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The Oklahoma State athletic department purchased life insurance policies naming the university as benificeiary on 27 of its largest and oldest donors. When none of the donors died, the university was on the hook for the cost of the policies ---$33,000,000. In addition, since Okie St. felt they got screwed by the insurance company since they were not able to cash in on the deaths of donors, they sued (and lost to) the insurance company.
The donors should feel lucky that the athletic department didn't put a hit contract on them.
For billionaire businessman and Oklahoma State sugar daddy T. Boone Pickens, only two things are certain: wind and death. Well, the wind farm didns richest and most elderly donors.
Haha. That is so offensive and stupid. How you gonna bet that your supporters die as a fundraiser?
Maybe posting's just not your game. I know, let's have a spelling contest.
Always fun to be sitting at a game and wondering if there's a hit on you by the school you're pulling for.
"Say, this double-cheese coney doesn't taste right..."
for their sake I hope so, if not....
Haha...from the story when they bought the policies five years ago:
Over the course of the last year, Pickens, 77, steered his alma mater's athletics department to buy life insurance policies for himself and a posse of aging Cowboys donors. The department hopes to net about $250 million from the proceeds by the time the last donor dies...
Oklahoma State's donors were selected because their age, gender and health "best matched the university's needs," said John Lee, chairman of Dallas-based Management Compensation Group, which is managing the insurance program. To put it less delicately, the donors selected are expected to die in a timely manner to generate the $250-million payout.
Only two of the prospective donors hung up when Larry Reece, Oklahoma State's executive director of major gifts and development, broached the subject.
Lol...it's very real.
I don't see why it'd be a hoax.
Tacky? Yes. But this is OSU we're talking about.
Of course u have to pay premiums, what idiot was running it. Ur still paying for all the policies whether none die or 25.
'uhhhhh, hi, uh, yea, I'd like to get a large short term life insurance policy on some guys. If no one dies I don't have to pay right?'
Your logic is boggling my mind
I hope the Onion writes a story on this
This post was edited by TAMUwake 2 years ago
I can't believe only two donors hung up when asked about this policy.
What would the Good 'Ole Boys do if $Bill called an made the same inquiry?
Wow, crazy stuff.
Probably say "sign me up."
On the other hand, it IS a way to give back or "donate" to your school without any out of pocket expense. I'd prob be down. haha.
Kind of lose lose for them. Either their top donors die or they owe a ton of money
I find it hilarious because that's waaaaaay more than our big 12 buyout
weird deal. I don't think it would bother me if I was one of those boosters but I would definitely make sure that counted as a donation from my family and they received the benefits that come with it from the school. If not, I wouldn't give them another penny.
Follow me on twitter @OrionHjarvis
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