So who got the better of the $2.98 million settlement between Kentucky and ex-UK basketball coach Billy Gillispie?
I say Kentucky is lucky it didn’t have to pay more, considering that it tried to play it both ways with the infamous “Memorandum of Understanding.”
And I wonder if Gillispie’s side was afraid that his reluctance to sign the contract, meaning he was open to the argument that he never intended to sign it, put the former coach in a weaker position.
I’m no attorney, but I really don’t see how is DUI figured into the equation. It would come down to whether a judge or jury believed the MOU was a valid contract.
What say you?
I’m no lawyer or accountant, but that extra $0.07 made Billy Clyde the winner.
actually, as a law student, i was under the impression that if a contract has no signatures, but is treated by both parties to be a contract, it is a valid contract. uk got the benefit of gillespie wanting out of the spotlight, I believe
Gillispie wins! Both sides were wrong to begin with. UK wanted rid of the whole mess, offered to go half. BCG fussed a little, UK offered another 250K — as long as they could hide it in attorney fees and such to make it look like no more than 3 million. (There’s your 7 cents, Thom)
UK wins! Since he needed the money for rehab and defense lawyers for his upcoming DUI case, Gillispie agreed — and actually SIGNED a document offered by UK…. first time for everything, I guess!
Gillispie’s a loser – of his dignity, and his chances of returning to an NCAA school anywhere near UK’s caliber.
UK and it’s students are losers – of well over $3 million that obviously could have been put to much better use, even if only to pay Cal.
The ONLY winner in this deal – as is the unfortunate case in too many settled court battles – is either side’s legal teams, who will each take home 6 figures, for doing what could have been done for the mediator’s petty sum of $5,600.
For what it’s worth, whatever prosecutor pulls BCG’s DUI case should try to “make some of that money back for the state” in the form of making an example out of someone who’s clearly not learning any lessons on OR off the court.
It was in both parties’ best interest to get this over with. UK did not need or want this dragging on into the basketball season. There has been enough negative national publicity over (Commonwealth of) Kentucky basketball coaches for one year! A lot of people guessed that this thing would eventually be settled for somewhere in the neighborhood of half of the $6 million being sought, and that’s exactly what happened. Lets close this sordid chapter of UK history and let the next one begin. And hope it goes much better!
John I think you needed a third category. The lawyers. Geez, how many were involved in this. They made out like a bandit.
You got that right. (And I have a couple of lawyers in the family.)
The three million USA Dollars saved, by paying Billy Gillispie only half of what was agreed, should go to Mitch Barnhart as a bonus for hiring Brooks and Gillispie. Brooks has made UK Football a National Competitor and Billy Gillispie helped UK to get Calapari. Mitch Barnhart will bring UK National Championships and deserves a $3 Mil Bonus. GO CATS !
UK spent $3M to let UNC catch up with it’s Winningest Team record, while BG ruined his career. You see a winner in there?
BTW, where are all those lawyers who assured us that BG held all the cards?
A contract with no signatures CAN act as a contract, but that is something that gets answered at the end of trial, by a concept know as promissory estoppel.
Nevertheless, UK got the better end of the deal. They budgeted $3 million to settle the suit from the beginning.
$20,000 dollars in attorney’s fees later, they settled for $2.98 million. Short of ending it sooner, UK could not have done better.