TSTAN is a deadbeat

[Diseqc]

According to court documents, when Stansbury resigned in December 2016, he owed OSU $2,107,778. The documents say he made payments through July of this year.

At that point, documents allege, the payments stopped. Documents allege Stansbury still owes the university $1,513,262.97, which includes the original amount owed plus interest.

https://www.oregonlive.com/sports/2...or-todd-stansbury-for-breach-of-contract.html

 

[Diseqc]

Is anything associated with the GTAA not a clown show?

 

[cyptomcat]

the weird part:

To help him handle the obligation, then-president G.P. “Bud” Peterson agreed on a contract that included a $1.1 million loan from the athletic association to Stansbury to help cover the buyout. The loan would be forgiven if he were to stay through his five-year deal. (He would owe the entire amount immediately, plus interest, if he were to leave early, a term that Stansbury accepted as an indication of his commitment to Tech.)

https://www.ajc.com/sports/college/...eging-breach-contract/ZRCufxGwUANizYjw4Fh22L/

 

[smokey_wasp]

Weird structure for a buyout, no? Wouldnt the school just normally pay it straight up?

 

[Diseqc]

Weird structure for a buyout, no? Wouldnt the school just normally pay it straight up?

why would he even sign a contract with OSU like that?

 

[Uncle Mike]

Have them send some beavers...eff them

 

[rghoae]

So he was paying the bills regularly for 4 out of the 5 year contract and that only reduced the money he owed from $2mm to $1.6mm?

That's weird.

 

[JJacket]

Damn, that's a lot of money to owe someone

 

[BigDanT]

We can’t catch a break without getting ööööed at the next turn.

 

[Dirty Jacket]

I always wondered why the AI 2020 goal was $120M when I thought $118M was going to be enough. Now I know.

 

[savbandjacket]

why would he even sign a contract with OSU like that?

This is cause for concern.

 

[Dirty Jacket]

why would he even sign a contract with OSU like that?

what do you mean? A contract with a buyout?

 

[Skydog]

So he was paying the bills regularly for 4 out of the 5 year contract and that only reduced the money he owed from $2mm to $1.6mm?

That's weird.

could have a ballon payment due at the end. maybe.

 

[JJacket]

Does anyone know where he can get cash now?

 

[BrentwoodJacket]

the weird part:

https://www.ajc.com/sports/college/...eging-breach-contract/ZRCufxGwUANizYjw4Fh22L/

Why hasn't he paid off the loan with the money we loaned him?

 

[DressCheeseSideSeaboard]

Does anyone know where he can get cash now?

He may not have an annuity or structured settlement, so that option may not be possible. If he owns a car, he could get REAL money.

 

[33jacket]

Damn, that's a lot of money to owe someone

yes but thats why his salary at gt was a ridiculous raise. It was to cover what he owed in payments vs fully up front with gtaa cash.

sounds like he got greedy and stopped paying.

 

[JJacket]

yes but thats why his salary at gt was a ridiculous raise. It was to cover what he owed in payments vs fully up front with gtaa cash.

sounds like he got greedy and stopped paying.

Perhaps he was paying in Canadian dollars. I know that if you go 88 in Canada that is 55.

 

[Dirty Jacket]

It is really quite incredible how we are unable to have any form of positive momentum in our athletics department. With every step forward (great signing day) we have a black eye like this shortly after. So frustrating.

 

[JJacket]

He may not have an annuity or structured settlement, so that option may not be possible. If he owns a car, he could get REAL money.

Someone better lock the garage before he title pawns the Wreck