$36,367,711.56 to be precise.
The combined compensatory and punitive damages ($25 million) and attorney’s fees and costs (over $6.5 million) awards in favor of Gibson’s Bakery and its owners left Oberlin College almost $32 million in debt.
Oberlin College attempted to get a stay of execution on the judgment, to prevent Gibson’s from seizing assets, without posting a bond, but the court rejected that. Instead, the court granted a stay of execution of the judgment conditioned on Oberlin College posting a bond in an amount just over $36 million, to secure the judgment plus three years of interest covering the anticipated time period of an appeal.
We detailed this ruling and history, and concerns raised by the Gibsons about Oberlin College’s ability to pay, in Oberlin College ordered to post $36 million bond to delay Gibson’s Bakery collection of Judgment.
KNOW ALL MEN BY THESE PRESENTS, that Defendants Oberlin College and Meredith Raimondo, as Principals, and Zurich American Insurance Company, authorized to do business in the State of Ohio, as surety (the “Surety”), are held and firmly bound, jointly and severally, unto Plaintiffs David Gibson, Allyn W. Gibson, and Gibson Bros., Inc. (collectively, the “Plaintiffs”), in the maximum penal sum of Thirty Six Million Three Hundred Sixty Seven Thousand Seven Hundred Eleven Dollars and 56/100 Cents ($36,367,711.56), for which, well and truly to be paid, they bind themselves, their heirs, executors, administrators and successors, and every one of them firmly by these presents.
* * *
The bond is in the name of the college and co-defendant Meredith Raimondo, even though the college, according to court documents, has agreed to cover any amounts owed by Raimondo.
There is no indication what assets, if any, Oberlin College had to pledge to secure the bond. Normally appeal bond companies require over 100% of the amount of the bond to be secured by liquid assets, though for a large institution like Oberlin College perhaps it got a better arrangement.
Now on to post-trial motions to overturn the judgment, and then appeals.
[Featured Image Photo credit: Daniel McGraw for Legal Insurrection Foundation]
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