OK. The title is a bit harsh, but this is total BS. Link is below the article text.
Like any responsible institution with such a large project taking place, OU just wanted the possible damages covered by decent bond money. In this case, $35 million. But the district judge says a $178,000 bond by the losing bidder is good enough. Now it goes to court. Like I said, total BS.
OU stadium construction injunction goes into full effect
Posted: Tuesday, October 27, 2015 1:17 pm
By Mack Burke, Norman Transcript
District Judge Thad Balkman’s decision to uphold the OU stadium construction injunction will go into effect pending plaintiff HME's bond post, halting OU's contract with construction company W&W. All other construction not related to W&W's contract for fabricated steel construction and erection will continue.
When a judge grants an injunction, it prohibits the defendant from a specific act. The act in question is W&W's continued renovation of the stadium. OU’s legal team made the argument in a brief filed Monday that HME, the Kansas-based construction company who is suing the university for alleged violations of a state competitive bidding law, should be on the hook for estimated damages of $35 million should the stadium renovation not be completed by the 2015-2016 season opener.
Balkman handed down his decision Friday, but the ruling didn’t take effect until the Cleveland County judge set the injunction bond at $178,770 late this morning.
The injunction bond serves as an insurance policy of sorts. If an injunction is determined to be wrongful or false and causes damages to the defendant — in this case OU — then the bond will be used to compensate OU for the damages. HME is putting up a portion of the bond amount. The bond reflects attorney’s fees added to the difference in price between two OU stadium construction project bids at the heart of the issue — HME’s low bid of about $11.8 million and W&W’s bid of about $11.9 million.
That’s a far cry from OU’s proposed bond of $35 million, which OU counsel asked for immediately after Friday’s late-night ruling.
According to the brief OU filed with the court, "Damages will happen to OU when W&W is forced to stop building the stadium; the project is on a tight schedule and the delay caused by halting the structural steel portion of this project will result in huge damages because the stadium will not be ready on time."
For OU, apart from estimated potential losses in the millions, that means more litigation. According to a statement released Friday, OU is aiming to appeal the decision.
HME filed a brief Monday with the court that argued because OU’s contract with second lowest bidder, W&W, was invalid to begin with, OU’s bond request was excessive.
Friday, OU said construction would continue "at this point in time."
Representatives for the university did not immediately respond to requests for comment.
http://www.normantranscript.com/new...cle_f9ec5a16-7cd6-11e5-8a43-077da3039de6.html
Like any responsible institution with such a large project taking place, OU just wanted the possible damages covered by decent bond money. In this case, $35 million. But the district judge says a $178,000 bond by the losing bidder is good enough. Now it goes to court. Like I said, total BS.
OU stadium construction injunction goes into full effect
Posted: Tuesday, October 27, 2015 1:17 pm
By Mack Burke, Norman Transcript
District Judge Thad Balkman’s decision to uphold the OU stadium construction injunction will go into effect pending plaintiff HME's bond post, halting OU's contract with construction company W&W. All other construction not related to W&W's contract for fabricated steel construction and erection will continue.
When a judge grants an injunction, it prohibits the defendant from a specific act. The act in question is W&W's continued renovation of the stadium. OU’s legal team made the argument in a brief filed Monday that HME, the Kansas-based construction company who is suing the university for alleged violations of a state competitive bidding law, should be on the hook for estimated damages of $35 million should the stadium renovation not be completed by the 2015-2016 season opener.
Balkman handed down his decision Friday, but the ruling didn’t take effect until the Cleveland County judge set the injunction bond at $178,770 late this morning.
The injunction bond serves as an insurance policy of sorts. If an injunction is determined to be wrongful or false and causes damages to the defendant — in this case OU — then the bond will be used to compensate OU for the damages. HME is putting up a portion of the bond amount. The bond reflects attorney’s fees added to the difference in price between two OU stadium construction project bids at the heart of the issue — HME’s low bid of about $11.8 million and W&W’s bid of about $11.9 million.
That’s a far cry from OU’s proposed bond of $35 million, which OU counsel asked for immediately after Friday’s late-night ruling.
According to the brief OU filed with the court, "Damages will happen to OU when W&W is forced to stop building the stadium; the project is on a tight schedule and the delay caused by halting the structural steel portion of this project will result in huge damages because the stadium will not be ready on time."
For OU, apart from estimated potential losses in the millions, that means more litigation. According to a statement released Friday, OU is aiming to appeal the decision.
HME filed a brief Monday with the court that argued because OU’s contract with second lowest bidder, W&W, was invalid to begin with, OU’s bond request was excessive.
Friday, OU said construction would continue "at this point in time."
Representatives for the university did not immediately respond to requests for comment.
http://www.normantranscript.com/new...cle_f9ec5a16-7cd6-11e5-8a43-077da3039de6.html
