It appears that Okie State has run out of funds.

[oumartin]

after they pay for their stadium they are broke. No indoor facility.

That half empty stadium shur is purdy though.

[oupride]

THAT'S NOT TRUE!!! (http://www.youtube.com/watch?v=lL6wfQepNvY)

[I Am Right]

after they pay for their stadium they are broke. No indoor facility.

That half empty stadium shur is purdy though.

Maybe Boone State can get a bailout?

[oumartin]

u have noticed his wind energy/natural gas commercials are no longer running

[Boomer Mooner]

It's easier to do stupid **** with your money when you have a buttload of oil at $140/bbl. Booger Pickens said it was going to $200 too, and technically he's right, but I think he meant it would be going to $200/bbl in the near future.

Oils at $40/bbl now. Looks like even Booger has to cut back.

[jkm, the stolen pifwafwi]

u have noticed his wind energy/natural gas commercials are no longer running

honestly, i'm shocked he's not going to prison over those commercials. he was betting huge on oil going down when his commercials were airing (similar to the old fax scam his son went to prison over). when oil kept going up he panicked and then bet on oil to go up at 140.

[Blitzkrieg]

foreclOSUre state? Shirley you jest.

[Jacie]

Sooner fans can laugh now but essentially the same thing happened to OUr university back in the early 80's, remember?

Oil man Bill Saxon and his wife, Wylodean, donated $10,000,000 to OU. A big splash was made of it, the largest individual donation to the school and such. Bill and Wylodean were the toast of the town.

Actually, what they donated was stock in Saxon Oil Company that at the time was worth 10 million. Saxon Oil was riding high on the run up in the price of natural gas, which had gone from the prevailing price of $1/mcf to over $10/mcf.

All at once, companies were coming out of the woodwork drilling for natural gas. Reserves increased at the same time that consumption was going down (due to the 1000% increase in price for anyone who bought on the spot market or didn't have a long-term contract). Predictably, the market crashed and so did the price of Saxon Oil stock. OU's huge gift was worth a whole lot less. OU president (Dollar) Bill Banowsky resigned not long after this.

Another effect of plummeting natural gas prices was the collapse of Penn Square Bank, which had loaned a ton of money based on the inflated price of gas reserves. Since PSB had sold a lot of those loans to other banks there was a ripple effect that was felt on Wall Street on a smaller scale than the current fiscal crisis.

It certainly wasn't the first and sadly not the last time a sudden increase in oil and/or natural gas was followed by a rapid decline and markets in disarray from the associated fallout.

[bri]

Yeah, but it's funnier when it happens to Uncle Grandpa and aggy.

[Piware]

after they pay for their stadium they are broke. No indoor facility.

That half empty stadium shur is purdy though.

Most seats have never been sat in by human butts.

[Flagstaffsooner]

http://www.saysomethingimportant.com/images/hooker-will-work-for-food.jpg

[KingBarry]

To any of you financiers-in-the-know, does Boone's "hedge fund" set up anything like Madoff's "hedge fund"?

Boone seems little better than a snake oil salesman to me, so I'm not going to be shocked if his investors all go broke and he goes to the POKEy.

Or maybe that's just wishful thinking.

I saw him interviewed on some TV show about a month ago, and the reporter said something like "With oil prices falling..", and Boone cut him off "It'll go back up again! It will! OPEC is meeting to cut production, and it'll go back up again!"

The sound of desperation in his voice, and the sight of sweat on his brow, warmed my heart.

[Blitzkrieg]

We of that age all remember Penn Square Bank, Friendly bank, etc, and that is why it is funnier when it happenes again to aggie now. Most Okies learned some hard lessons in the 80s, my family was one of them. That situation should not happen again. No donations that are not cash should be accepted. The funny part is the monster fee Pickens is making off his alma mater the whole time.

[DarrellZero]

No donations that are not cash should be accepted.

Hey, accept them all you want. Just don't treat 'em like cash and you'll be fine.

Although we all have obvious reasons to hate Boone, I have to say that I never bought his philanthropy angle in the first place. This a-hole ruined a lot of honest people's lives back in the 80s by raiding pension funds.

OSU deserves to wake up with fleas by virtue of lying down with this dog. Hell, forget lying down, they copulated with him.

[SoonerMom2]

u have noticed his wind energy/natural gas commercials are no longer running

That made my day! I hated those dumb commercials. Took out expensive leases in W. Texas banking on wind power and oil tanked. How dumb was Okie State to put the money Boone donated back in his hedge fund which went broke?

[BudSooner]

I hear thats inakkrit, they will have an indoor practice facility.

http://images.lowes.com/product/026862/026862101242.jpg

[fossil]

Sooner fans can laugh now but essentially the same thing happened to OUr university back in the early 80's, remember?

Oil man Bill Saxon and his wife, Wylodean, donated $10,000,000 to OU. A big splash was made of it, the largest individual donation to the school and such. Bill and Wylodean were the toast of the town.

Actually, what they donated was stock in Saxon Oil Company that at the time was worth 10 million. Saxon Oil was riding high on the run up in the price of natural gas, which had gone from the prevailing price of $1/mcf to over $10/mcf.

All at once, companies were coming out of the woodwork drilling for natural gas. Reserves increased at the same time that consumption was going down (due to the 1000% increase in price for anyone who bought on the spot market or didn't have a long-term contract). Predictably, the market crashed and so did the price of Saxon Oil stock. OU's huge gift was worth a whole lot less. OU president (Dollar) Bill Banowsky resigned not long after this.

Another effect of plummeting natural gas prices was the collapse of Penn Square Bank, which had loaned a ton of money based on the inflated price of gas reserves. Since PSB had sold a lot of those loans to other banks there was a ripple effect that was felt on Wall Street on a smaller scale than the current fiscal crisis.

It certainly wasn't the first and sadly not the last time a sudden increase in oil and/or natural gas was followed by a rapid decline and markets in disarray from the associated fallout.

:confused: Dang Jacie, you is one smart dude. I don't understand what any of this means.

[stoopified]

:confused: Dang Jacie, you is one smart dude. I don't understand what any of this means. :)

[Boomer Mooner]

:confused: Dang Jacie, you is one smart dude. I don't understand what any of this means.

My take is this oil field bust has a silver (and orange) lining.

[I Am Right]

So, aggieville, is out of money. Has anyone been to the new Booneville stadium? just a glorified outhouse.

[StoopTroup]

You naysayers....

Their ship is about to sail. :D

http://www.runnerduck.com/images/kc_pinwheel.jpg

[bri]

That's what happens when you put all your money in THE WORLD'S MOST DANGEROUS HEDGE FUND.

Pistols firing.

[oumartin]

that pistols firing makes me wanna poke my eyes out.. Hunziker sucks

[oudivesherpa]

Let's see if the Aggies are forced into Chapter 13--The Accounting would go like this:

Assets: Net $ Valuation
1/2 Full Boone Pickens Field: $0
40 yr old coach-who's a Man! $0

Liabilities:

Being AGGIES! DEEP $HITKIE$

[Skysooner]

Actually Penn Square Bank was committing fraud in its lending. Natural gas prices reducing just sped up the fall. Their main lender at the time was loaning capital to oil and natural gas companies with no basis in reality (their reserves weren't there). They were then selling these loans to several banks in Chicago, Seattle and Michigan. All of these banks ultimately failed, because they had so many bad loans on the books. Kind of like what is happening today with real estate.

[RedstickSooner]

I thought it was rather bizarre when Nose Pickens appeared on the Daily Show. I thought it was even weirder when Jon, who usually does his research, didn't ask the dude ONCE whether he stood to personally benefit if natural gas usage (and price) soared.

Very odd.

[bluedogok]

Boone only does things that makes himself money.......

[bri]

What really hurts aggy is that their second-biggest donor is an exiled Nigerian prince.

[SanJoaquinSooner]

actually Saxon's pledge was 30 million. An article from NYT:

By ALBIN KREBS AND ROBERT MCG. THOMAS
Published: October 8, 1981
Bill Saxon has apparently done pretty well for himself since he graduated from the University of Oklahoma in 1951. Mr. Saxon, the president of the Dallas-based Saxon Oil Company, has just given $30 million to help build a new energy center and endow energy programs at the university's campus in Norman.

According to the university's president, William Banowsky, it is the largest gift ever made to the school and has inspired an outpouring of other donations, including several in the $1 million range.

That's just what Mr. Saxon and Mr. Banowsky had in mind. The university has a fund-raising goal of $103 million and needs every million-dollar donation it can get.