So, this is not a very good week for Duke University and media headlines. As a life-long Kentuckian, I feel so bad for them. Even Duke University can get caught up in debtor/creditor fiascos.
That should make the rest of us feel better.
First, we already knew that Laettner had an involuntary chapter 7 case filed against him in June by petitioning creditors who assert they are owed in excess of $14 million. (Read Christian Laettner’s bankruptcy petition) He still has not answered on the merits, just filed two motions for more time to answer. He has asserted that he is a Florida resident, not surprisingly, what with the generous exemptions down there in the south. (GATOR fans- what’s up with that?) He says it is all very complex and he is trying to get it straightened out and settled, along with all the other creditors he has.
Let’s all wish him good luck with that.
Then, the WSJ Article on Duke’s claim filed in the probate estate of wildcatter oilman Aubrey McClendon was great! “College Moves to Hold Oilman To His Pledge, Even in Death” read the front page headline in the August 25th edition. Apparently, McClendon has given enough money to Duke over the years to have at least FOUR buildings and projects built in his name, with more promised and not yet paid at the time of his untimely demise. Of course, Duke should get its fair share of his probate estate along with all the other creditors. However, reading the article, I predict better than average odds that every single asset he had is lined up to the hilt, including McClendon’s over 118 companies, his ownership in the local basketball team, his fine wine collection and his antique boats.
Poor Duke. Maybe they can auction off the McClendon gargoyles to make up part of the difference.