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Thread: Russo Park name OK'd, with conditions

  1. #81
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    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.
    $5 million unless that has changed as the price went up

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    Default Re: How will this effect baseball?

    Quote Originally Posted by cajunhawk View Post
    After reading the article with more in depth info, I wonder if Stabil Drill has a controller set up under the CFO? ____ like this usually happens when the CFO's reach extends too far into the bowels of the company, where they should not be. CFO's are usually sharp financial minds who, when left to their own devices can get themselves in hot water. Idle hands are the devil's playthings.

    I would also like to know if Superior had a full bore Financial Statement Audit done on Stabil Drill before Consolidation? An extra set of eyes would have caught this. I know for a fact that audit statutes call for a vendor list showing concentrations of where the company is spending there money. Again this may have all been lost in Consolidation. Don't skimp on accounting...it can save your ___.
    When I sold my company to a NYSE-traded firm, all final number crunching was transferred to the parent. That's to say, my accounting department became a simple conduit for monthly income and expense numbers, nothing more. Final monthly numbers including depreciation, employee withholding, state and federal tax liabilities etc were all calcuated by the parent and presented to me at monthly meetings held in Houston. And for the record, before the sale took place I paid to have my previous 3 years of financial statements audited by a major firm out of Houston. This was, of course, to give any potential buyer more confidence that they were getting what they paid for.

    I also recall the day of the sale signing non-compete, non-disclosure, patent protection and a myriad of other forms I don't recall protecting the parent and tying my hands. I'm sure that's pretty much standard procedure, especially for companies operating under SEC guidelines.

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    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.
    Yes sir that is indeed the problem. I can see where we might have steel (or other materials) etc ordered and delivered and then have to be stored someplace while they have to raise $5 million to finish the job. In a perverse way it is probably good that this hit the fan BEFORE the job got started because we could find ourselves with a demolished stadium and no money to rebuild. This is pure speculation on my part because, according to my understanding, the Russo donation was 5 million over five years. Because of this, it would appear that the university would have had to have a bridge loan or some other form a financing to cover the remaining construction costs over a five year period. Problem being the financing was set up with the $5million on the come.

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    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.

  5. #85
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    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.

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    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.

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    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.

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    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.


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    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.

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    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.

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    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?

  12. #92
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    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.

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    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.

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    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.

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    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

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    Quote Originally Posted by Cajunfanatico View Post
    When I sold my company to a NYSE-traded firm, all final number crunching was transferred to the parent. That's to say, my accounting department became a simple conduit for monthly income and expense numbers, nothing more. Final monthly numbers including depreciation, employee withholding, state and federal tax liabilities etc were all calcuated by the parent and presented to me at monthly meetings held in Houston. And for the record, before the sale took place I paid to have my previous 3 years of financial statements audited by a major firm out of Houston. This was, of course, to give any potential buyer more confidence that they were getting what they paid for.

    I also recall the day of the sale signing non-compete, non-disclosure, patent protection and a myriad of other forms I don't recall protecting the parent and tying my hands. I'm sure that's pretty much standard procedure, especially for companies operating under SEC guidelines.
    Very interesting. That would put the onus on the parent.

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    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%.

  18. #98
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    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!"

  19. #99
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    Default Re: How will this effect baseball?

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


  20. 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.



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