NAME IT, OR DON'T CLAIM IT!: The Vagaries of Giving and Receiving

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a 1978 graduate of Georgetown University Law Center who encountered some legal problems after graduation is suing the school to recover $7.5 million in donations, claiming the school reneged on his naming rights.

Law school graduate and businessman Scott Ginsburg alleges he is entitled to a refund of $7.5 million because Georgetown University law center officials reneged on a deal to name a Georgetown Law School fitness center after him.

In other words, Ginsburg wants the school to either name the center after him, or don't claim the $7.5 million!

Ginsburg made an initial $5 million donation in March 2000 in exchange for naming rights, and contributed an additional $2.5 million in the years that followed, according to the federal suit, filed Monday in Dallas, Texas.

Ginsburg contends he had received assurances before entering into the agreement that a pending civil action by the Securities and Exchange Commission would not be a problem. Ginsburg lost the insider trading case at trial, a judge vacated the judgment, and a federal appeals court reversed in 2004, reinstating a $1 million civil penalty against him.

The school’s dean had asked Ginsburg in 2002 to relinquish his naming rights, but he refused, the suit says. After his refusal, Georgetown officials continued to travel to Texas to solicit donations from Ginsburg and represented that the agreement for naming rights would be honored, according to complaint.

“In reliance on Georgetown’s false representations and manipulation,” the suit says, “Ginsburg donated a total of at least $7.5 million to Georgetown.”

Any statute of limitations period has been tolled, the suit adds, “because Georgetown fraudulently concealed its true intentions.”

[for more information see, www.abajournal.com/news/article/ Law School Donor Wants His $7.5 M Back; Suit Claims Georgetown Reneged On Naming Rights"; Dallas News, 3-5-2013/thescoopblog.dollasnews.com/03-05-2013/ "Scott K. Ginsburg, Renowned Seller of Exotic Cars, Sues Georgetown University To Retrieve $7.5 Million In Donations"; taxprof.typepad.com/taxprof_blog/03-06-2013/ "Alum Sues For Return of $7.5 Million Donation..."]

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