University of Wisconsin System officials confirm the state is considering a settlement with the creditors of financially-troubled UW-Oshkosh Foundation.
The Milwaukee Journal Sentinel reports the private foundation doesn’t have enough cash to cover $14.5 million in debt. Regent Michael Grebe said a potential agreement would protect UW System assets if the foundation can’t pay back its loans. Sen. Steve Nass, R-Whitewater, said use of taxpayer money would amount to a bailout of the foundation’s debts.
The state Department of Justice is negotiating the settlement on behalf of the UW System and Board of Regents.
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A UW spokeswoman said a settlement with the foundation would not affect the system’s lawsuit against former top officials at UW-Oshkosh which alleges they illegally transferred $11 million from the campus to the foundation.
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