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OSU's $165 M Pickens Gift Gone

Discussion in 'Colorado Football Message Board' started by Rraalph 3000, Oct 22, 2008.

  1. Rraalph 3000

    Rraalph 3000 Well-Known Member

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    Jacked this from a Mizzou board, but thought it was pretty interesting:

    http://www.tigerboard.com/boards/missouri-tigers.php?message=6021213

    So essentially, OSU will begin sucking again shortly :lol:
     
  2. chipwich

    chipwich Administrator Club Member Junta Member

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    They will have to wait for the wind farms :lol:
     
  3. Buffarino

    Buffarino Math - how does it work? Club Member

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    If that article is accurate, that's hilarious. What a colossal mismanagement. Why would they leave everything in one fund? I don't care that it's T. Boone's fund, you diversify your holdings when you get a giant gift like that.

    Heads will roll. And Oklahoma taxpayers will end up paying for the stadium renovations (money was borrowed with the fund as collateral).
     
  4. Rraalph 3000

    Rraalph 3000 Well-Known Member

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    No doubt...that was the biggest deal I saw...the $13M interest payment each year to pay for their renovations that they thought was already paid for....:lol:
     
  5. absinthe

    absinthe Ambitious but rubbish. Club Member Junta Member

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    It looks like some peopel tried to get them to cash out but they didn't, a stop loss would have been a good move.
     
  6. Junction

    Junction Moderator Club Member

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    Would that be the margin accounts that were called, or had they leveraged the fund beyond the money borrowed for the stadium renovations?? :confused:
     
  7. Buffarino

    Buffarino Math - how does it work? Club Member

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    Sounds like the money was left in T. Boone's fund, which was leveraged. The quick drop in oil prices caused margin calls on the fund. The stadium financing was also borrowed, using the fund as collateral.

    So they've got a bunch of debt and no money to pay for it.
     
  8. dio

    dio Admin Club Member Junta Member

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    oops
     
  9. Clean Undies

    Clean Undies Flagship of the 12-Pac Club Member

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    This would be the very defnition of a Boone-doggle.

    Q: How do you make a small fortune?
    A: Give Oklahoma State University a large one.

    But considering the Tigerboard has less credibility than the Onion, I'm going to need to see this from a more credible source before cranking up the Okie Lite freudenschade.
     
  10. chipwich

    chipwich Administrator Club Member Junta Member

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    http://www.nytimes.com/2008/10/21/sports/21boosters.html?em

    "Those funds, along with $37 million from other donors, were invested in BP Capital Management, a hedge fund controlled by Pickens. At the time, it looked like a windfall that would keep on giving. Instead, Pickens recently acknowledged that his investments had lost $1 billion this year amid the financial crisis"
     
    Last edited: Oct 22, 2008
  11. chipwich

    chipwich Administrator Club Member Junta Member

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    ...
     
    Last edited: Oct 22, 2008
  12. Buffarino

    Buffarino Math - how does it work? Club Member

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    If the money was gone, the fund would be tits-up. I suspect some of the money is still there, although who knows how much.
     
  13. chipwich

    chipwich Administrator Club Member Junta Member

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    and the value should come back over time but if they need the funds now they are ****ed.
     
  14. Clean Undies

    Clean Undies Flagship of the 12-Pac Club Member

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    Chip,
    When does your decapitating avatar get the Mizzou update?

    Oh yeah, it's intersting that the Gray Lady breaks the OSU story. I'd think the Oklahoma press would have been all over this. The NYT is the only source that comes up when googling OSU, gift, Pickens, oil futures, loss.

    Where is Fox News on this story? LOL.
     
  15. Buffarino

    Buffarino Math - how does it work? Club Member

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    Maybe. Depending on what's left.
     
  16. chipwich

    chipwich Administrator Club Member Junta Member

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  17. 96 Buff

    96 Buff Resident Commie Bastard Club Member Junta Member

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    Unlike here in Colorado, the local press in Oklahoma actuall LIKES their state universities.
     
  18. Buffarino

    Buffarino Math - how does it work? Club Member

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    Technically, once a gift is given the donor has no further control. They could have taken the money and told him to take a leap. But in reality that doesn't happen.
     
  19. Clean Undies

    Clean Undies Flagship of the 12-Pac Club Member

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    Unless one of the reporters see the blue chip QB blubbering and drinking chicken soup from mommy's cup.
     
  20. KDBuff

    KDBuff Member

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    I mentioned this on the "other" board as well. Pickens was on CNBC a couple of days ago and was asked about it. He said most of the profits were gone, but not the original investment. He also said he wouldn't be surprised if the school took some of the money and put it somewhere else.
     
  21. MiamiBuffs

    MiamiBuffs Wᴉɐɯᴉ qnɟɟs Club Member

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    Its more widespread than you think....

     
  22. chipwich

    chipwich Administrator Club Member Junta Member

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    done..

    :smile2:
     
  23. SkiTownUSA

    SkiTownUSA Administrator Club Member Junta Member

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    lol I like the avatar. now that I know whay a fupa is
     
  24. The Guest

    The Guest Guest

    :lol::lol::lol:
     
  25. MiamiBuffs

    MiamiBuffs Wᴉɐɯᴉ qnɟɟs Club Member

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    Mike Gundy disagrees.

    [​IMG]
     
  26. Clean Undies

    Clean Undies Flagship of the 12-Pac Club Member

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    Well done.

    FUPA - Isn't that when large quantities of undigested boogers are lodged in the small intestines?

    Without a girdle, The dood is a fupapotamus.
     
  27. Coloradosker

    Coloradosker Active Member

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    I filled up my 23 gallon truck today for under $60 today and shed large Cowboy-sized tears for Boone the entire time.:smile2:
     
  28. Buffarino

    Buffarino Math - how does it work? Club Member

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    Bastard. You made me spit my drink on my screen. :lol:
     
  29. Buffarino

    Buffarino Math - how does it work? Club Member

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    Amazingly, many wealthy people like to use debt to finance their lifestlye so they don't have to liquidate stock. Thankfully, none of my clients are in that boat, but the amount that are heavily leveraged would shock you.

    EDIT: There are many more who are liquid who had margin calls (and either had to pay off loans or provide more collateral) recently as well.
     
    Last edited: Oct 22, 2008
  30. FlatironsBuff

    FlatironsBuff Club Member Club Member

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    Actually I went to the Vestas thing today and they said in the presentation that T. Boone Pickens was buying the windmills like hotcakes.
     

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