The most laughable part is that Hoax thinks that ku is going to be allowed to borrow against it's full endowment, or that somehow that endowment could be capitalized. If that happens, no one is likely to ever establish a permanent endowment at ku ever again. Good luck going to the the estates/trusts/families/individuals who have established permanent endowments for specific purposes (some of whom are K-State alumni) at ku and explaining that capitalization.
The endowment funds are separate corporations operating under the umbrella of the university, if other entities within the university borrow money from the endowment, that means that ultimately the university, the KBOR, and the State of Kansas' debt burden increases right along with it.