Gibsons to court: Make Oberlin College pay $36 million judgment

The Chronicle-Telegram ^ | 28 May 2022 | Dave O'Brien

[Steely Tom]

The saga continues.

[ClearCase_guy]

The 5% interest is chump change. I would hope that the judge would see the abject refusal to pay as just contempt of court. Slap the college with $100,000 a day until they pay up. They have the money; they just don’t want to part with it. Make them want to.

[Gay State Conservative]

Given that 98% of the nation's lawyers (including judges) are Rats I have $10 that says that the bakery doesn't get a nickel at the end of the day.

[Hambone 1934]

Soo the NAACP thinks it’s okay for black kids to steal and their college to destroy the business that caught them stealing????

[from occupied ga]

I seem to remember reading that someone at Oberlin said they had no intention of paying and were never going to pay.

[Steely Tom]

Soo the NAACP thinks it’s okay for black kids to steal and their college to destroy the business that caught them stealing????

So it would appear.

[Steely Tom]

I seem to remember reading that someone at Oberlin said they had no intention of paying and were never going to pay.

That certainly seems to be how they're playing it.

[Mogger]

Time to haul off all of the big wigs from that pathetic institution and jail them until they pay, just as it would happen to we little people.

[SamuraiScot]

the bakery doesn't get a nickel at the end of the day.

Going by their record on appeal so far, I'll have to go with, "The Gibson heirs will buy whatever cars they want."

For Oberlin, on the other hand, if your main asset is a college campus, it's hard to find a place to hide it from the debt collectors.

[algore]

There is appeal bond with the court.

Al the court has to do is release it.

[shotgun]

I think court and jury found that Raimondo actually posted the flyers. Allegedly went out the door 3 years ago.

[Maine Mariner]

Why would the Ohio Chamber of Commerce favor Oberlin in this case? What happened to Gibson Bakery can happen to any business in any state if Oberlin is not required to make those payments.

[Alberta's Child]

The college had to get an appeal bond to cover the amount of the original judgement plus accruing interest. If they lose their appeals and they refuse to pay, then Zurich American Insurance Co. will pay the settlement.

But that wouldn’t be the end of the story. If Zurich pays out for the settlement, it will then turn around and seize assets from the college to cover their loss. I can assure you that a major insurance company like Zurich will have little patience — and plenty of legal resources at its disposal — to get its money back from a renegade scofflaw like Oberlin that doesn’t meet its legal obligations.

[Alberta's Child]

Oberlin is a bigger economic player in Ohio than Gibson Bakery is. That’s the only reason why the Chamber of Commerce would ever support the school in this fight.

[Bruce Campbells Chin]

Given that 98% of the nation's lawyers (including judges) are Rats I have $10 that says that the bakery doesn't get a nickel at the end of the day.

Nah - school is going to end up paying this one. Ohio Supreme Court is majority Republican, and it was a clean trial.

[Steely Tom]

For Oberlin, on the other hand, if your main asset is a college campus, it's hard to find a place to hide it from the debt collectors.

They're daring the sheriff to initiate seizure proceedings.

The students will go ape, chaining themselves to pillars, railings and doors, gluing themselves to roads and sidewalks, etc. The news media will turn it into an international spectacle. Faculty will join in. Celebrity Oberlin alumni will join in, including many in the media.

They think they can win this.

[OrangeHoof]

Bankrupt them, Gibsons. Don’t leave them two nickels to rub together.

[bigbob]

Why not perfect the judgement and start selling off pieces of the college?

[Steely Tom]

There is appeal bond with the court.

Al the court has to do is release it.

From Investopedia:

• An appeal bond, or supersedeas bond, is a payment that a court requires from an appellant who is awaiting the appeal of a judgment.
• The amount of money required for the bond is often the actual judgment plus interest and is held while the appeal is being debated.
• The appeal bond is required as a sign of good faith that the judgment will be paid if the appellant loses, and to protect the winning party should the losing party go bankrupt during the appeals process.
• The appeal bond is also used to limit frivolous attempts at an appeal, as the appellant still has to pay the judgment upfront in the form of a bond, and may end up paying more ultimately due to interest, fees, lawyers, etc.

So it looks like Oberlin has already parted with the money, if I'm reading this right. The only issue is will Zurich American fork over the dough.