BearingPoint Bankruptcy Could Cost Yale School of Management $8.1 Million
Business consulting firm BearingPoint Inc. was scheduled to give $30 million over seven years to the Yale School of Management (SOM) in exchange for “naming opportunities” at the New Haven school. Now, the failed firm’s liquidation trustee wants Yale to return the $8.1 million it received before BearingPoint filed for bankruptcy, according to a recent Bloomberg report.
John DeGroote Services LLC, BearingPoint’s liquidation trustee, has called for Yale SOM to return $2.1 million it received from December 2008 to February 2009 as part of an education collaboration agreement and another $6 million the school got in 2007 and 2008 as part of a commitment agreement, according to a March 12th filing in U.S. Bankruptcy Court in New York, Bloomberg reports.
“No material consideration flowed to BearingPoint, and no benefit to its business or assets was derived from the endowing of chairs or the naming of buildings at Yale,” the trustee told Bloomberg.
McClean, Virginia-based BearingPoint spun off from accounting firm KPMG LLP in 2000. In April of last year, the troubled firm won approval to sell most of its assts to Deloitte LLP for about $350 million, according to Bloomberg. Its financial-services business was sold to PricewaterhouseCoopers LLP.
According to Bloomberg, a Yale University spokesperson did not return calls seeking comments.
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Posted in: MBA News
Schools: Yale SOM
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