Pickens' $165 million to OSU pisses away.

[bmbmd]

http://www.jimtraber.net/forum/forum_posts.asp?TID=54033

Boone's Big $ 165MM Donation Trickles Down to the Nibbits
Future Facility Expansion in Doubt


STILLWATER -- OSU Regents were reportedly told Friday afternoon that the portion of the Boone Pickens donation in the BP Capital hedge fund was virtually wiped out by margin calls on the funds investments in the third quarter.

Pickens is the founder of BP Capital and is a principal of TBP and BPC. Mr. Pickens is active in the management of both the Equity Fund and the Energy Fund.

Almost every living fan has had to be reminded about the huge $165 million contribution that Pickens made to Oklahoma State's athletic department back in 2005. But that gift has been significantly suspicious, and under increasing scrutiny, since it's pledge date.

According to the New York Times, the funds were actually in the OSU Foundation bank account for less than an hour, before being 'invested' back into BP Capital.

On top of that, the donation was made with the stipulation that it be managed by solely by OSU AD Mike Holder, a hire of Mr. Pickens, and Mr. Pickens himself.

While it worked out well in '06 and '07, unfortunately Pickens has stumbled on oil all year. When it first hit $100 (going up) he shorted, losing a lot. Then he switched to being long, only to get hit again when it came down. Then, BP Capital had a rough July, where it was down almost 35%, causing OSU AD Mike Holder to announce that ground breaking on the indoor practice facility, and the athletic villiage had been put on hold.

[Fuzz]

1. Whoops

[gratuitous]

2. Gee, let's put Mr. Pickens in charge of stuff!

A "gift" that never leaves the giver's hands isn't really a gift.

[AlCzervik]

3. what a sneaky fucker and i bet he wrote it off on his taxes.

i wonder if this is standard practive for the uber rich.

[Fire_Medic_Dave]

4. Is a donation to a University Athletic Department tax deductible?

I'm pretty sure it's not.

David

[SidDithers]

5. It was when I worked in University fundraising...nt

Sid

[Fire_Medic_Dave]

To a building fund?

[SidDithers]

10. Yup, we did capital campaigns for buildings and endowments...

and annual campaigns for ongoing operations support. Now, this was at a Canadian university, but my experience with American colleagues was that they did everything that we did, and then some, on a much larger scale.

Cheers.

Sid

[AlCzervik]

6. oh i think he's getting a deduction, i'm pretty sure booster donations can be written off.

[Fire_Medic_Dave]

7. I could understand to a scholarship fund but a building fund?

Accounting isn't my line of work though.

David

[AlCzervik]

8. but it still makes him a booster, i think that's the only reason he did was for a huge

tex deduction. it really kind of sucks when you think about it but i guess that how the really wealthy stay that way.

[Fire_Medic_Dave]

12. Lots of people are boosters for reasons other than tax deductions.

You have to contribute to a lot of Universities for tickets and such.

David

[davidinalameda]

9. they should have liquidated the stocks as soon as they were received

morons accepting funds with such strict guidelines

[Sheets of Easter]

11. He is quite possibly one of the biggest assholes in the country right now.

Between this and backing out of his $1 million Swiftboat challenge, he is a liar and utter bastard.

[lynettebro440]

13. Couldn't happen to a nicer person

Wonder if ole T Boone knows how to be poor.

[onethatcares]

14. I guess supporting his "get us off foreign oil " plan is outa the ?

Something about that guy reminds me of a snake, a mean snake that does things only for itself.