad faith. It just means people didn't act in accordance with established accounting practices which can happen for a number of reasons. However we all know the courts really don't care about excuses. I suspect there will be fallout however I would be shocked if the numbers approach anything close to what is being alleged in the lawsuit. It is typical and a really a responsibility for the plaintiff's to throw the kitchen sink at the whole mess. Lawsuit payouts rarely go up from what is being asked but almost always go down from what is being asked. In this case they seem to have said every single dime of money that went to any of the secondary companies was completely fraudulent. The more likely scenario is that transactions were not "at arms length" and as such discounts/profits were moved between corporations in an illegal manner. That leaves exposure to a percentage of the transaction and not the whole transaction.

    With all that said the money to defend this lawsuit along with probable SEC investigations is going to be in the 100's of thousands at a minimum.

  2. #82
    VObserver's Avatar
    VObserver is offline Ragin Cajuns of Louisiana Ragin' Cajuns Greatest Fan Ever
    Join Date
    Jun 2002
    Location
    Abbeville, LA
    Posts
    5,637

    Default Re: How will this effect baseball?

    Quote Originally Posted by wcd35 View Post
    $5 million unless that has changed as the price went up
    10, because they don't have the other 5 mil in hand either.

  3. #83
    Join Date
    Oct 2002
    Posts
    4,670

    Default Re: How will this effect baseball?

    Quote Originally Posted by VObserver View Post
    There are far worse problems than 'this thing not happening'... Like this thing happening and the University having to come up with 10 mil it doesn't have. And that's without getting into the 'why' we don't have it in hand already.
    We didn't need $10MM to get started. We only had to raise 50% and Tony did that. Russo wanted to make annual donations. Who would turn down how the donor wants to contribute the funds to get a project you've been waiting started? And at the end of the day, T-Joe signed off on it.

    The university doesn't have $25MM, but it sure as hell got Tier 1 done of the Master Plan.

  4. #84
    CajunAmos's Avatar
    CajunAmos is offline Ragin Cajuns of Louisiana Ragin' Cajuns Greatest Fan Ever
    Join Date
    Jan 2003
    Location
    Lafayette
    Posts
    6,196

    Default Re: How will this effect baseball?

    Quote Originally Posted by VObserver View Post
    10, because they don't have the other 5 mil in hand either.
    I'm pretty sure they have a good percentage of the other 5 mil in hand.

  5. #85
    Dad04's Avatar
    Dad04 is offline Ragin Cajuns of Louisiana Ragin' Cajuns Greatest Fan Ever
    Join Date
    Oct 2003
    Location
    337
    Posts
    5,170

    Default Re: How will this effect baseball?

    FWIW there was no attempt to conceal ownership in the third party corporate entities, by the defendants. There are legal means to conceal entity ownership from ANYONE and that was not done on the one corp. name I checked. Could be very indicative of any lack of intent.


  6. #86
    VObserver's Avatar
    VObserver is offline Ragin Cajuns of Louisiana Ragin' Cajuns Greatest Fan Ever
    Join Date
    Jun 2002
    Location
    Abbeville, LA
    Posts
    5,637

    Default Re: How will this effect baseball?

    Quote Originally Posted by CajunAmos View Post
    I'm pretty sure they have a good percentage of the other 5 mil in hand.
    All I know is that they have been repeatedly asked how much of the other 5 mil they have in hand, and they have never given a straight answer.

  7. #87
    CajunAmos's Avatar
    CajunAmos is offline Ragin Cajuns of Louisiana Ragin' Cajuns Greatest Fan Ever
    Join Date
    Jan 2003
    Location
    Lafayette
    Posts
    6,196

    Default Re: How will this effect baseball?

    Quote Originally Posted by VObserver View Post
    All I know is that they have been repeatedly asked how much of the other 5 mil they have in hand, and they have never given a straight answer.
    I don't think that's correct. I don't think they have put out a public announcement about donations but I think there have been some numbers given in different club meetings.

  8. #88
    Join Date
    Jun 2007
    Location
    LAFAYETTE
    Posts
    9,547
    Blog Entries
    1

    Default Re: How will this effect baseball?

    Quote Originally Posted by CajunAmos View Post
    I don't think that's correct. I don't think they have put out a public announcement about donations but I think there have been some numbers given in different club meetings.
    Coach Robichaux stated $7.5 mil was raised at the beginning of the season, but several other donations were procured during the silent phase. Did you hear something else, because I have not heard that most of the other $5 mil has been raised?

  9. #89
    CajunAmos's Avatar
    CajunAmos is offline Ragin Cajuns of Louisiana Ragin' Cajuns Greatest Fan Ever
    Join Date
    Jan 2003
    Location
    Lafayette
    Posts
    6,196

    Default Re: How will this effect baseball?

    Quote Originally Posted by CajunT View Post
    Coach Robichaux stated $7.5 mil was raised at the beginning of the season, but several other donations were procured during the silent phase. Did you hear something else, because I have not heard that most of the other $5 mil has been raised?
    That is the number I was referring, and that was at the beginning of the season with a larger number given as part of the phase II renovations.

  10. #90
    Join Date
    Jun 2007
    Location
    LAFAYETTE
    Posts
    9,547
    Blog Entries
    1

    Default Re: How will this effect baseball?

    Quote Originally Posted by Rebel02 View Post
    We didn't need $10MM to get started. We only had to raise 50% and Tony did that. Russo wanted to make annual donations. Who would turn down how the donor wants to contribute the funds to get a project you've been waiting started? And at the end of the day, T-Joe signed off on it.

    The university doesn't have $25MM, but it sure as hell got Tier 1 done of the Master Plan.
    If you remember, bonds were sold for Phase I in addition to Hudspeth and RCAF Board members going out to raise the difference in the actual cost of completion that was said to be over $30 MM. Also as you have stated, there is an APC Auxiliary Fee of $1.8 MM per year as well. But I'm not worried about the baseball stadium until we are told differently.

  11. #91
    Join Date
    Jun 2007
    Location
    LAFAYETTE
    Posts
    9,547
    Blog Entries
    1

    Default Re: How will this effect baseball?

    Quote Originally Posted by CajunAmos View Post
    That is the number I was referring, and that was at the beginning of the season with a larger number given as part of the phase II renovations.
    I thought he said a total of $7.5 MM had been raised at that meeting? I could be wrong, but that is what I remember.

  12. #92
    CajunAmos's Avatar
    CajunAmos is offline Ragin Cajuns of Louisiana Ragin' Cajuns Greatest Fan Ever
    Join Date
    Jan 2003
    Location
    Lafayette
    Posts
    6,196

    Default

    Quote Originally Posted by CajunT View Post
    I thought he said a total of $7.5 MM had been raised at that meeting? I could be wrong, but that is what I remember.
    Yep

  13. #93
    Join Date
    Oct 2002
    Posts
    4,670

    Default

    Quote Originally Posted by CajunT View Post
    If you remember, bonds were sold for Phase I in addition to Hudspeth and RCAF Board members going out to raise the difference in the actual cost of completion that was said to be over $30 MM. Also as you have stated, there is an APC Auxiliary Fee of $1.8 MM per year as well. But I'm not worried about the baseball stadium until we are told differently.
    I remember and that was the point I was trying to make. At no point have we had the money on hand for any phase. We've borrowed to get things done. It was my understanding from previous comments that any project outside of Tier 1 could be green lighted if 50% was raised. Bonds would likely be issued to cover the remainder to fund that particular project 100%.

  14. #94
    DaddyCajun's Avatar
    DaddyCajun is offline Dig deep UL will Prosper! Ragin' Cajuns Greatest Fan Ever
    Join Date
    Aug 2002
    Location
    Da Cro
    Posts
    5,824

    Default

    Quote Originally Posted by cajundiehard View Post
    HOPING this is just a bump in the road and will still happen at the conclusion of this year. There are two sides to every story... although the article does look pretty damming.
    In the words of Kevin Foote, " No matter how flat a pancake, there is always another side to it!"

  15. #95
    raginsaints's Avatar
    raginsaints is offline Ragin Cajuns of Louisiana Ragin' Cajuns Greatest Fan Ever
    Join Date
    Sep 2007
    Posts
    7,734

    Default Re: How will this effect baseball?

    So I haven't read through this whole thing. We still renovating the Tigue?


  16. UL Baseball UL board to consider 'Russo Park'

    The UL governing board may vote as early as Thursday to name the baseball complex for a Lafayette oil business family.



  17. #97
    Join Date
    Feb 2016
    Posts
    99

    Default Re: UL board to consider 'Russo Park'

    Would it be named "M.L. Tigue Moore Field at Russo Park"?? Hopefully we are not fully dropping the Tigue from the name.....


  18. #98
    Join Date
    Jan 2002
    Location
    Louisiana A
    Posts
    19,893
    Blog Entries
    2

    Default Re: UL board to consider 'Russo Park'

    One time money veins; Field, Park, Stadium.


  19. #99
    Join Date
    May 2002
    Posts
    2,879

    Default Re: UL board to consider 'Russo Park'

    Quote Originally Posted by 225cajun View Post
    Would it be named "M.L. Tigue Moore Field at Russo Park"?? Hopefully we are not fully dropping the Tigue from the name.....
    It's gotta be that. First, I believe it would take the UL Board to strip the name. Second, there is still money coming into the program from Tigue's estate, and in the future there will be a nice chunk added to it (it's committed elsewhere for a few years).

    And third, it would be like 'The Horse Farm'. You can name it whatever you want, it will always be 'The Tigue'.

  20. #100
    Join Date
    Oct 2008
    Location
    Houston, TX
    Posts
    7,841

    Default Re: UL board to consider 'Russo Park'

    Quote Originally Posted by CajunFun View Post
    And third, it would be like 'The Horse Farm'. You can name it whatever you want, it will always be 'The Tigue'.
    While this will always be true for us, it will eventually die off with us unless the name stays in some capacity.

Page 5 of 8 FirstFirst 1 2 3 4 5 6 7 8 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •