Aug. 19, 2015
FOR IMMEDIATE RELEASE
Matt Lazier, Director of Media Relations
Cal Poly Announces Settlement Agreement Regarding Stadium Scoreboard Sign
SAN LUIS OBISPO — Subject to the approval of the Bankruptcy Court, Cal Poly and the Cal Poly Foundation settled the Moriarty litigation, which allows the university to permanently remove Moriarty’s name from the Spanos Stadium scoreboard.
The parties engaged in a voluntary court mediation program resulting in this settlement. Pursuant to law and court order, the communications and details related to the mediation leading up to this settlement 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.
The university and Cal Poly Foundation chose to pay the $480,000 settlement with foundation funds for a complete release of all claims. No state or general tuition funds were used in payment of this settlement.
This settlement benefits both Moriarty’s bankruptcy estate and the university. The bankruptcy estate is receiving the university’s estimated value of the naming rights for the remaining life of the scoreboard, and the university is regaining control of that part of its scoreboard display and signage. The Moriarty Enterprises name remained on the scoreboard following Al Moriarty’s 2012 bankruptcy filing and his 2014 felony conviction, because the naming rights agreement provides for the name to remain for the life of the scoreboard. Before now, removal of the name was prohibited by the bankruptcy court pending resolution of the lawsuit against the university and the Cal Poly Foundation.
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.
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