Wednesday, January 30, 2008

Now They Want to Charge Rich Rod Interest

Michigan's Rich Rodriguez received a new perk: A $1.5 million line of credit (reportedly at no interest) from the bank founded by his boss, athletic director Bill Martin. Rich Rod then turned and offered the check to his former employer, West Virginia, with a catch: Sign and cash the check and the monthlong contract dispute is over.

West Virginia's response: No deal. Mountaineer officials say Rich Rod's offer is $2.5 million short — and growing. The university says it wants to add $4,000 in daily interest on the $4 million the coach owes for breaking his contract, although there is an argument that figure should be a more reasonable $904.11 a day. Still ...

"The amount owed by Mr. Rodriguez under the terms of the contract in effect at the time of his resignation is $4 million," West Virginia attorney Jeff Wakefield said. He added that the sides are not engaged in settlement talks. Rich Rod has until Feb. 4 to respond to West Virginia's lawsuit.

A lot of posturing going on, including West Virginia shipping off a check last week for $287,000 that covered owed bonuses and incentives to Rich Rod. This could get even uglier.

3 comments:

boz said...

and the beat goes on ...

Anonymous said...

If WVU doesn't settle this amount before Feb.6 it works in their favor to keep this lawsuit going for as long as possible. Is it hurting their recruiting this year? Yes. But once that date passes all possible harm from this lawsuit will stick to RichRod and Michigan. Every time ESPN or SI runs a poll the public is always firmly behind WVU. That is not just WVU fans voting over and over again either. If you look at tallies by state, WVU is still favored. Most people seem to think that if you owe another party money than you should pay what you owe.

boz said...

RRod doesnt think he owes that much. what about time served? is that playing a factor into wht he owes and what he should owe??

either way, West Vagina fans have nothing better to do but vote. prolly giving up thieir trucks and shot guns to people from all around the USA to get them to vote!! lol.