I sent this out bcc to a number of people on Faculty Council and to the Boone State guys. I don’t know whether you ever received it. A later story in the Tulsa World stated that Cinnabar’s contract with the Tulsa Airport was terminated with the work done on the noise retrofits resulting in management fees per house of $14,000! I think they are a sleazy, but well-connected, outfit. What is their link to Gary Clark? I wonder if their contract with the Foundation can be accessed or whether it is immune to public records claims because it is with the Foundation, not OSU? I would like to see what their true incentives are for taking advantage of property owners. I think this would refute Schmidly’s claims that the Foundation and OSU had the property owner’s well-being at heart.
I also believe that the Foundation’s reinvestment of Picken’s $165 million in his hedge fund is not sound fiscal management and would not pass any proper financial scrutiny. In the pension fund (including Teacher’s Retirement) story in the Oklahoman over the weekend, the State Treasurer was quoted saying that hedge funds were too risky for public investments. Again, this move may be hidden from public access because it is with the Foundation, not OSU. I think someone should raise the issue of whether this good ol’ boy, sloppy paperwork, and risky investment scheme in one fund(Holder as investment officer!) could impact OSU’s standing for any future bond issues. I can’t believe that it even would meet the rules governing the Foundation at this point. I bet bonds are coming, too.
Cinnabar Services Company, the buyer of homes in the OSU Athletic Village project, seems to have a little baggage. The Tulsa Airport authority cut off its contract for noise abatement projects in neighborhoods around the Tulsa Airport. The company principals, Bacon and Parmele, also are two of the principals in IVI, which proposed the infamous private toll bridge in south Tulsa. They may even have done this after, as Cinnabar, they did a study on the project. The company seems very well connected in Tulsa politics. The stories I have read seem to suggest that Parmele has had posts that could involve conflicts of interest. I am sure there could be more. Please pass this along.