An IPO for a company called BATS gets pulled today because of trading system malfunctions that printed crazy prices for BATS stock and even halted Apple trading briefly. The trading system was the company’s own, you see BATS stands for BETTER ALTERNATIVE TRADING SYSTEMS and the trading system DIES the day they go public! Gotta love it. Read more (HERE).
Following up on the Oklahoma State University Athletics GIFT OF A LIFETIME fundraiser. First some background. In 2007, the plan was to buy life insurance policies on 27 wealthy season-ticket holding geriatric alums. In return for an average annual premium of about $ 350K, the insurance company LINCOLN National would pay $10 million upon each donor’s passing. A few years pass, NO ONE DIES, and the University decides to cancel the policies after having forked out $33 million in premium dollars. Even more morally bankrupt, they decide to sue the insurance company for the premiums paid to date on some technicality. A federal judge last week decides to find in favor of the insurance company.
You might be wondering what happened to “insurable interest,” you know that little bit of legality that such insurance can be purchased only by those with an insurable interest (like owning your car, house, body…) . Apparently, a little known statute in Oklahoma law allows charitable, educational and religious institutions to be named as beneficiaries for such insurance contracts as long as the insured are agreeable. All the old geezers (and geezeresses?), whose names are confidential, had to pass a physical and must now be chuckling toothlessly!! More HERE.