Posted on 09/11/2019 10:13:43 AM PDT by yesthatjallen
In the Gibson’s Bakery v. Oberlin College case, the judgment for the plaintiffs amounted to almost $32 million in damages and defendants were required to post a $36 million bond to secure the judgment pending appeal.
Before appealing, Oberlin College filed two post-trial motions, a Motion for Judgment Notwithstanding The Verdict (pdf.) and Motion for a New Trial (pdf.), as explained in our post, Oberlin College Seeks New Trial in Gibson’s Bakery Case.
Gibson’s Bakery responded with an Opposition to the Motion for Judgment Notwithstanding The Verdict (pdf.), and Opposition to the Motion for a New Trial (pdf.), as explained in our post, Gibson’s Bakery: Oberlin College’s request for a new trial is “baseless”.
SNIP
“They don’t have the money..?
Lemme tell ya, they HAVE the g*d damned money.”
Yep, sure they do. Colleges are masters of hiding money and endowments and rotating money around.
Heck our local public school hid money so they could get a levy passed and when it did pass they mysteriously found the money. Couple of board members and school treasurer had to resign over that bruha.
As long as they keep losing they have to pay the lawyers for both sides.
Yup. Attorneys are only required to lend advice in your legal best interest, not your financial best interest.
If the bond can get 1.2% interest (annual), that's worth about $1184 per day.
As long as the idiot students are willing to go into hock for tuition, Oberlin will have the money.
It’s a variation of the theme where after a cop assaults an innocent person, their benevolent association works overtime to convince the community that the cops shouldn’t be held financially responsible because of the burden to the taxpayers.
That said, they really should cut their losses right now. Often, a plaintiff will give a discount if the defendant pays up now and gives up appeal rights.
Sucks to be them. :-))
I thought the USSC’s Kelo decision screwed the US Constitution in blurring legal v. financial interests?
Here's an example.
Every year just before new budget time, one of the State Universities here would deposit hugely into their postal nonprofit bulk mail account. Then they would show it as a "postage expense," on their balance sheet, rather then showing it on the asset side.
Since they were short of funds, they begged for an increase.
I saw that pattern every year for ten years.
“I wonder if they are going to hold out indefinitely and refuse to pay and can they do this?”
sooner or later their appeal options will get used up and if ultimately unsuccessful, they WILL owe the money, and in the unlikely event they refuse to pay, it’s a simple matter to have the local sheriff start attaching properties until the debt is satisfied ... probably start with the building that houses the administration ...
100%? Good. Time to collect. The show is over.
Just wondering if they might try to avoid payment. With the left, it is not about right or wrong or accepting the outcome but about fighting the “righteous cause.” It is a religion to them. No doubt they felt justified, irrationally as it may be. Sort of a variation on statement “the end justifies the means.”
You may be right. I’m only speaking from personal experience and conversations I’ve had with attorneys.
Open that big endowment checkbook, you LIB lunatics. Haaahahaha!
I recall it as 5.5% simple interest.
The bond, which includes interest, bought Oberlin two years for their appeals to run their course.
So we’re talking almost $5K/day.
I wonder how much Gibson’s Bakery clears on a typical day.
Interesting. So Oberlin plan on playing games for 2 years. I wonder if the plaintiffs had a say.
You would think that the college has that much cash on hand and could pay it off immediately.
Interest?.... add that to the legal fees.
Who gets the interest? The plaintiffs, I hope.
The Gibsons formally agreed to an appeal window of two years in exchange for $4 million in interest.
Do you suppose Oberlin College has learned its lesson?
I am not certain what they would gain from it. Is it worth it to the family to drag out the litigation process 2 more years for 4 million? The stress and continued attacks with the possibility of losing. I wouldn't do it.
Maybe their lawyers told them that they didn't have much of a choice. Or maybe they are trying to play fair. Maybe the family is hoping for a favorable relationship with Oberlin in the future and so that they can reestablish the business relationship with the college.
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