ladderbuddy
Sophomore Member
Retire #53 Mr. G!
Posts: 120
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Post by ladderbuddy on Apr 26, 2005 16:20:26 GMT -5
Ok Fro, I give... It's been a week since the JVBK settlement, let's hear all about how this proves he was in the clear all along, you were right, we were wrong, the SS has lost its power, Jimmy Midnight....  |
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Post by FroMunga on Apr 26, 2005 22:36:49 GMT -5
I appreciate the opportunity to thump my chest and proclaim that once again I was right, but rather I'll allow this victory to be savored just a little bit more.
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Post by Phantom on Apr 27, 2005 8:23:37 GMT -5
We haven't kicked this one around in awhile. And this didn't get the response I thought it would when it was announced. I think no one really knows what to make of this! (including Fro)
I am not quite ready to concede victory to Fro/VBK!
Nobody knows how much or how little VBK got, or the terms!
Unfortunately, if he got a nickel, he got too much!
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Post by sneakers on Apr 27, 2005 12:27:53 GMT -5
We don't know if he got $1 or $1,000,000. So, it's hard to say JVBK "won".
What we do know is that the school's insurance company paid the settlement so that it did not cost SBU anything out of pocket and still allowed us to get the JVBK problem behind us. So, we do know SBU "won".
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Post by wgt on Apr 27, 2005 19:18:02 GMT -5
JvBK’s out of court settlement, costing Bona nothing, is a testament that Lew Connor knew his client’s case in pursuit of 21 million was futile. When I last saw Lew & JvBK at Mantle's in NYC he was the one thumping his chest proclaiming how Bona would pay dearly for their injustice to his unknowing client. Pleased to see that the final outcome proved Connor wrong & that it cost Bona nothing in compensation to JvBK. Sad that there was any compensation at all but the insurance company preferred to offer a small award & be done with it.
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Post by bonnievet on Apr 27, 2005 23:41:30 GMT -5
Even though the insurance company paid the bill for VBK, I would have to think that it is going to cost Bona some money. Insurance companies don't pay out big money (over $500K, that is my guess)without raising their policy rates. Insurance companies don't give money away and not get something in return in the form of higher rates for the next half a dozen years or so. Maybe there is an insurance expert out there who can speak to this. I doubt that Bona got away free and clear
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Post by FroMunga on Apr 28, 2005 8:30:45 GMT -5
Thank you BonnieVet. The blindfaithful obviously never thought about who pays the insurance premiums. Has anybody even considered the possibility that the university may have had to pay a deductible? Boy, you would think that will all the know-it-alls on this board, that combined, at least one of you might have thought about the premiums and/or possible a deductible. I'm glad to see the bias thinking continues. Myopia is strong in the bandwagon.
Furthermore, depending on the outcome of the Lane case, this JVBK payout could cost the university even more dollars. Two payouts is a short period of time will send the premiums skyrocketing. Any increase in cost is a detriment to a university that is supposedly pinching pennies.
Either way, the settlement to JVBK provided yet another reminder to everyone of the scandal. With more to come until Lane case is finally resolved one way or another. Now for all of those who claim this didn't cost the university any out of pocket money, What say you?
In the end you can try to put whatever spin you want on this story if it makes you feel better. Bottom line, JVBK got paid, and rightfully so.
Fro all of you who seek the truth, I am your Munga.
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Post by bonnievet on Apr 28, 2005 18:59:53 GMT -5
All that I am trying to say is this. How many times does someone's car insurance rates go up after a bad accident or even worse, the insurance policy is not renewed at the next renewal date. There could be a lot of hidden costs with these types of settlements. Again, I am not an insurance expert but rates do go up or the policy is dropped after a big accident. VBK's case certain cost someone a lot of dollars now and more dollars later. If everyone things that these settlements are not going to cost Bona in one way or the other, I think it would be wise to think about it again.
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Post by sneakers on Apr 28, 2005 20:54:55 GMT -5
Not true. A school's liability insurance is not like a person's car insurance. The school's insurance rates are based on the risk of future payouts NOT the amount of past payouts. When the school's libility insurance is up for renewal they will put it out to bid to many different insurance companies who will bid for the business based on their assessment of future risks, not past risks (unless of course they think the JVBK fiasco is a repeatable event). They also consider their need for market share, their ability to invest the premiums and many other factors. While the JVBK payout is not a positive, it will not be a substantial negative going forward as it is water under the bridge and not likely to be repeated.
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