Stansbury being sued by Oregon State?

[JacketRacket]

We were in Oregon this summer. Went down the Pacific coast and then across state to the Alvord desert. It is a stunningly beautiful state that I'd love to live in just for the natural beauty. Unfortunately, Portland is a dump, and apparently runs the state. A city that size should not have a highway system comparable to Macon, GA.

That's a shame, I loved Portland when I visited a couple of years ago. A beautiful city, and everyone was super friendly as well.

Also, most strip clubs per capita in the United states!!

 

[jojatk]

Slimy mudhole? Nutjobs? My home this is!

I see what you did there [emoji16]


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[steebu]

I see what you did there [emoji16]

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Very few people ever get my movie references. I figured it was timely, though.

 

[BCJacket]

https://www.gazettetimes.com/news/l...2ba6e4a.html#tracking-source=home-top-story-1

Not much different here...except their wording of interest was different than what I had previously read. In the AJC article, it spoke of interest accruing as it is being repaid. In the OSU article, it implies he owes them the value of the remainder of his contract plus interest...regardless of how quickly he repays it. "Stansbury agreed to pay the university his base salary plus interest for the remainder of his contract if he terminated the agreement early." Given Georgia Tech gave him $1.1m plus a bump in salary to pay off this money, I find it highly unlikely he had only paid off $650k in 3 years as Oregon State is alleging. That would mean he is just sitting on a lot of money meant to pay off OSU.

If you take the remainder of his contract $2.1m and compound 9% interest over the term, that comes to around $3.0m. I could totally see Stansbury learning their perceived remaining balance being massively different and eventually getting to the point of telling them to go pound sand. Will be interesting to see how this plays out.

Under Oregon law, loans (notes) less than 62 months can be calculated using "pre-computed interest" - meaning the interest is added to the amount due regardless of payment. So, it may not be specifically spelled out in the contract how the interest is applied (though it should be). It also might only specify interest (at the statutory rate) as a penalty if there's a default in the repayment.

TStan might have sent in the $1.1 million (or some portion) up front and then paid (what he thought was) the remainder, through this past summer. Given paying down the principal would reduce the simple interest by a significant margin. Oregon might have applied pre-computed interest and interpreted his payments due as fixed regardless of any pre-payment. Meaning TStan was 'underpaying' every month even though he had (in his interpretation) paid down the principal and thus payments due.

See it a lot in car loans where the lender applies an extra payment to 'future payments' including interest instead of principal. I can't make the calculations work with the public info, but it's a reasonable supposition.

Also, the suit was e-filed to a County-level Circuit Court with a fee of like $800. May well be a nuisance threat rather than a real intent to litigate. I'd think TStans lawyers would argue that this would be a federal case (in the Atlanta district) given that it's a State Government entity suing an out-of-state plaintiff... Could well be that there is an arbitration clause and OSU just filed to embarrass TStan and force him to counter-file to execute the arbitration. Lawyers being lawyers...

 

[Deleted member 2897]

Under Oregon law, loans (notes) less than 62 months can be calculated using "pre-computed interest" - meaning the interest is added to the amount due regardless of payment. So, it may not be specifically spelled out in the contract how the interest is applied (though it should be). It also might only specify interest (at the statutory rate) as a penalty if there's a default in the repayment.

TStan might have sent in the $1.1 million (or some portion) up front and then paid (what he thought was) the remainder, through this past summer. Given paying down the principal would reduce the simple interest by a significant margin. Oregon might have applied pre-computed interest and interpreted his payments due as fixed regardless of any pre-payment. Meaning TStan was 'underpaying' every month even though he had (in his interpretation) paid down the principal and thus payments due.

See it a lot in car loans where the lender applies an extra payment to 'future payments' including interest instead of principal. I can't make the calculations work with the public info, but it's a reasonable supposition.

Also, the suit was e-filed to a County-level Circuit Court with a fee of like $800. May well be a nuisance threat rather than a real intent to litigate. I'd think TStans lawyers would argue that this would be a federal case (in the Atlanta district) given that it's a State Government entity suing an out-of-state plaintiff... Could well be that there is an arbitration clause and OSU just filed to embarrass TStan and force him to counter-file to execute the arbitration. Lawyers being lawyers...

Yea, he should send them a Christmas card that tells them to go F themselves.

 

[GTpdm]

Yea, he should send them a Christmas card that tells them to go F themselves.

Hey, now. It’s not like he’s being sued by the NCAA.

 

[dtm1997]

Has GT and ADTS worked out the payoff with Oregon State?

While it's publicly known, I believe it's technically a private transaction between Stansbury & Oregon State. I don't believe GT is actually a party to the situation, other than being Stansbury's employer.

of course they are a party to it. They made him a loan to take care of it. He is the GT AD. It’s in GT’s best interest for this to get settled ASAP, especially with all the crap that just happened recently under Peterson.
Bottom line is I was wondering if anyone on here knows if it’s being taken care of.

@684Bee has questions about this topic. Anyone know?

 

[684Bee]

@684Bee has questions about this topic. Anyone know?

thanks. Didn’t realize there was a thread for this.

 

[Deleted member 2897]

Lawsuit resolved.

We may be the dumbest smart people in the world.

 

[LibertyTurns]

Lawsuit resolved.

We may be the dumbest smart people in the world.

Eases my mind about his ability to negotiate contracts!

 

[MWT89]

Stansbury owes OSU a $2.1 million buyout. He pays approximately $1 million. OSU sues for $1.5 million which is the balance due plus interest at 9%. Tech loans Stansbury the money (advance against salary) so he can pay off OSU fully and therefore effectively admitting they were right. Whiskey Tango Foxtrot.

 

[stech81]

Stansbury owes OSU a $2.1 million buyout. He pays approximately $1 million. OSU sues for $1.5 million which is the balance due plus interest at 9%. Tech loans Stansbury the money (advance against salary) so he can pay off OSU fully and therefore effectively admitting they were right. Whiskey Tango Foxtrot.

Dear coaches Due to unforeseen circumstances there will be no raises in pay the next few years.
Dear fans ticket prices will increase the next few years.

 

[yrp]

Didn't GT already loan him the money to pay the buyout? What happened to it?

 

[Oakland]

Didn't GT already loan him the money to pay the buyout? What happened to it?

That's what I thought. This seems weird, but after reading the above article by Ken Sugiura (twice), it appears that the GTAA reworked Stansbury's contract where his salary was decreased and the bill was paid. I thought this whole thing was on Stansbury, but now I don't know who goofed the payments to Oregon State. Sometimes I cast a weary eye at management and money issues at Tech.

 

[smokey_wasp]

Whole thing looks like amateur hour to me, but glad it is resolved.

 

[684Bee]

That's what I thought. This seems weird, but after reading the above article by Ken Sugiura (twice), it appears that the GTAA reworked Stansbury's contract where his salary was decreased and the bill was paid. I thought this whole thing was on Stansbury, but now I don't know who goofed the payments to Oregon State. Sometimes I cast a weary eye at management and money issues at Tech.

The GTAA has seemed like low-rent operation for a while. Hopefully, with more money coming in, they can up their game (hire better talent).

 

[Ibeeballin]

I’ve said for decades that GTAA for the most was run by who lacked basic common sense

 

[okiemon]

I’ve said for decades that GTAA for the most was run by who lacked basic common sense

But now the financial side is managed by our very own Marvin Lewis. I’ve gotta think common sense will prevail.


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[awbuzz]

Stansbury owes OSU a $2.1 million buyout. He pays approximately $1 million. OSU sues for $1.5 million which is the balance due plus interest at 9%. Tech loans Stansbury the money (advance against salary) so he can pay off OSU fully and therefore effectively admitting they were right. Whiskey Tango Foxtrot.

Darn good question! We paid him a lot of extra in our original contract to Todd compared to what he was making it Oregon State so that he can make payments to them to pay off his buyout.
What the heck did you do with that money?

 

[TheSilasSonRising]

I’ve said for decades that GTAA for the most was run by who lacked basic common sense

Lot of folks get in trouble for speaking that truth.