JFC

[kougar24]

This photo was just snapped:

[Rick Daris]

I want an explanation on In Pursuit of Perfection, LLC. Is that just the face for Prince's agent's exploits, or was it created jointly by Prince's agent and Krause?

Just bizarre.

not as good as the weiser way. not even close.

[sonofdaxjones]

All these football coaches and AD's set up their own corporations.  Snyder has his own corporation.

[nurple]

Here's what I don't get.  If Krause didn't tell anybody about this deal, how the heck did he expect it to get paid?

[steve dave]

Here's what I don't get.  If Krause didn't tell anybody about this deal, how the heck did he expect it to get paid?

Must have assumed we'd never fire Prince. 

[CrushNasty]

No wonder that press conference between those two was so awkward...

Imagine one where this whole deal is discussed between Weefer/Krause/Prince/Currie/Schulz    and throw OB in there for whatever reason...

[steve dave]

No wonder that press conference between those two was so awkward...

Imagine one where this whole deal is discussed between Weefer/Krause/Prince/Currie/Schulz    and throw OB in there for whatever reason...

Bad mix.  For maximum awkwardness you would need Prince, Wefald, Krause and Weiser.  Prince would come off looking fantastic.

[sonofdaxjones]

Krause probably thought he'd still be AD and could just tuck this little tidbit away in the budget someplace . . . but how the hell do you tuck away a line item of $640K that keeps showing up every year for 5 years.   

Say ah Bob, what's this $640,000 . . . . dumbass coaching buyouts for??

[kougar24]

No wonder that press conference between those two was so awkward...

Imagine one where this whole deal is discussed between Weefer/Krause/Prince/Currie/Schulz    and throw OB in there for whatever reason...

Bad mix.  For maximum awkwardness you would need Prince, Wefald, Krause and Weiser.  Prince would come off looking fantastic.

And Weiser.

[Ghost of Stan Parrish]

I bet Huggins is all for just walking away from this candy factory without an extra seven figures in his pocket.

[willie]

I'm absolutely astounded at the sheer &@#%ing stupidity of the management at my alma mater.  What a complete &@#%ing circus.  Enron was ran better.

Krauser's total lack of experience really showed though on this deal.  I can't wait until the next time the Athletic department calls me and asks for my support.

Me---->

Ron Prince ----->

[steve dave]

I bet Huggins is all for just walking away from this candy factory without an extra seven figures in his pocket.

Great point.  He could have barely tried and taken us for that. 

[sonofdaxjones]

Huggins is on the phone with his agents right now trying to get rehired for 1 week at K-State

[kougar24]

Huggins is on the phone with his agents right now trying to get rehired for 1 week at K-State

Hell, he wouldn't even have to do that. Just produce some forged secret document "from 2007" promising Huggins a large payout due sometime between 2013 and 2018 via a shadow company called "In Pursuit of More Booze and Victories, LLC."

[EmporiaWildcat]

With that extra change, we could have got Patterson.

AD: We'll give you $2 million a year.
Patt: No.
AD: And a $3.2 million signing bonus.
Patt: <immediated stands and starts to Wabash>

 

Classic.  That actually made me LOL.

[CatsNShocks]

From KSU's website...pretty much the same stuff as the other links.

Source: Jon Wefald
Note to editors: Because this is a legal matter, there will be no further comment from K-State
News released by media relations:
PDF of court filing

Wednesday, May 20, 2009

K-STATE FILES SUIT ASKING COURT TO DECLARE SECRET AGREEMENT INVALID

MANHATTAN -- Kansas State University and its athletic corporation are filing suit today, asking a court to declare invalid a secret agreement signed by Bob Krause, its former athletic director, and by former head football coach Ron Prince for a company called In Pursuit of Perfection, LLC. The secret agreement was signed without the knowledge of anyone else at K-State, according to K-State President Jon Wefald.

If determined to be valid, K-State's athletic corporation would have to make $3.2 million in deferred compensation payments to In Pursuit of Perfection between 2015 and 2020.

In addition to other legal claims, K-State argues that Ron Prince's attorney, Ohio sports agent Neil Cornrich, impermissibly negotiated this secret agreement without involving attorneys for the university. K-State contends that, under attorney ethical rules, Cornrich was required to obtain permission from K-State lawyers before negotiating directly with Krause.

Interim athletic director James Epps issued the following statement:
"On May 11, 2009, I learned of a secret deferred compensation agreement that Bob Krause apparently negotiated with Ron Prince's attorney. This alleged deal was made without the knowledge of anyone else in the athletics department, including its attorney. This deal was apparently constructed as a further supplement to the buyout provision contained in Prince's employment contract. I do not know why any additional supplement was justified, or why Bob Krause concealed this agreement from everyone until it was inadvertently discovered last week.

"I do not believe that this agreement is valid, and the athletics department will vigorously fight any attempt to enforce it."

K-State President Jon Wefald said, "I learned shortly after Jim Epps about the secret deferred compensation agreement between Bob Krause and Ron Prince's attorney. I was shocked and saddened to find out about this agreement. No one in central administration or athletics knew about this agreement. We all thought that the August 2008 press release accurately described Ron Prince's one year contract extension and his salary increase from $750,000 to $1.1 million. We thought that any compensation he was owed was in that contract. We had no knowledge whatsoever of this secret agreement between August 2008 and May 2009, and it was therefore unavailable to the auditors, Grant Thornton, who were retained by the Board of Regents to do an exit analysis.

"After Jim Epps and I learned about the secret agreement, we spent several days explaining to Ron Prince and his agent why they should consider the agreement was null and void. That failed. We believe that this secret agreement made between Bob Krause and Ron Prince's attorney is null and void and we will act accordingly.

"This has happened on my watch. I appointed Bob Krause to be athletic director. He has been a longtime friend. I regret deeply and apologize that this happened while I was president. But we do regard this secret agreement as null and void. Like the Interim AD Jim Epps and his staff, we have been completely caught off guard.

"I have asked for Bob Krause's resignation as director of economic development for the K-State Olathe Innovation Campus and he has resigned, effective today.”

K-State discovered the secret agreement May 11, 2009, while responding to routine informational requests in a lawsuit involving one of its former assistant football coaches.

 

[Ameroogie]

This is genesis of MCMW.

[Rick Daris]

"After Jim Epps and I learned about the secret agreement, we spent several days explaining to Ron Prince and his agent why they should consider the agreement was null and void. That failed. We believe that this secret agreement made between Bob Krause and Ron Prince's attorney is null and void and we will act accordingly.



 

[/quote]

this is one of my favorite quotes or part of a quote ever. ever.

[catfan28]

You can view the actual court document (11 pages) at cjonline now.

[Andy]

"After Jim Epps and I learned about the secret agreement, we spent several days explaining to Ron Prince and his agent why they should consider the agreement was null and void. That failed. We believe that this secret agreement made between Bob Krause and Ron Prince's attorney is null and void and we will act accordingly.



 

this is one of my favorite quotes or part of a quote ever. ever.

hilariously matter of fact for an official release.  emotions running high when they wrote this up.

[ew2x4]

"After Jim Epps and I learned about the secret agreement, we spent several days explaining to Ron Prince and his agent why they should consider the agreement was null and void. That failed. We believe that this secret agreement made between Bob Krause and Ron Prince's attorney is null and void and we will act accordingly.

this is one of my favorite quotes or part of a quote ever. ever.

 

[kougar24]

"After Jim Epps and I learned about the secret agreement, we spent several days explaining to Ron Prince and his agent why they should consider the agreement was null and void. That failed. We believe that this secret agreement made between Bob Krause and Ron Prince's attorney is null and void and we will act accordingly.



 

this is one of my favorite quotes or part of a quote ever. ever.

hilariously matter of fact for an official release.  emotions running high when they wrote this up.

JW: "D00d! I didn't even know about this, it doesn't count!"
RP: "LOL, GTFOMF old man. 'In Pursuit' of yo money!"
JW:  
RP:    

[Babytears]

[The42Yardstick]

Oh my god. It's beautifully horrendous 

[willie]

One thing I don't understand is why is KSU filing suit?  Nearest I can tell, a payment isn't due until 2015, why not just send an official letter to Ron in 2015 that says: "You sucked really bad and we're not giving you any money because the secret contract you and Bob did is null and void" and have him file suit to come and get it?

Isn't KSU just jumping the gun here? 

[LimestoneOutcropping]

If you become aware of what you believe is a null contract and don't take legal action to declare it null, you could be said to have waived your argument.

[Pett]

http://sports.espn.go.com/ncf/news/story?id=4186922

[catzacker]

loffles..."ex-AD Ron Krause..."

[MadCat]

loffles..."ex-AD Ron Krause..."

I hope someone  to Ron Krause.

[kougar24]

Updated "Ron" Krause Stock Watch: