Tulsa World: ORU accepts $62 million offer, agrees to change board

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ORU accepts $62 million offer, agrees to change board

ORUs board of regents has accepted an offer of $62 million from Mardels founder Mart Green. DREW HARMON/For the Tulsa World

By Staff reports
Published: 1/14/2008 4:58 PM
Last Modified: 1/14/2008 7:35 PM

For more: Read the latest ORU stories, view the lawsuit and other documents and watch slide shows and video.

Oral Roberts University's board of regents unanimously accepted on Monday an offer of $62 million from the family that founded Hobby Lobby and Mardel Christian and educational supply stores.

The board agreed to a proposal from Mart Green's family that will replace the existing board of regents, largely made up of the superstars of the charismatic Christian world, with a new board of trustees. The Green family named the first 13 out of 22 possible trustees, and the board of regents will recommend six more nominees for the trustees to consider. The Green family will approve of three of those nominees, according to a summary of the family's proposal distributed to media at a press conference Monday night.

Mart Green will serve as chairman of the trustees, he said. Contrary to his statement in November that two Green family members would sit on ORU's board under the family's proposal, Mart Green will be the only family member serving as a trustee and will have only one vote.

The board of regents will become the board of reference, consisting of current ORU business regents who wish to be on the board and people chosen by the Green family, all of whom will act as ambassadors for ORU, according to the summary and Green.

ORU will transition from a "founder's school" to a university with "21st century governance," in which employees have input into decisions, Green said.

The board of trustees will decide how to spend the $62 million, Green said. ORU is $52.5 million in debt, a university spokesman said in late October.

In late November, ORU accepted an unconditional donation of $8 million from the Green family.

Green, from Yukon, said in November that he saw the need for changes in leadership, finances and governance at ORU -- areas where an accreditation team also cited need for improvement. Green's offer came days after Richard Roberts resigned as ORU president, and Green said then, "That was the leadership issue that has been taken care of."

A lawsuit filed by three professors in October accused Roberts of spending university money for personal uses, but Roberts said he paid for personal expenses and he denied wrongdoing.

By Staff reports

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	Report Comment nss, ba (1/14/2008 5:11:53 PM) First comment - now let's hope they release the things that Green's want.
	Report Comment Joe-Allen Doty, Tulsa, OK (1/14/2008 5:17:16 PM) It's good to have an update on Mart Green's proposal. I just heard it on KOTV a few moments ago. Hopefully, now that he and a family member are now on the BOR, things will improve.
	Report Comment ANNA MARIE, TULSA (1/14/2008 5:22:08 PM) THANK YOU GREEN FAMILY. I AM ASSEMBLY OF GOD AT HEART. Thank goodness they are using more sense than before.
	Report Comment bsr, Pryor (1/14/2008 5:22:57 PM) Look forward to seeing the proposed changes. Good luck ORU and Mr. Green.
	Report Comment 70's, (1/14/2008 5:23:17 PM) Thankyou BOR. God is in contol of this and great days are ahead. Sorry to all the nay sayers, you are going to have to go somewhere else to spread your negativity.
	Report Comment Chris, Tulsa (1/14/2008 5:24:04 PM) Maybe they will quit conning everyone. I won't donate to Oral Roberts any longer. They need to start giving back to the community and stop the game of take take take.
	Report Comment insider 50+, glenpool (1/14/2008 5:27:39 PM) I was thinking that this will make everyone happy. After all they got what they want. Also it was nice for them to include a Roberts in the meeting even though they don't have a say in anything anymore. I was also thinking with so much hate, unforgiveness, unlove, unchristain attitudes, people being destroyed (won't mention any names) that no one will be happy with anything anyone does. So everyone better realize that it will never end with all of the hate that is going around.
	Report Comment longtimewatcher, (1/14/2008 5:39:56 PM) Bravo BOR. I hope that this is the first of many positive steps forward for ORU. I feel encouraged and hopeful. To the Green family: Thank you so much and God grant you wisdom, clarity of understanding and courage to continue doing what is truthful and right.
	Report Comment insider 50+, glenpool (1/14/2008 5:40:13 PM) #5 I was just thinking that you have a point. I did not think about all of the negativity on the blogs about ORU. I have been gone for a while unfortunately. Had to go back to LA because a relatively was murdered at LSU and had to be there for the funeral, so I am kind of behind in things. But you are right it would be nice to see some praise for a change. I could use some right now.
	Report Comment M.S., (1/14/2008 5:41:14 PM) KEEP AN EYE ON THEM MART. THEY'RE TAKERS. THEY MAY TAKE YOUR MONEY -- AND TAKE YOU FOR A RIDE. KEEP YOUR EYES OPEN AND YOUR POWDER DRY. Thieves and crooks don;t change overnight.
	Report Comment Cherry, Tulsa (1/14/2008 5:46:01 PM) I still think they ought to tear down ORU and use the land for the new Driller Stadium or Bells.
	Report Comment insider 50+, glenpool (1/14/2008 5:48:30 PM) As always you have one that rains on the parade and I won't mention numbers. Unfortunately I have just gone through something worse than this and you don't see me raining on anyone's parade. I know for a fact that no one will take any money. It will be used to pay off bills that were not paid off and pay bills that are coming up that need to be paid, but at least ORU will be out of debt we hope. I thank the Green's for everything that they have done.
	Report Comment ORU Alumnus '73, Tulsa (1/14/2008 5:48:53 PM) This is very good news indeed. I believe this step and the changes ahead will move many alumni from being spectators to active participants in ORU's future.
	Report Comment Jack Evans, (1/14/2008 5:51:33 PM) NEW BLOOD, NEW LEADERSHIP, NEW NAME --------------- Afte the train wreck ORU has become more than half-measures ae needed. ======================= CLEAN OUT -- the finance dept. made of of RR people like ELLSWORTH who wrote those checks and cracked the pigggy bank for RR. ( While imposing a salary freeze on others, but not themselves and their cronies.) They have to go. --------------------- CHANGE THE NAME ...for the sake of school and students. The name OR is now a laughingstock and joke throughout America. ------------ 8 out fo 10 Alumni posting on these boards in the last two months have said their degrees brought derision and contempt. ----------------- Don't saddle new grad with the sullied name of OR. Then --- and only then -- there MIGHT be a new day for the school.
	Report Comment insider 50+, glenpool (1/14/2008 5:53:34 PM) #11 I thought that the Drillers had a new stadium and also I heard that Bells bought property somwhere in Tulsa. I think the rumor I heard was that it was a field that a farmer wanted to get rid of off of the Turnpike. Don't ask me which Turnpike, because when I was told this I was kind of out of it. I got very bad news from LA and to fly out that same time so I don't remember everything this person told me.
	Report Comment Alan Pike, (1/14/2008 5:56:50 PM) THREAT OF CLASS-ACTION SUIT FORCED BOR TO GO WITH MART GREEN --------- Word is the valid and repeated threats of a class-action lawsuit forved the bOR to go with Green ---who was obviously the best choice. IN THE END, THE BOR COVERED THEIR POSTERIORS. That's what this is about --- not a deliveerate decisiion for the good of ORU.
	Report Comment Jennifer, Tulsa (1/14/2008 5:56:57 PM) Oh for heaven's sake, people! (directed toward our nay-sayers)It is PAINFULLY obvious that you have ZERO first-hand knowledge of the situation at ORU. As an alumnus, current student, and wife of staff member of the place, I can tell you one thing: There isn't a BIT of negative info out there on the Green family, and there hasn't been such a sense of hope from the faculty in DECADES. The Green family isn't our source of supply: GOD is the source and He's used this family as a tool to do His will . . . It's a GREAT day for ORU, our regents (the new "slimmed-down version" is AWESOME), our students, faculty and staff. Don't be surprised if great things start happening around that place . . . And as far as "contributing to the community?" HA! If ORU (and its students and alumni) disappeared from the face of the earth today, Tulsa would suffer an economic setback that would take YEARS to escape. You don't have any CLUE how much that place and those people have contributed and STILL contribute. Please do us ALL a favor and keep your ignorance to yourself. It's distressing to those of us who really DO have a clue . . .
	Report Comment insider 50+, glenpool (1/14/2008 5:57:12 PM) #13 What changes ahead are you talking about, unfortunately I have been out of the loop. Please inform.
	Report Comment insider 50+, glenpool (1/14/2008 6:04:18 PM) #17 Thank you, I could not have said it better. I see that you are in the same position as I am in and I love it with all of my heart, ORU, ORM and the people there, especially certain people who I can not name because I promised I would not, but I agree with everything you said. Thank you again.
	Report Comment anne, tulsa (1/14/2008 6:13:19 PM) a breath of fresh air is blowing on ORU the fear & can now be replaced by hope integrity & a future bright for all those who come.
	Report Comment Sid, (1/14/2008 6:16:52 PM) Goodness GRACIOUS how much money does this guy HAVE? Now he's taken over ORU...what does he want it for- "MARDEL UNIVERSITY"?
	Report Comment insider 50+, glenpool (1/14/2008 6:18:42 PM) OK if OR is back in CA. Will RR be attending the meetings in OR's place when they have the meetings of the board? Does anyone know. Also will OR and RR be taken out of the bylaws does anyone know that to? Sorry I have been out of the loop.
	Report Comment insider 50+, glenpool (1/14/2008 6:20:55 PM) I have another question for all of you that I hope someone with info can answer. Is RR still CEO of ORM/OREA? Someone please help with questions.
	Report Comment Pamela Fontinote, Tulsa (1/14/2008 6:24:43 PM) So ORU gave in to the "Mickey Mouse Chair"
	Report Comment Canned Applause, Tulsa (1/14/2008 6:27:28 PM) Get ready for the rush. It's early and others will be here soon, including the imposters! I think we've all noticed some deleted things in the past on other boards, but I believe the TW might be getting tougher on those that they know are imposters who really do nothing but fill up space and post senseless things. When I saw it was getting so ridiculous, I stopped posting. Plus, the news was at a standstill and we were all getting pretty feisty and testy--me included. We can seriously disagree and seriously poke fun at each other without getting down and dirty. I hope the TW will keep deleting the stupid stuff by the imposters. But, we all pretty well "know" each other and can tell the phoney coneys. (Remember that old Coney Island commercial?) So, they're gonna be here and let's find a way to ignore their butz.

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