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ORU reduces debt to $19 million
Oral Roberts University has whittled down its debt to around $19 million. 20080815_330_img842284
By JUSTIN JUOZAPAVICIUS Associated Press
Published:
8/15/2008 3:49 PM
Last Modified: 8/15/2008 3:51 PM
Complete Coverage:
View all the stories, documents, videos and slide shows about the ORU lawsuit.
Oral Roberts University, which found itself more than $50 million in the red last fall amid a spending scandal involving its former president, has whittled down its debt to around $19 million, the school said Friday.
A large chunk of the debt, $30 million, has been paid off by billionaire Oklahoma City businessman Mart Green, who took the reins at the evangelical school in January with a $70 million donation.
Green is the founder of Mardel, a Christian bookstore and office supply chain. The school also said it has raised nearly $5.8 million from thousands of donors to trim the debt to $19.2 million.
Through the school's Renewing the Vision campaign, every dollar given to ORU is being matched by school leaders toward the remaining debt, up to $25 million.
"With a focus on fiscal responsibility for the university, the board of trustees is matching every donation, dollar for dollar, to pay off the remaining debt," Green, the chairman of the university's board of trustees, said in a statement Friday. "I am excited and thankful for the support from our alumni and friends."
Last fall, ongoing campus maintenance costs and low financial support from donors had put the school in a financial crunch.
The school was also dealing with a spending scandal involving
former president Richard Roberts, who was accused along with his wife, Lindsay, of dropping money on shopping sprees, home improvements and a stable of horses for their daughters. Both have repeatedly denied wrongdoing.
Roberts, the son of school founder Oral Roberts, resigned as president in November.
The couple still faces a lawsuit brought by two former professors, Tim and Paulita Brooker, who claim they were forced out after alleging financial and ethical wrongdoing on the part of Roberts and his family.
The Robertses are also named in a lawsuit brought by Trent Huddleston, a former senior accountant at ORU, who is suing for wrongful termination.
He alleges he was ordered to help "cook the books" by hiding improper and illegal financial wrongdoing and directed against his will to falsely list thousands of dollars as expenses rather than assets to defraud the Internal Revenue Service.
Richard Roberts resigned days after Huddleston's suit was filed.
By JUSTIN JUOZAPAVICIUS Associated Press
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Rex Brinley junior
, (8/15/2008 5:13:06 PM)
Since they used the image, I will again mention the story. It happened during construction of the three towers. The first tower was done at 77 stories and a worker wanted to send down for some sandwiches from a roach coach. He reached in his wallet for a $10 bill and a gust of wind caught it. It fell below right between the open hands to the heavens then they shut thus trapping the bill.
BTW anyone know why ORU's Wicks organ is now in a home in Chicago? Nothing like selling off the campus one item at a time. I would like to put dibbs on the prayer tower. It would make a great hunting blind.
Report Comment
30kdm
, Tulsa (8/15/2008 6:50:03 PM)
ha ha... my image is funny... and true.
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Observer3
, T.B.D. (8/15/2008 7:58:28 PM)
I still can't believe ORU is giving Richard Roberts a severance package. Wouldn't it make more sense for him to give all that money he and his wife spent on luxuries back to ORU? Seems convoluted. Don't let the door hit you in the rear, Richard.
Report Comment
30kdm
, Tulsa (8/15/2008 8:29:51 PM)
How can this possibly be surprising? People WAKE UP! If the state of OK is still paying Gene Stipe a retirement nothing these two jokers get should be surprising.
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pm
, (8/15/2008 9:12:19 PM)
OK the report is wrong, if you look at the judges ruling Richard Roberts can not be personnally sued just the school and ORM not him. Because RR did not employee them personally. The only one that is personally being sued is Lindsay not Richard, also if you look at all the documents ORU was in trouble way before Richard took over. Like it says above the problems was not all of the Roberts fault, also if you look at the documents RR did not do anything criminally wrong just stupid which alot of people are doing all of the time. Like a judge once said this is being done all of the time it is just that someone got mad because they are not getting there way so they are filing this stupid lawsuit which he the federal judges opinion should have not been filed. Also this federal judge says that if it does go to appeal in DC that it will probably be thrown out completely and no one will get anything. He said that as a matter fact they are expecting it to be on the books in DC and that the judges are laughing out of court. So be prepared. I hate to cut this short, but unfortunately I have to get to the airport.
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pm
, (8/15/2008 9:19:11 PM)
Also one more thing before I leave for the airport. Also I had the federal judge about the severance pay, he said that it is federal law and if RR does not get any after all the time he has been at ORU not only can he sue ORU, Brookers etc for everything they have, but he would win everything so it is a smart move on Green's part to pay him and get him out of the way also he said that RR is not gone completely because RR is entitled to the money and there is nothing anyone can do about it. I just looked and the judge like he lost his marbles because at the time I was walking out the door going one way and he was going another way with his grandchildren. He said that he would try to explain it to me later. I think that he is just excited because he gets to babysit his grandchildren while he is here and before he goes back to DC. I will try to remember to pass along what he tells me after we talk.
Report Comment
bluemanswhites
, Tulsa (8/16/2008 5:11:12 PM)
Any farmer can tell you, get the fox out of the henhouse & you'll wind up with more eggs
Report Comment
Been There
, (8/17/2008 2:09:43 PM)
The comment from Paul M is somewhat misleading--the Roberts do not have "mammoth estates" in California. Oral lives very modestly in a condo. Richard & Lindsay do not live lavishly--I've been in their home. Yes, it's nice, but I've been in nicer homes.
Richard is very cautious when in public and rightfully so. There are a lot of nut cases out there, and they tend to gravitate to public figures. His standoffishness is often misunderstood. If you worked closely with this family, you would understand why they are somewhat guarded.
I'm not defending them. I do, however, understand why they react the way they do sometimes, and their actions are often misinterpreted as "arrogant" or "elitist."
I do agree it's interesting that the debt has reduced significantly since their departure.
Report Comment
Chuck U.Farley
, (8/21/2008 9:02:57 PM)
Been There-
Yes, you're making excuses. Bringing ideas together is an honorable idea, but in this case, ZZZZZZZzzzzzzz.....let sleeping dogs lie.
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