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Adelphi v Diamandopoulos

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Katelyn Reilly

on 2 April 2014

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Transcript of Adelphi v Diamandopoulos

Private University
Established 1896
Endowment 86 million (compared to UTC, which is 70 million)
7,859 students
Full time tuition is $47,000
Dr Diamandopolous lives in $1.3 condominium and was given the option to buy it for $900,000
The board put 30% of his salary into a severance fund each year
Current State of University

Duties of Care and Loyalty
Ernesta Procope, a trustee for Adelphi
Conflict of Interest by owning an insurance company
prevented board from making informed decision
Played a key role in deciding Deamandopoulos salary
Failed to further Adelphi's goals by choosing to act in her best interest
Committee Formed
Duties of Care and Loyalty
Peter Diamandopoulos
Duties of Care and Loyalty
Peter Diamandopoulos
Duties of Care and Loyalty
George Lois
Fall 1995 Chronicle of Higher Education exposes salary and the committee to save Adelphi was formed. The committee brought concerns to the NY board of Regents.

Failed Duty of Care
1985 Salary $95,000
1995 Salary $330,000 (second highest paid president in country)
Average annual salary increase of $23,500
Luxury apartment, house on campus, Mercedes
Compensation and expenses in 1995=$837,113
Accepted extravagant salary
Made uninformed decisions

Duty of Loyalty
Supported Procope to insure his high salary
Neglected fiduciary duty by misrepresenting terms of LOIS/USA's relationship with Adelphi "free services"
Failed to protect assets
Used assets for private benefit not to fulfill Adelphi's charitable purposes
Owner of LOIS/USA advertising agency
Board approves his new campaign without reviewing the cost of advertising or soliciting proposals from other agencies
Lois gives progress report while leading board to believe his services were free of charge
In two years received $155,000 for his services
Taylor Gibson
Leah McDaniel
Holly McGuire
Katelyn Reilly
Adelphi v Diamandopoulos
The Corrupt Boardroom

Excessive president compensation
Failure to review presidents job performance
Broke bylaws
Board misconduct
Neglected duties
Impermissible conflicts of interest
Committee Accusations

Misappropriation of funds
Conflicts of interest
Lavish expenditures
Full transcript