03-07-2013, 04:26 AM
"Having seen people throw all sorts of stuff lately.."
Isn't that the truth? One of the lowest is the recent attack on Byker's character. Here's a guy that came onboard over 16 years ago and he was asked to help them raise money for needed construction projects and to establish a healthy endowment fund. When you look at the results, he did more than they asked. In the end a plan they had all agreed to didn't work out due to the economy in Michigan, lower projected enrollments etc. The plan was to keep from having the operating budget be burdened by debt payments and the plan worked until the downturn and market crash. It was risky, but worked as they tried to build assets and invest funds to attempt to take care of debt payments. To insinuate that there was a "hidden" plan for this and try and put the blame on Byker is pretty low. I've looked at the annual public filings of Cavin and there was full disclosure of all assets, investments and debt and all the leadership had to attest that they had reviewed the filings and all contained in them.
The new president comes in and of course does due diligence, lets the public know that changes are being made, things will be more transparent, etc., but in the end debt is not out of hand and plans are in place to get the debt payments made. The "top financial officer" who was vice president for administration, finance and information services, stepped down (I'm sure under pressure and out of need) and overall Byker left a very good legacy behind and like many colleges and institutions across the country, the administration learned a lesson (as stated by the current president).
The character assassination by shorts of target company CEOs and BOD chairs, etc is pretty vicious and of course for the most part protected by free speech. But it's pretty desperate and cowardly.
Isn't that the truth? One of the lowest is the recent attack on Byker's character. Here's a guy that came onboard over 16 years ago and he was asked to help them raise money for needed construction projects and to establish a healthy endowment fund. When you look at the results, he did more than they asked. In the end a plan they had all agreed to didn't work out due to the economy in Michigan, lower projected enrollments etc. The plan was to keep from having the operating budget be burdened by debt payments and the plan worked until the downturn and market crash. It was risky, but worked as they tried to build assets and invest funds to attempt to take care of debt payments. To insinuate that there was a "hidden" plan for this and try and put the blame on Byker is pretty low. I've looked at the annual public filings of Cavin and there was full disclosure of all assets, investments and debt and all the leadership had to attest that they had reviewed the filings and all contained in them.
The new president comes in and of course does due diligence, lets the public know that changes are being made, things will be more transparent, etc., but in the end debt is not out of hand and plans are in place to get the debt payments made. The "top financial officer" who was vice president for administration, finance and information services, stepped down (I'm sure under pressure and out of need) and overall Byker left a very good legacy behind and like many colleges and institutions across the country, the administration learned a lesson (as stated by the current president).
The character assassination by shorts of target company CEOs and BOD chairs, etc is pretty vicious and of course for the most part protected by free speech. But it's pretty desperate and cowardly.