quote:

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Why in the blue hell would you put the University endowment in a hedge fund of all things?

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apparently Mr. Pickens "donated" the money with out really donating it....instead appointing one of his guys athletic director and giving him omnipotent power over its distribution.....essentially putting all of his donation right back into his own fund after he took the 36% tax write off.

I am interested in some of the more learned finance and tax guys weighing in on this.

This is rather Gordon Gekko ish and OSU is looking like Bud Fox's airlines.

[This message has been edited by morethanthreeyards (edited 10/23/2008 10:27a).]

I have heard it speculated that some coaches had their retirement funds in also...Not sure if that is true but it wouldn't surprise anyone I am guessing if it is true.

some other boards are rumoring some of the university's endowment ended up in there too. if thats true what a bunch or tards.

Wow. Pickens has a set of brass balls. Forget Alec Baldwin in Glengarry Glenn Ross. They need to remake that movie and have Boone do that scene.

Gundy, put that coffee down!

Coffee is for closers

obama can suck my pathetic little cawk

I live and farm in the panhandle. My water comes from the same aquifer that T. Boone has bought rights to in Roberts county.

His whole plan is about exporting resources from the panhandle to DFW among others. I believe he wants the government to help him with immenent domain in order to secure a route for a water pipeline, electric line, and gas lines. He can pump natural gas and water to DFW. He can generate electricity from the government subsidized wind generator craze and sell it on the grid also.

It will be interesting to see what happens now to both T. Boone and to OSU.

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His whole plan is about exporting resources from the panhandle to DFW among others. I believe he wants the government to help him with immenent domain in order to secure a route for a water pipeline, electric line, and gas lines. He can pump natural gas and water to DFW. He can generate electricity from the government subsidized wind generator craze and sell it on the grid also.

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Read my post on the first page. He already has eminent domain authority.

I saw this posted on another board and was wondering if anyone has an actual link to this story that works? Both of the ones in the thread starter are dead. I'm calling BS until I see a verifiable source.

[This message has been edited by GoBugeaters (edited 10/24/2008 8:29a).]

I have a deer lease in Scurry and Fisher counties. Those windmills are everywhere. It looks spooky driving in at night with all the red lights flashing.

Flashing

Good grief, Twatson. Are you afraid of the boogey man, as well?

One of the more recent stories came out of OU Insider.

Its also been reported in USA Today and the Wall Street Journal.

Have you heard of this thing called, "Google", Barney?

I did google it, nothing came up. But nevertheless, I shouldn't have too. It's proper message board etiquette to provide a legitimate source when posting stories such as this since there are so many fake stories floating around on the internet, Fred.

OK, I did searches on both USA Today's and WSJ's web sites and am finding nothing regarding this. I'm still calling BS, Obamabot.

There is a full report from someone within the program over at OU Insider. I found it with no problem - might have taken 2 minutes.

Here are some excerpts from the thread...

Re: Boone Bogle Goes Belly Up

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It's worse than what BeanBag is reporting. For OSU's sake, I hope they get a handle on it.
Re: Boone Bogle Goes Belly Up

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Guys it is much worse than Bean Bag wrote. And by the way it is interesting that Mr, Bag is the first to actually write anything about this story which has been 3 months in the making. And he did a fine job with the facts.

I do know that BOK at least loaned OSU one of the $100M+ loan for the construction of the stadium. Also the stadium cost has increased 200% from it's original estimate. As of October 1st TBP was trying to sue Lehman Brothers to recover some of the $1 Billion dollars he and his hedge funds at BP capitol has lost. The $1 Billion dollar loss and Lehman Brother lawsuit was reported in both the Wall Street Journal and Financial Times last week. Although this story has yet to be really discussed by any major Oklahoma media source at length.


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Actually, BeanBag posted this on the MEMBER board.

I only copied it here when it was 8 - 9 posts deep. There's more information over there. KDall did answer over there with more details.

But maybe you know the 'real' story. If so, feel free to contribute.
__________________
Alan Hitchcock - OU Insider

Oh, I'm sorry, if someone posted it on a message board then it MUST be true. *rolleyes*

why don't you provide some opposing information, yourself?

Well good grief, apparently as a newbie here I am limited to 5 posts per day so I had to re-register to respond.

Anyway, very well, here's a link from a LEGITIMATE source:

http://www.marketwatch.com/news/story/oklahoma-state-university-issues-statement/story.aspx?guid={6760866A-A848-42F3-8A61-6B29A9163358}&dist=hppr

STILLWATER, Okla., Oct 24, 2008 (BUSINESS WIRE) -- Oklahoma State University is issuing the following statement through spokesperson Gary Shutt in response to erroneous and anonymous blog postings concerning the status of the funds donated by Boone Pickens and reinvested in BP Capital, as well as the future of the west end zone project.
Rumors circulating that the funds generously donated by Boone Pickens to Oklahoma State University's athletic program have been completely depleted and the massive west end zone project will not be finished are, without question, false. They are simply not true.
While it is our practice to refrain from commenting on specific donor activity, the fund still has considerable assets and plans continue unabated to finish the west end zone, which is the cornerstone of transforming Boone Pickens Stadium into an exceptional college football venue. The west end zone project remains on schedule with an expected completion next summer. The OSU/A&M Board of Regents remain in complete support of our direction.
Boone has been very generous to Oklahoma State University with historic gifts to both athletics and academics. His gifts remain transforming, and the impact of his generosity will be enjoyed by OSU students, faculty, alumni and supporters for decades to come.
We are considerably further ahead now than we ever would have been without Boone Pickens incredible gifts, as well as the many others who have stepped up in recent years to support both athletic and academic programs and initiatives at record levels. Thanks to donor support, we have tremendous momentum and great enthusiasm in academics and athletics across our campus and among our alumni.

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I'm not sure what's going on over at OU Insider, but posting stories like this under anonymous screen names is very unprofessional.

I hope Mr. Pickens is now prepared to take up my offer to supply him with a steady stream of my personal wind. It could electrify the whole state.

As an example when I have donated stock to the 12th MF or The Association of Former Students the first order of business with that donation is that the stock is sold and the proceeds are immediately reinvested by the trustees of the Association's money.The stock is never kept nor can I direct them to keep it (even if it's IBM, Apple, or ExxonMobil) the fiduciary rules governing the foundation's assets don't permit it.

It appears to be in retrospect sound fiscal planning as opposed to putting all of your money in a crap game seeking a big score.

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BeanBag's Response:

BeanBag was informed last night of the OSU press release.

Obviously, he's covering a game this weekend and had not actually read it, (it apparently was read to him). But he did have this comment when asked about the press release:

"I've not read it word for word, but it sounds like something Boone's PR man,(Rosser?) wrote. It's not the normal language of the guy who released it.

To me, it appears to be an attempt to soothe fears on Wall Street, not in Oklahoma. It could also refer to various financial web sites who frankly have covered and chronicled Boone's funds a lot closer (and in more detail), than I have.

That's where his real pressure is coming from, certainly not our reports on OUInsider.

In response, I will say this: I stand by my story.

(Yesterday before noon, I did say that the large loan apparently has been paid -- through liquidation of substantially all of the remaining funds).

But based on my sources at OSU, (and logic from fairly public information), the story is absolutely valid. However, if there are any errors in it, it is because BP capital management has, apparently on orders from someone, repeatedly tried to hide the facts, not from the public, but also from some OSU officials who have asked tough questions.

I accept their weak challenge and ask them to answer two simple follow-up questions:


Q1) Exactly what is the 'Cowboy Athletic Inc' balance left in the BP funds?

OSU and BP Capital have both stonewalled this question since mid June. (When you call one, they tell you to 'call the other;' it's a total farce).

Recall that before June of this year, during all of 2006 and 2007, everyone from Boone down to Gundy was fairly certain of the amount, and would tell anyone and everyone that would listen that the fund had 'grown to so and so dollars.'

It's preposterous to ask us to believe that now, for the last four months, no one knows?

Q $2) What is the extent of the losses from other OSU related funds that were placed into BP Capital accounts?


We along with others, will file a Feedom of Information request for yesterday's Regents meeting. We know, (from talking to people who ATTENDED THAT MEETING that these actual numbers were discussed).

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"F PlanoGuy!!" - Maroon & White Recruiting Forum