Stillwater News Press

Local News

July 25, 2012

OSU appeals judgment in ‘Gift’ plan

STILLWATER, Okla. — Cowboy Athletics Inc. filed a certificate of appeal Monday in response to summary judgement that blocked its attempt to recover $33 million.

Oklahoma State University officials said a month ago that the university would appeal the ruling against OSU and its top booster, T. Boone Pickens, and their attempt to recover about $33 million in life-insurance premiums in the failed “Gift of a Lifetime” fundraising plan.

The program involved taking out life-insurance policies on 27 aging school supporters with the university as the beneficiary.

Pickens and Oklahoma State University’s athletic fundraising foundation filed the Payne County lawsuit in 2010, alleging agents for the insurance company used manipulated data and inflated the benefits of the life insurance strategy.

Associate District Judge Stephen Kistler ruled in favor of Lincoln National Life Insurance Co., and several co-defendants this week.

Cowboy Athletics and T. Boone Pickens also filed a petition July 18 contending the district court should not have issued a judgment as Cowboy Athletics and Pickens appealed the motion to summary judgment at a federal level at the U.S. Court of Appeals Fifth Circuit.

Their petition states the Oklahoma court’s proceedings should be stayed until the federal case is decided to avoid inconsistent judgments.

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