If Dave Benedict Doesn't Achieve Something Substantial By End of July Should UConn HIre a Consulting Firm?

[UConnJim]

I'm still amazed at how this story broke...

This random website nobody has ever heard of comes out with the story...

Obviously whoever was behind that website release wasn't that interested in journalism (and making a name by having a story first)…
It was clearly someone who wanted to set off a desired chain of events. Perhaps the total ruination of UConn FB, who knows.. (the Catholics simply feel threatened by any semblance of heartbeat in that program)

Not surprising at all that the story was broke by some random news source as they probably didn't bother to get multiple sources to confirm the story before running it. That (typically) wouldn't happen in regular media channels. Heck, the news has been rumored for at least a month and it was posted on the Boneyard on June 12th by a poster so the rumors were very strong 9 days before it was reported by a news source.

I was initially opposed to the move to the BE, but I am warming to the idea. The "big" money didn't happen with the AAC media contract and I would think there are other schools thinking about their futures. I think Houston/UCF/Cincinnati/USF/Memphis are hoping conference realignment heats up when the next P5 media deals get negotiated and they get a P5 invite. (Big 12 or reconstituted Big 12.) Temple, another hoops school, has to be wondering why they are playing in a Southern conference. Navy seems to be struggling a little as Army flourishes as an independent. With UConn going independent, Navy can have a schedule of Army, Air Force, Notre Dame, an FCS, and UConn every year and I'm sure Navy can make a good schedule.

In my opinion, the AAC will not consist of the same teams in 10 years. UConn decided to move before they were forced to make a move.

 

[LoyalFanCT]

Not surprising at all that the story was broke by some random news source as they probably didn't bother to get multiple sources to confirm the story before running it. That (typically) wouldn't happen in regular media channels. Heck, the news has been rumored for at least a month and it was posted on the Boneyard on June 12th by a poster so the rumors were very strong 9 days before it was reported by a news source.

I was initially opposed to the move to the BE, but I am warming to the idea. The "big" money didn't happen with the AAC media contract and I would think there are other schools thinking about their futures. I think Houston/UCF/Cincinnati/USF/Memphis are hoping conference realignment heats up when the next P5 media deals get negotiated and they get a P5 invite. (Big 12 or reconstituted Big 12.) Temple, another hoops school, has to be wondering why they are playing in a Southern conference. Navy seems to be struggling a little as Army flourishes as an independent. With UConn going independent, Navy can have a schedule of Army, Air Force, Notre Dame, an FCS, and UConn every year and I'm sure Navy can make a good schedule.

In my opinion, the AAC will not consist of the same teams in 10 years. UConn decided to move before they were forced to make a move.

Hopefully, UConn will soon get a P5 invite as well.

 

[Pudge]

Hopefully, UConn will soon get a P5 invite as well.

Interestingly

We will be closer after another National Championship in MBB and 2or3 WBB than if we rose to 8-4 and bowls in AAC. The UCF & Houston building in Football is beyond us. But with a solid Brand and rabid fanbase we work ourselves back into a better position; we weren't going to do that in a farstrung conference with Texas centric commish.

 

[businesslawyer]

Probably not the best analogy, since the American isn't publicly traded with a broad shareholder group. The better analogy with probably be to a minority partnership interest. Numerous states give partners protections but most of those really are just the ability to leave and be compensated for the ownership interest or alternatively compel dissolution. In our case the fact that Aresco took steps that injured us and no one else, probably helps our narrative if we were going to court, but we aren't. We'll negotiate our exit fee and timing and reach an agreement. Our ace in the hole? If they don't let us early a no (or little) cost, we'll stay and get another share of bowl fees and NCAA credits.

No, the example was given on purpose. Whenever you are a fiduciary to a group -- a large group or a small group -- you don't owe a duty to each stakeholders individual needs and desires. Your duty is to the entity as a whole. There has not been one credible scintilla of evidence that he didn't negotiate the deal that he thought was in the best interests of the conference as a whole. If UConn wanted its particular rights protected as a school with more value in its local media rights than others, it needed to negotiate that as part of rebuilding the conference.

I don't understand why many think their imaginations and hopes are important to legal analysis. If we want out early, we either negotiate a mutually acceptable deal or we don't, leave, and let them sue us and prove their damages for us leaving early (not the $10M exit fee, because that has been contractually agreed to). Aresco didn't screw us. We were screwed because we allowed other schools whose needs were different than ours and more uniform to join our conference without protecting our special interests.

 

[whaler11]

Did you even read what I wrote? Serving as a trustee for a single child is totally different, because you have a responsibility to that one child and just that one child. When you are a fiduciary through a business relationship, your duty is to your members/shareholders collectively. You can't have a duty to act in the best interests of each of a number of members/shareholders because often their desires and needs will differ.

The CEO of Wal-Mart has a fiduciary duty to his shareholders. Some shareholders are focused on short term gain and others on long term gain depending on their investment horizons. Some times, the CEO has to make decisions that favor one group or the other. He is not violating a fiduciary duty to those who want short term gain when he takes an action that, while favored by some stakeholders and opposed by others, he reasonably believes to be in the best interests of Wal-Mart as a whole.

Let’s see in discovery if this is true.

 

[Pudge]

If you are a fiduciary (executor of the family estate for instance) ... are you not held to a higher Duty to each beneficiary for every valued asset?

 

[CL82]

No, the example was given on purpose. Whenever you are a fiduciary to a group -- a large group or a small group -- you don't owe a duty to each stakeholders individual needs and desires. Your duty is to the entity as a whole. There has not been one credible scintilla of evidence that he didn't negotiate the deal that he thought was in the best interests of the conference as a whole. If UConn wanted its particular rights protected as a school with more value in its local media rights than others, it needed to negotiate that as part of rebuilding the conference.

I don't understand why many think their imaginations and hopes are important to legal analysis. If we want out early, we either negotiate a mutually acceptable deal or we don't, leave, and let them sue us and prove their damages for us leaving early (not the $10M exit fee, because that has been contractually agreed to). Aresco didn't screw us. We were screwed because we allowed other schools whose needs were different than ours and more uniform to join our conference without protecting our special interests.

Mmm disagree somewhat. You can't consistently disadvantage one person or group in favor of others. You fiduciary duty applies to all. In a public entity they ownership is so diluted that individuals needs don't have much play, but in a small group consisting of a dozen owners consistently working to the disadvantage of a minor owner will get scrutiny.

Otherwise we are in agreement. As noted above the negotiation is not about $10M exit fee, it is about an accelerated exit date and whether we have to pay a premium for it. Again, as noted above, our strongest negotiation point is the threat to stay the full 27 months and apply our share of the bowl and NCAA credits earned by our peers to the exit fee.

 

[businesslawyer]

If you are a fiduciary (executor of the family estate for instance) ... are you not held to a higher Duty to each beneficiary for every valued asset?

When you are an executor, there are no diverging family interests in following the directions of the decedant and liquidating the estate's assets.

 

[businesslawyer]

Mmm disagree somewhat. You can't consistently disadvantage one person or group in favor of others. You fiduciary duty applies to all. In a public entity they ownership is so diluted that individuals needs don't have much play, but in a small group consisting of a dozen owners consistently working to the disadvantage of a minor owner will get scrutiny.

Otherwise we are in agreement. As noted above the negotiation is not about $10M exit fee, it is about an accelerated exit date and whether we have to pay a premium for it. Again, as noted above, our strongest negotiation point is the threat to stay the full 27 months and apply our share of the bowl and NCAA credits earned by our peers to the exit fee.

With all due respect, this (the fiduciary duties of a director/manager of a business entity) is something in which I have a lot of expertise. I will leave it alone from here, but I will repeat what I said for those who are smart enough to care -- THERE IS NOT A SCINTILLA OF CREDIBLE EVIDENCE THAT ARESCO VIOLATED A FIDUCIARY DUTY TO US AND SELLING THE RIGHTS OF EVERY MEMBERS MEDIA RIGHTS TOGETHER, IF HE THOUGHT THAT WOULD PRODUCE THE HIGHEST VALUE, IS NOT A BREACH OF FIDUCIARY DUTY JUST BECAUSE THERE WERE OTHER FORMULATIONS THAT WOULD HAVE BEEN IN THE BEST INTERESTS OF UCONN.

 

[whaler11]

With all due respect, this (the fiduciary duties of a director/manager of a business entity) is something in which I have a lot of expertise. I will leave it alone from here, but I will repeat what I said for those who are smart enough to care -- THERE IS NOT A SCINTILLA OF CREDIBLE EVIDENCE THAT ARESCO VIOLATED A FIDUCIARY DUTY TO US AND SELLING THE RIGHTS OF EVERY MEMBERS MEDIA RIGHTS TOGETHER, IF HE THOUGHT THAT WOULD PRODUCE THE HIGHEST VALUE, IS NOT A BREACH OF FIDUCIARY DUTY JUST BECAUSE THERE WERE OTHER FORMULATIONS THAT WOULD HAVE BEEN IN THE BEST INTERESTS OF UCONN.

other than he got nothing for them.

that scintilla.

what kind of lawyer only files credible suits?

 

[Exit 4]

what kind of lawyer only files credible suits?

LOL

 

[CL82]

With all due respect, this (the fiduciary duties of a director/manager of a business entity) is something in which I have a lot of expertise. I will leave it alone from here, but I will repeat what I said for those who are smart enough to care -- THERE IS NOT A SCINTILLA OF CREDIBLE EVIDENCE THAT ARESCO VIOLATED A FIDUCIARY DUTY TO US AND SELLING THE RIGHTS OF EVERY MEMBERS MEDIA RIGHTS TOGETHER, IF HE THOUGHT THAT WOULD PRODUCE THE HIGHEST VALUE, IS NOT A BREACH OF FIDUCIARY DUTY JUST BECAUSE THERE WERE OTHER FORMULATIONS THAT WOULD HAVE BEEN IN THE BEST INTERESTS OF UCONN.

With all due respect, the analogy of a 12 member organization to publicly held company was a bad one and your use of caps really doesn't change that. That said, I'll say again, that I don't disagree with the point you are trying to make. I do not think that UConn has a cause of action against Aresco (I actually think you conflating the responses of other posters) but I do think the fact that Aresco consistently and knowingly acted in opposition to our interest can be a factor in the negotiation as to whether we owe more than just $10M exit fee to leave earlier than 27 months. It certainly will part of the discussion, agree?

 

[businesslawyer]

other than he got nothing for them.

that scintilla.

what kind of lawyer only files credible suits?

The kind I deal with.

 

[businesslawyer]

With all due respect, the analogy of a 12 member organization to publicly held company was a bad one and your use of caps really doesn't change that. That said, I'll say again, that I don't disagree with the point you are trying to make. I do not think that UConn has a cause of action against Aresco (I actually think you conflating the responses of other posters) but I do think the fact that Aresco consistently and knowingly acted in opposition to our interest can be a factor in the negotiation as to whether we owe more than just $10M exit fee to leave earlier than 27 months. It certainly will part of the discussion, agree?

Will we say you violated our fiduciary rights? We can say anything. Will we get an extra dollar because they're worried about that claim having traction. No.

I don't use caps often. You may want to think about why I thought it was important to this time. Hint -- it might have been to signal to those who trust my judgment on legal matters that this is not an argument to which there are two sides.

 

[CL82]

Will we say you violated are fiduciary rights? We can say anything. Will we get an extra dollar because they're worried about that claim having traction. No.

I don't use caps often. You may want to think about why I thought it was important to this time. Hint -- it might have been to signal to those who trust my judgment on legal matters that this is not an argument to which there are two sides.

Because yelling is always an indicator of competence?

 

[Da_Aisijimo_Gou]

When you are an executor, there are no diverging family interests in following the directions of the decedant and liquidating the estate's assets.

Allegorically, dead dude directs

 

[HuskyFan16]

THERE IS NOT A SCINTILLA OF CREDIBLE EVIDENCE THAT ARESCO VIOLATED A FIDUCIARY DUTY TO US AND SELLING THE RIGHTS OF EVERY MEMBERS MEDIA RIGHTS TOGETHER.

I agree with this. And frankly, I don’t see any particular motive for Aresco to purposefully act in a way that would be detrimental to UConn. My best guess from what the public knows is that you are probably right and there was nothing wrong (legally) in the way the AAC negotiated. [Albeit, the contract leaves a lot wanting from a substantive perspective. Feels like Meatball Marinatto could have negotiated a better deal.]

That said, that is a pretty big caveat. “What the public knows.” We haven’t heard anything from UConn brass about their understanding of the ESPN negotiations, what the were told by Aresco and Co., how their requests were treated, etc. Your emphasis on this subject, I think, kind of disregards the non-zero chance that Aresco became annoyed with UConn and that there is some sort of documentary evidence out there that could be harmful to the AAC.

Moreover-and maybe you know all of the particularities of UConn’s agreements with the AAC, but I don’t-what is the specific standard for a fiduciary claim in this case, as opposed to generally? Is it actually bad faith? Prudence? Or something less?

All of this is to say that, while I think UConn probably has a weak bargaining position, we-the fans- don’t know enough yet to say whether they have room to chip off something.

 

[Exit 4]

This is taking too long. Are we fully independent now?! Lets go!

My greedy self wants an end date set for football tomorrow (semi realistically by 7/15 when AAC media days begin) so Randy can get back to recruiting with a clear story and we can get going on this SNY/independent football gig.

 

[LoyalFanCT]

I just hope UConn or state of CT does not file a lawsuit agaInst the AAC or any of its members. We all know the mess created when Blumenthal filed his lawsuits at the end of the Big East. We need the AAC and its members to be cordial to UConn as the football team moves forward.

 

[Exit 4]

I wonder if DB has managed to call all his fellow AAC ADs by now to gauge their general feelings about UConn's transition out of the conference and to talk about future scheduling as an independent. Obviously we can throw some basketball at Temple and Cincy to keep it going as they are certainly worthy.

 

[Husky25]

Please - just stop. We get it. Your football team got screwed. That's your opinion and its not shared by a whole lot of people.

Your football team got screwed. too.

 

[John Greene]

Did you even read what I wrote? Serving as a trustee for a single child is totally different, because you have a responsibility to that one child and just that one child. When you are a fiduciary through a business relationship, your duty is to your members/shareholders collectively. You can't have a duty to act in the best interests of each of a number of members/shareholders because often their desires and needs will differ.

The CEO of Wal-Mart has a fiduciary duty to his shareholders. Some shareholders are focused on short term gain and others on long term gain depending on their investment horizons. Some times, the CEO has to make decisions that favor one group or the other. He is not violating a fiduciary duty to those who want short term gain when he takes an action that, while favored by some stakeholders and opposed by others, he reasonably believes to be in the best interests of Wal-Mart as a whole.

Your sarcasm meter is usually better. Did you have a tough weekend?

 

[CL82]

When you are an executor, there are no diverging family interests in following the directions of the decedant and liquidating the estate's assets.

Haha, uh hopefully, but often that that is not the case for a myriad of reasons.

 

[CL82]

I just hope UConn or state of CT does not file a lawsuit agaInst the AAC or any of its members. We all know the mess created when Blumenthal filed his lawsuits at the end of the Big East. We need the AAC and its members to be cordial to UConn as the football team moves forward.

Its doubtful that they would.

 

[CL82]

I wonder if DB has managed to call all his fellow AAC ADs by now to gauge their general feelings about UConn's transition out of the conference and to talk about future scheduling as an independent. Obviously we can throw some basketball at Temple and Cincy to keep it going as they are certainly worthy.

This. So much of life gets settled in the margins. Reach out to everyone and get a read where they are at. Keep in mind though, ADs have less sway than the presidents.