Saturday, February 02, 2008

Founders Founders

A few weeks ago more news of the quasi-Randian Founders College's ongoing woes surfaced; at the time the ARCHNblog fearlessly resisted the temptation to say "We told you so" and to make yet another obvious headline pun on the hapless College's name.

However, the skies are further darkening over the Berry Hill Estate, with news that Founders have defaulted on a $3m loan and have further action initiated against them to the tune of $120k. In a followup story it seems likely that CEO Tamara Fuller is going to take the hit financially. Of the hoped-for 100 students originally envisaged lining up for philosophy, art, politics, history and life from an (implausibly denied) Objectivist perspective, as of now, in Founders second semester, they only have 5 students.

9 comments:

Jay said...

I'd like to take this moment to gush joy about my New York Giants winning the Super Bowl!!! ;)

But far be it from me to make no philosophical point...

http://capmag.com/article.asp?ID=4895

Wells said...

I'll call your philosophical point and raise you disagreement.

Watching Sports is the epitome of wasting time*.

It is not to be confused with Playing Sports; which is fun, and may possibly celebrate achievement (although it is still just a game*).
To really achieve something though, is really as simple as going in tomorrow, making some money, and not spending it.

*Although one day games will be my business.

Jay said...

Wells,

Allow me to disagree with your disagreement.

As a fellow sports fan, surely you know the attachment one develops to the ups and downs of his favorite team during the course of a season.

I agree that playing sports if more fun. However, if you deny feeling that surge of excitement after your team wins it all..well then, I submit that you are not a true fan! ;)

Neil Parille said...

Jay,

Since I'm from Connecticut, I'm a bit upset.

I never played a lot of sports, but I do enjoy watching it. Sometimes I think it gives me the illusion of doing something when I'm not.

Jay said...

Neil,

I'm from Connecticut, too. (Stratford)

Daniel Barnes said...

I'm from New Zealand. I have no idea what you are all talking about...;-)

Meg's Marginalia said...

If you guys are from connecticut we could hang out some time, I'm in NY

Jelly said...

Speaking of football, the ObjecivismOnline Yellowbellies are implementing a new secret huddle:

http://forum.objectivismonline.net/index.php?showtopic=11588&hl=

The World Champion ARCHN Scouring Randmockers are the only team cited as the reason the huddle is needed:

http://forum.objectivismonline.net/index.php?s=&showtopic=11588&view=findpost&p=167953

The Yellows think that the huddle is going to "keep the defense guessing as to what the play is going to be," which will give the Yellows a "competitive advantage":

http://forum.objectivismonline.net/index.php?s=&showtopic=11588&view=findpost&p=167963

I think eveyone will still be able to predict which play they'll call. It'll be the only play that they ever call, which is to remain in their tight little huddle on their home turf, forfeit all away games, but declare victory because they didn't "sanction" evil places like the ARCHN stadium.

Anonymous said...

This story discusses the piece of property next to Founers that was supposed to contain an educational facility. Founders Colelge CEO/Chariman Tamara Fuller discussed a tv station in the over 800 housing units for people to watch the classes at Founders. She also mentioned a Nordstroms, cinema, ponds, golf course and world-class equestrian center.

This part of the business model was touted over and over again, complete with large, architectural renditions.

http://www.thenewsrecord.com/founder050508.htm

With Founders College now defunct, the owners of Berry Hill Estate are on
the brink of losing a large tract of land that the college acquired last
year for a much-heralded expansion that never materialized.

A public auction has been scheduled for June 20 at 10 a.m. on the steps of
the Halifax County Courthouse to field offers for 390.4 acres that Founders
College Development, LLC purchased from Eva Harris in May 2007. The sale is
a foreclosure action, said Edward Hodges, an attorney with Clement &
Wheatley in Danville, which is serving as trustee to the transaction.

³There¹s been a breach of the terms of the deed of trust and to that extent
the beneficiary [Harris] Š has asked us to proceed² with the auction, said
Hodges. ³I can¹t really comment on the degree of the breach, only that it¹s
a circumstance that gives them the ability to basically ask the trustee to
exercise the power of sale under the deed of trust.²

Hodges said a public auction was the customary way in the state of Virginia
of handling foreclosure cases. The trustees reserve the right to reject any
and all bids; if the property fails to sell, the previous owners reclaim it
under Virginia law.

Founders College Development LLC, then headed by Tamara Fuller, purchased
the 390-acre tract from Eva Harris for $2.1 million with the intent of
developing the site as a multi-use residential and commercial area near the
college. Plans called for the construction of townhouses, shops and a golf
course close by to the main mansion.

The Town of South Boston, acting at Fuller¹s request, rezoned the site as
planned developmental-residential prior to the college¹s demise early this
year.

Mike Harris, who handled the original sale of the property for his mother,
declined comment yesterday when asked about the possibility of foreclosure.

The land in question is made up of three tracts which together will be
offered for sale at auction. The properties will be sold ³as is² and
qualified bidders must show the ability to meet a cash deposit requirement
of $250,000 or 10 percent of the sale price, whichever is lower.