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Shameful Score Amended

By Camas Frank ~

It must be the season for resolving old courtroom dramas. In our Aug. 20 issue the SLO City News reported on an appeals court decision coming out in favor of the City of SLO, regarding their effort to get rid of a shamed cop.

On Aug. 19, Cal Poly announced that they too have gotten the green light to clear the books on something that reflected poorly on the University’s good name.

This time however it will cost them $480,000 in a settlement to finally remove the name of disgraced financier (i.e. pyramid schemer) Al Moriarty from school property.

The deal was subject to the approval of a Calif. Bankruptcy Court, which had barred Cal Poly and the Cal Poly Foundation from removing the Moriarty name from the Spanos Stadium scoreboard as the naming right was an Moriarty Enterprises asset in the proceedings following Moriarty’s 2012 bankruptcy filing and his 2014 felony conviction.

Moriarty was convicted of running a Ponzi scheme – one that targeted local boosters of the Cal Poly Athletics programs – and one that was in full operation when he gave Cal Poly $625,000 for naming rights to the scoreboard in 2009. Moriarty owed investors $22 million when he filed for bankruptcy and the court seized control of remaining assets.

One year ago the University fought for the right to cover the sign with a banner reading either “#CalPoly” or “Go Cal Poly,” but that didn’t happen until almost graduation day this academic year. Since the battle surrounding the name has been ongoing for most of the time those students were at Cal Poly –assuming four years of attendance – the scandal is likely the only thing they know about Al Moriarty. Faculty and staff however remember a time when he was a large presence on campus and a trusted figure promising good returns on investments in an era when property speculation was in turmoil.

The resulting payout to end the school’s involvement in the bankruptcy battle was voluntary court mediation. According to the Cal Poly’s announcement, details related to the mediation are confidential, and, “the parties are prohibited from disclosing any further detail beyond what is included in this statement, the settlement agreement, and the pleadings filed in the bankruptcy court to have the settlement agreement approved.”

University spokesman Matt Lazier did indicate however that no state or general tuition funds were used in payment of the settlement, he just couldn’t say exactly how or when the name will be permanently changed.

In their prepared statement he wrote, [pullquote align=”full” cite=”Matt Lazier” link=”” color=”” class=”” size=””]“It has been a priority to resolve this matter amicably and to remove the Moriarty name from the scoreboard, which has served as a painful reminder to Mr. Moriarty’s victims and to the campus community. The settlement brings closure to a difficult situation and reestablishes the university’s control over the scoreboard.”[/pullquote]

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