TSTAN is a deadbeat

Diseqc

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Apr 15, 2008
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cyptomcat

Hibernating
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Nov 19, 2007
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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

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Nov 25, 2013
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11,021
Weird structure for a buyout, no? Wouldnt the school just normally pay it straight up?
 

rghoae

Banhammer'd
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Nov 2, 2008
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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.
 

Skydog

Eat a Peach
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Dec 6, 2018
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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.
 

33jacket

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Aug 17, 2002
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3,319
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

Declared dead for tax purposes.
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May 20, 2003
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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

Never Weaken
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Aug 15, 2014
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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.
 
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