Law, culture, and Catholicism...up in smoke!
Wednesday, January 28, 2009
18 MONTHS? 6 MONTHS? CASH NEEDED? BANKRUPT, PLOYING, OR REORGANIZING?
I've not said anything yet, but that post gives me the opportunity to say that I've been hearing that the situation requires changes sooner than 18 months. Some say by summer the Ave Maria entities will be different. House sales stink, prices are down, and Florida has the highest foreclosure rate in the country. Makes one think that all of the hype Monaghan was spreading about the perfect paradise and funding the school was really blowing sunshine in places where it ought not go.
Michigan, meanwhile, may have bad unemployment, but is doing better on property than Florida, coming in at 6th place for foreclosure rates. In fact, foreclosure rates in Michigan are dropping. (For those who are challenged in logic, 6th place in foreclosure rates is doing far better than Florida). If foreclosure rates were law school rankings, Florida would be in AMSOL's tier, and Michigan would be in Ohio State or Louisville's place.
It's all rumor, but it's been what people have said from the beginning. Oh wait... those people who said such things don't have voices. They get fired, term limited, or ignored.
There is no blaming conditions. Monaghan was warned in 2002 and 2003 and 2004 that it was foolishness to gamble the future of the college, law school, and everything else on a risky real estate gamble. It should make you sick that he had the land in Ann Arbor but failed to complete the zoning plans to obtain approval. Even after he blamed the township and threw his hands in the air, he still had suitable land offered for free in neighboring Plymouth. No, no, no -- there was BIG CASH IN FLORIDA!!!! But the sycophants wailed and praised the great rich man. Maybe none of it will come to pass, but the murmurings are around that something is happening within 6 months (not the 18 said on that other blog).
who knows? Maybe that's why the law school was put on Vineyards. More than a few alumni keep saying it was at Vineyards (instead of at the promised location in the promised land) in order to offset property upkeep on an unsellable commercial property. But I'm sure those rumors aren't true because the schools are independent and would never be used as cash vehicles in a larger investment/accounting picture. No, Bernie assured us the law school was independent. (as they did the ABA). So, the decision to locate the law school at the Vineyards would have nothing to do with washing losses on a dog property.
One thing you won't see without compulsion:
The predictable response was found on Monaghan's little red car:
Monaghan's vision is far superior to all of ours, if you recall. Funding a University on house sales...biggest endowment... all of that.
we'll see, but it sounds like we'll see soon
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