MisterD
The Baptist Himself
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Post by MisterD on Apr 6, 2018 12:50:05 GMT -5
My quote above didn't exactly hold up.
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Post by JoeFedorowicz on Apr 6, 2018 12:51:03 GMT -5
Yeah maybe the BOT shouldn't be involved in hiring basketball coaches.
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Post by explorerman on Apr 6, 2018 12:54:11 GMT -5
I was wondering when someone was going bring this development up..
The Board continues to impress..
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Post by SICguy84 on Apr 6, 2018 12:54:19 GMT -5
Yeah maybe the BOT shouldn't be involved in hiring basketball coaches. Or one could argue liquidating artwork (despite their authority to do so.)
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Post by calsufan on Apr 6, 2018 13:40:43 GMT -5
Eh, just like when G was let go, we shouldn't be dancing on anyone's grave.
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Post by gola4ever on Apr 6, 2018 21:00:42 GMT -5
Eh, just like when G was let go, we shouldn't be dancing on anyone's grave. Speaking from the inside, I can say that La Salle is now an opaque place with important decisions being made with no input from stakeholders (see the art sale, which is only an example). Just wait until the basement of the library becomes a fitness center, which, together with wholesale changes to the first floor, will require the loss of books. I do not know how much of a role Zarrilli has played in this huge change of culture, but I can say that I recognize at La Salle the behavior for which he was fired at Safeguard.
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Post by calsufan on Apr 6, 2018 21:43:46 GMT -5
Eh, just like when G was let go, we shouldn't be dancing on anyone's grave. Speaking from the inside, I can say that La Salle is now an opaque place with important decisions being made with no input from stakeholders (see the art sale, which is only an example). Just wait until the basement of the library becomes a fitness center, which, together with wholesale changes to the first floor, will require the loss of books. I do not know how much of a role Zarrilli has played in this huge change of culture, but I can say that I recognize at La Salle the behavior for which he was fired at Safeguard. So then if there's such a "huge change of culture", move onto greener pastures where you'll be happier. Wake up. The school is under enormous financial pressure and things cannot stay the same no matter how much you or I or anyone else wants them to. It's adapt or die. Which do you choose?
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Post by gola4ever on Apr 6, 2018 21:45:54 GMT -5
Speaking from the inside, I can say that La Salle is now an opaque place with important decisions being made with no input from stakeholders (see the art sale, which is only an example). Just wait until the basement of the library becomes a fitness center, which, together with wholesale changes to the first floor, will require the loss of books. I do not know how much of a role Zarrilli has played in this huge change of culture, but I can say that I recognize at La Salle the behavior for which he was fired at Safeguard. So then if there's such a "huge change of culture", move onto greener pastures where you'll be happier. Wake up. The school is under enormous financial pressure and things cannot stay the same no matter how much you or I or anyone else wants them to. It's adapt or die. Which do you choose? Would you, say, go to D3 to save the basketball program? The changes at La Salle are analogous.
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Post by calsufan on Apr 6, 2018 21:51:42 GMT -5
So then if there's such a "huge change of culture", move onto greener pastures where you'll be happier. Wake up. The school is under enormous financial pressure and things cannot stay the same no matter how much you or I or anyone else wants them to. It's adapt or die. Which do you choose? Would you, say, go to D3 to save the basketball program? The changes at La Salle are analogous. If it means saving the school, sure. Would I be happy? No. But I'd live and so would the school. The school doesn't have some magic pot of money that replenishes itself to help keep the school running the same way it always did with the same culture. So I conceded to the change. How about you?
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Post by gola4ever on Apr 6, 2018 23:44:37 GMT -5
Would you, say, go to D3 to save the basketball program? The changes at La Salle are analogous. If it means saving the school, sure. Would I be happy? No. But I'd live and so would the school. The school doesn't have some magic pot of money that replenishes itself to help keep the school running the same way it always did with the same culture. So I conceded to the change. How about you? Actually, you did not answer my question. I asked if you would go to D3 to save the basketball program, not the university. I too would sacrifice the basketball program to save the university, if that were sadly necessary.
My point is that "saving the university" can be the same as destroying it.
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Post by calsufan on Apr 6, 2018 23:53:27 GMT -5
If it means saving the school, sure. Would I be happy? No. But I'd live and so would the school. The school doesn't have some magic pot of money that replenishes itself to help keep the school running the same way it always did with the same culture. So I conceded to the change. How about you? Actually, you did not answer my question. I asked if you would go to D3 to save the basketball program, not the university. I too would sacrifice the basketball program to save the university, if that were sadly necessary.
My point is that "saving the university" can be the same as destroying it. Sure, I'd move to D3 in that scenario. Now answer my question. Do you adapt or die? It sounds like you want the university to stay in a time warp even though that's not possible due to the financial straits they're in. That's not very realistic. And your point that saving the university can be the same as destroying it is a tad over the top. What's your recommendation for saving it?
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LaSallePal
Mop-Up Time
Formerly FjordExplorer, currently handsome
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Post by LaSallePal on Apr 7, 2018 5:20:05 GMT -5
My point is that "saving the university" can be the same as destroying it. I tried making this point months ago, lol. For the sake of board harmony, I won't rehash it. I do have two major concerns about Zarrilli going forward though: 1. It's pretty damaging to your ability to fundraise and influence when your inability to manage your own house is continually splashed across the region's major daily newspaper. The university already has fundraising that's anemic when compared to its influence and its peers, and if Zarrilli can't get this done he is worthless to the university. 2. In the initial chaos of the art sale announcement, it was said by the university that the funds were going to go primarily towards an honors initiative. That was at least academically enriching, but now it's said to be going to a new gym and bookstore. This reeks of the kind of switcharoo that people do when they know they can't persuade people that what they actually want to do is worthwhile, and is probably not coincidentally also the kind of thing that got Zarrilli fired. A new bookstore and gym was not worth this ongoing shitshow, but if Zarrilli is a "my way or there's the door" kind of guy, the progression of events is no surprise. I also question his general strategic vision and so unless he's bringing something to the university I'm unaware of, this is a relationship far more beneficial to Zarrilli than to the university and we should probably move on from him. Of course, it's La Salle, so we won't.
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Post by diehardexplorer on Apr 7, 2018 6:11:35 GMT -5
My point is that "saving the university" can be the same as destroying it. In the initial chaos of the art sale announcement, it was said by the university that the funds were going to go primarily towards an honors initiative. That was at least academically enriching, but now it's said to be going to a new gym and bookstore. This reeks of the kind of switcharoo that people do when they know they can't persuade people that what they actually want to do is worthwhile, and is probably not coincidentally also the kind of thing that got Zarrilli fired. A new bookstore and gym was not worth this ongoing shitshow, but if Zarrilli is a "my way or there's the door" kind of guy, the progression of events is no surprise. whoa, where did this come from? art sale money now may be going to facility improvements? i find that hard to believe.
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LaSallePal
Mop-Up Time
Formerly FjordExplorer, currently handsome
Posts: 117
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Post by LaSallePal on Apr 7, 2018 6:50:13 GMT -5
In the initial chaos of the art sale announcement, it was said by the university that the funds were going to go primarily towards an honors initiative. That was at least academically enriching, but now it's said to be going to a new gym and bookstore. whoa, where did this come from? art sale money now may be going to facility improvements? i find that hard to believe. I've seen it in a few places, including the Inquirer: "According to several members of the faculty, many of whom would speak only anonymously for fear of university retaliation, the deaccession funds would primarily go to defray capital costs for a makeover of the university library, including the creation of a new coffee bar, gym facility, and possibly a bookstore. University administrators have also started talking about deferred maintenance – but not for the art museum." www.philly.com/philly/entertainment/arts/la-salle-art-museum-sale-josh-shapiro-20180316.html
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Post by thelasallelunatic on Apr 7, 2018 7:24:09 GMT -5
You guys are all crazy. This school is about to make fireworks with the future basketball coach, and we are still talking about D3 and this art museum nonsense?
Seriously? This is still a topic? Every fucking school in this conference thinks we are in dire straits financially because of these 2 topics. Even my buddies I went to school with that don't be follow closely believe it to be the case. We are not. The school is going to Shell out way over $2 million between buying out G and the new coaching staff.
We are talking about paintings that students have to observe for an FYO class. If we were VCU or Temple with a big arts program, yes, save every painting you can. We have an art history major. That's it.
The future is blindingly bright at 20th and Olney for the basketball program. This will be a catapult for the school. See the Augustinians in Radnor for proof. Look at their admission standards vs. 15 years ago. We are still talking about becoming Cabrini. Enough already.
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Post by diehardexplorer on Apr 7, 2018 7:43:01 GMT -5
You guys are all crazy. This school is about to make fireworks with the future basketball coach, and we are still talking about D3 and this art museum nonsense? Seriously? This is still a topic? i'll be sure to check with you going forward on what i can post about.
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Post by JoeFedorowicz on Apr 7, 2018 8:20:12 GMT -5
I agree with Lun. I’d wager that a majority of students never make it to the art museum. They would make it to a better gym.
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Post by explorerman on Apr 7, 2018 8:48:30 GMT -5
I am with Lunatic.. Very stupid
You can write whatever you want but it is dumb and backwards thinking..
I won’t even bother acknowledge the other talking point that neither has been ever considered or mentioned..
I swear some of you are from other schools under fake profiles/guises to stir up trouble..
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Post by calsufan on Apr 7, 2018 9:10:26 GMT -5
Personally I don't give a crap what they spend the money on IF it helps the school grow and move forward. The "saving it by destroying it" argument is ridiculous and to assume the reasons why Zarrilli was let go and extend it to his stewardship at La Salle is an ill informed stretch if you have nothing solid to back it up with.
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Post by 23won on Apr 7, 2018 9:56:52 GMT -5
+ 1 on Lun, Joe, Eman and Cal comments
Some people aren’t happy unless they complain about that they do little or nothing to support. Piling on Zarrilli for what happened externally to La Salle and then suggesting the same outcome here is ludicrous. The guy gives money, lots of time and supports all things La Salle based on what he thinks is best and achievable given our resources.
This is a product of La Salle, so if you are griping about an alum, contribute comparably or more (through whatever means, not just $$) and then let the BoT decide who is best to lead. Or just write to him directly.
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LaSallePal
Mop-Up Time
Formerly FjordExplorer, currently handsome
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Post by LaSallePal on Apr 7, 2018 10:55:41 GMT -5
Personally I don't give a crap what they spend the money on IF it helps the school grow and move forward. The "saving it by destroying it" argument is ridiculous and to assume the reasons why Zarrilli was let go and extend it to his stewardship at La Salle is an ill informed stretch if you have nothing solid to back it up with. Except the university shrouds everything in as much mystery as possible to avoid having their decisions critiqued, so all we have are tea leaves. If the metrics are where they are now in five years, an abundance of failure is happening at La Salle right now. I have no interest in the table scraps some people here cling to as signs of progress, and way more importantly the university is either unwilling or incapable of being the author of its own narrative. I am with Lunatic.. Very stupid You can write whatever you want but it is dumb and backwards thinking.. I won’t even bother acknowledge the other talking point that neither has been ever considered or mentioned.. I swear some of you are from other schools under fake profiles/guises to stir up trouble.. And if I too cared to speculate wildly on potential conspiracies, you could consider that the school fired Giannini to serve to move the conversation within the greater university community on from the art museum and cash flow in a fun "wag the dog" type distraction. If you wanted to burrow down the rabbit hole straight to the mantle, you could consider that the university sold the art to inflame people so that they would look better in comparison when they fired Giannini. I should be clear that I don't believe any of the above happened, but even if it did, don't care, new coach. I'm continually amused at how singular the focus is on basketball and the balance sheet is though... a university (and for that matter, any corporation) is more than the sum of its balance sheet, and there's more to life than basketball.
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Post by calsufan on Apr 7, 2018 11:28:15 GMT -5
Personally I don't give a crap what they spend the money on IF it helps the school grow and move forward. The "saving it by destroying it" argument is ridiculous and to assume the reasons why Zarrilli was let go and extend it to his stewardship at La Salle is an ill informed stretch if you have nothing solid to back it up with. Except the university shrouds everything in as much mystery as possible to avoid having their decisions critiqued, so all we have are tea leaves. If the metrics are where they are now in five years, an abundance of failure is happening at La Salle right now. I have no interest in the table scraps some people here cling to as signs of progress, and way more importantly the university is either unwilling or incapable of being the author of its own narrative. I am with Lunatic.. Very stupid You can write whatever you want but it is dumb and backwards thinking.. I won’t even bother acknowledge the other talking point that neither has been ever considered or mentioned.. I swear some of you are from other schools under fake profiles/guises to stir up trouble.. And if I too cared to speculate wildly on potential conspiracies, you could consider that the school fired Giannini to serve to move the conversation within the greater university community on from the art museum and cash flow in a fun "wag the dog" type distraction. If you wanted to burrow down the rabbit hole straight to the mantle, you could consider that the university sold the art to inflame people so that they would look better in comparison when they fired Giannini. I should be clear that I don't believe any of the above happened, but even if it did, don't care, new coach. I'm continually amused at how singular the focus is on basketball and the balance sheet is though... a university (and for that matter, any corporation) is more than the sum of its balance sheet, and there's more to life than basketball. And yet you cared to speculate wildly on Zarrilli, his ability to manage a company and his leadership of the BOT.
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Post by stevezarrilli on Apr 7, 2018 11:44:02 GMT -5
Folks – I generally do not like to post to forums such as these since I generally am more comfortable with knowing the parties I am communicating with - including the identity of someone making an opinion. These boards with the lack of user identity make it unattractive for me to participate. It is just the way I roll.
However, I felt compelled to address this board with respect to recent events involving me from a business perspective since many of you project this news as an element of my ability or character to perform my duties as Chair of the Board of Trustees at La Salle. What I am about to share may not be intuitive to all of you if you are not engaged in running a business – especially a public company. But nevertheless, I will see if I can add some additional perspective. I share these thoughts so you can have a better understanding of how they in no way impact the efforts ongoing at La Salle. You can be the ultimate judge (and jury).
Technically speaking I was not fired from my role at Safeguard. The press spins it that way to sell newspapers. But there is a deeper story. Here are the facts that have been diluted, twisted or never spoken to by the press. We (Safeguard) adopted a new business strategy in January. This strategy required cost cuts and a focus on realigning required resources to tactically execute on the winddown of the business. Why winddown a 60 plus year old business – because we have chronically underperformed the broader market due the nature of our “venture capital” business housed in a public entity. Said differently – long term assets taking years to mature in a market fixated with the quick hit and profit.
However, do not let share price performance immediately equate to strength of operations or success. Safeguard has a storied history. One steep in wins and losses. What most people lose sight of is that the net of these wins and losses have been significant net profitable returns. Safeguard has deployed more than $600 million of capital over the last 10 years (my tenure). We have received back more than $900 million. We have paid off $110 million of debt and have invested more recently $300 million in 25 technology businesses. We even repurchased $40 million of our shares to further support our shareholders desires. Based on our historical track record of returns of no less than 1.5 times invested capital, our current assets are worth at least $450 million. To support this point, the 25 technology companies we currently have a financial interest in are projected to grow their revenue, in the aggregate, by at least 20% in 2018. Said differently these 25 companies will increase their revenues from $410 million in 2017 to $475 million in 2018. And this projected revenue growth in 2018 is up from $344 million in 2016. Not a bad construct for shareholder value creation.
If we succeed on this winddown, we will deliver to our shareholders as much as $20 per share versus the current market value of $12 per share. We do that by reducing our costs (expenses) and then distributing every net dollar of proceeds to our shareholders. Since this plan requires cost cutting, and me being one of the highest paid guys in the company, the Board and I agreed that we should realign the team around resources that were a bit less expensive and could carry out a very tactical activity in selling our assets.
As a public company, which is now more of the case than not, small shareholders are seeking ways to gain board control of companies so to use the company’s assets potentially for other self- serving strategies. They buy 1,2,5 or 10% of the stock and then start making a lot of noise publicly, including criticizing management and the board. Their hope is we will “capitulate” and acquiesce to their demands. They forget we are also trying to protect the interest of the other shareholders. So what results is a public fight, with corporate tactics, and a press who like nothing more than sensationalism for headline purposes. We on the other hand fight for what we believe is best for all shareholders – not just the small minority.
Look, I knew in January when I recommended this strategy to the board of Safeguard, I was putting myself out of a job. That is part of the process and the outcome of leadership.
So, I hope you have a bit better level of appreciation for the situation. Not trying to spin facts for my benefit. Just attempting to set the record straight.
Also – I dedicate substantial time, energy and financial resources to La Salle. I do it because I love the institution that gave me the skills to be a thoughtful, passionate, dedicated and service-oriented individual. I believe I would have not had the success in my life without the Lasallian experience.
We have had to make tough decisions at the Trustee level for the school during my tenure as Board Chair. We, the Trustees and the administration, collectively seek financial stability and the ability for La Salle to not only survive but thrive in the future. I recognize that not all decisions are popular or even embraced. However, we are a small (quality) university in a very competitive market seeking to remain top of mind and top of quality in everything we do. That is our goal - and our mission to support our community (staff, faculty, students, alumni) while doing so is paramount to our actions and intentions. It is the only way I know how to lead.
Thanks for letting me share my thoughts. As mentioned, I normally do not engage in these forums but felt compelled given the circumstances.
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louth
Mop-Up Time
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Post by louth on Apr 7, 2018 12:03:41 GMT -5
Steve, Thank you for taking time to give a detailed explanation regarding Safeguard business situation. I would agree the press can be brutal and inaccurate. Was it necessary to link La Salle to this story, not at all.
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Post by calsufan on Apr 7, 2018 12:10:16 GMT -5
Steve, Thank you for taking time to give a detailed explanation regarding Safeguard business situation. I would agree the press can be brutal and inaccurate. Was it necessary to link La Salle to this story, not at all. Nor was it necessary for some to link whatever happened externally to what he does at La Salle.
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Post by 23won on Apr 7, 2018 12:13:04 GMT -5
Well said, Steve. It is an unfortunate fact that the media doesn’t report facts today, just the facts they want to spin
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Post by big5explorer on Apr 7, 2018 12:14:56 GMT -5
Thanks for letting me share my thoughts. As mentioned, I normally do not engage in these forums but felt compelled given the circumstances. Thank you for your post. Also, and more so, thank you for your time and dedication toward improving a great University. I suspect you have spent more time than all of us, or at least most of us, thinking and planning ways to accomplish this. It is unfortunate that you have felt compelled to post in response to attacks on you and your career that exists outside of your position on the board. While we are all passionate about our alma mater, and wanting for its success, I think this thread oversteps the bounds. I would like to suggest this thread be deleted.
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Post by JoeFedorowicz on Apr 7, 2018 12:51:03 GMT -5
We’ve decided to lock this thread. If you want to continue these conversations, please do so via private messages or in the less moderated side of this board. Thanks
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