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The need for such bond is made clear by the College’s own statements about its dire fmancial straits. If the College is to be believed, there is serious concern about its ability to pay this sizeable judgment three years from now. At trial, and in its recent filing, the College represented that there was only $59.1 million of unrestricted endowment funds available to pay any dollar judgment and that $10 million of those funds had already been committed to pay down the College’s existing debt. [Trial Tr., June 12, 2019 at 95:13-21] There remains $190 million of existing debt on the College’s books. [Id.] The College has also testified that it has a significant operating deficit and that its deficit situation is not sustainable…. [Trial Tr., June 12, 2019 atpp. 86:1-6, 88:1-9]

The College also testified at trial that they have experienced a “significant” and “steady” decline of enrollment from 2014 to 2018. [Trial Tr., June 12, 2019 at 79:4-17] In describing their economic position, the College offered Exhibit N-33 at trial, which is its May 10, 2019 report entitled “One Oberlin: The Academic & Administrative Program Review Final Report.” [Trial Tr., June 12, 2019 at pp. 99-100] In that Report, the College describes its alleged financial hardships and warns about how many other private colleges have had to close due to financial difficulties …[Ex. N-33, pp. 4-5].

Thus, we know that Oberlin College could attempt to continue using its available funds to pay down its other debts between now and the filing of a notice of appeal, thereby leaving less available to pay the judgment in this case.

DocV wrote: ↑Thu Jun 13, 2019 2:32 pm And, the jury decision is in. Punitive damages of 22 Million - whoops, make that 33 million. Wow!

chasfm11 wrote: ↑Tue Jun 11, 2019 6:51 am

ELB wrote: ↑Mon Jun 10, 2019 11:54 am

rotor wrote: ↑Sun Jun 09, 2019 8:47 pm So the college may have to shell out some money but what about the individuals? Nothing will happen to the truly guilty people I would bet.

Maybe, maybe not. I'm seeing articles that say the college's insurer says the awards are not covered. If Oberlin has to pay out of pocket for the current award and the possible $22M punitive award they will possibly have to close. They have significant financial difficulties already.

ETA: https://www.thenewneo.com/2019/06/08/ob ... uit-award/

In the grander scheme of things, the closing of Oberlin College may be the best possible outcome. I see no other path to reining in the obviously out of control higher education establishment in this country. I'm not even sure that Oberlin closing will send that message loudly enough but it is at least a start. Educators and the organizations associated with them seem to operate with immunity from the consequences of any of their actions. Fixing that needs to start somewhere.

rotor wrote: ↑Sun Jun 09, 2019 8:47 pm So the college may have to shell out some money but what about the individuals? Nothing will happen to the truly guilty people I would bet.