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PDilemma
07-13-2012, 07:55 PM
I saw a news report with Paterno's entire letter. Call me cynical, but I don't believe FOR ONE SECOND that it was written by him before his death. If it was, why wait until the night before the results of the investigation were revealed. It should have been released way earlier.

To me, it reads like a calculated statement prepared by lawyers to shift any blame away from Paterno and protect his legacy.

It really annoys me that the Paterno's are so focused on protecting Joe's name and are not including any statements about their sorrow for the victims. At least make it look good by including SOMETHING about their thoughts and prayers being with the victims and their families.

Also, if I'm not mistaken, it was revealed that Joe Paterno had put his assets in his wife's name, essentially giving everything to her. The timeline is very suspect because the transfers occurred only a few months before the Sandusky news broke. At that time, JoPa was still the head coach, presumably healthy, and PUBLICLY not being investigated for anything. Why turn over assets? Bottom line is he had to know what was about to come and he was trying to keep somethings (house, etc.) from being taken away from his family. JMHO

One of his sons, the one who spoke for him when the scandal broke is a lawyer. I suspect he authored that letter.

And I believe that the family had rights set up to market Paterno's image and name for profit long before the scandal. I know I read that somewhere but couldn't find it right now. I'm sure they are heavily interested in protecting that income source.

Paterno was not the soft spoken "grandpa"/ old school football coach hero people liked to make him out to be. Here's just one other perspective that doesn't have to do with the Sandusky case:

http://content.usatoday.com/communities/campusrivalry/post/2012/07/former-penn-state-dean-not-surprised-by-freeh-report/1

Tesla
07-13-2012, 08:21 PM
Penn State could pay $100 million in civil damages to Sandusky's victims and lose public funding (http://sports.yahoo.com/news/ncaaf--penn-state-civil-suits-sandusky-victims-cost-joe-paterno-freeh-report.html;_ylt=At_jcVB96OkIfKDaiAIcu985nYcB;_ylu =X3oDMTQ0dWdpZ21kBG1pdANGRUFUVVJFRCBNZWdhdHJvbiBTU E9SVFMgRlAEcGtnA2E4MzNjYmQ5LWQ1NTQtM2ViNi1hY2ViLWJ jMzM2NGQ4ODcyMARwb3MDMQRzZWMDbWVnYXRyb24EdmVyAzUzM DExNTIyLWNkMTYtMTFlMS1hYmNiLTAyZjhkMzA1NTkxNA--;_ylg=X3oDMTFpNzk0NjhtBGludGwDdXMEbGFuZwNlbi11cwRw c3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3)

I hope Penn State pays, and they pay dearly. And I hope the Paternos do not earn money off of JoePa. I hope they fade into obscurity and that Joe Paterno's legacy is forever tarnished. He was no hero and a very poor idol.

gkelly
07-13-2012, 08:44 PM
Also, if I'm not mistaken, it was revealed that Joe Paterno had put his assets in his wife's name, essentially giving everything to her. The timeline is very suspect because the transfers occurred only a few months before the Sandusky news broke. At that time, JoPa was still the head coach, presumably healthy, and PUBLICLY not being investigated for anything. Why turn over assets?

He was in his 80s and had lung cancer? Regardless of the validity of the rest of your speculations, on this one I'd go with the obvious explanation here.

PDilemma
07-13-2012, 08:45 PM
He was in his 80s and had lung cancer? Regardless of the validity of the rest of your speculations, on this one I'd go with the obvious explanation here.

FWIW, he was not diagnosed until after he was fired.

liv
07-13-2012, 08:48 PM
I also hope Penn State pays. It was hidden because of the football and power of that organization. In a regular world, regular scenario, if people had witnessed children being raped, they would've gone directly to the police or even charged into that shower to stop it. Instead, because of who was involved and how much clout they had, the witnesses were in fear for their jobs and everyone who was told tried to cover it up.

I hope they get as much money out of that school and the people involved as they can.

milanessa
07-13-2012, 08:52 PM
He was in his 80s and had lung cancer? Regardless of the validity of the rest of your speculations, on this one I'd go with the obvious explanation here.

Wouldn't his wife inherit everything anyway? Tax free unless the estate is over $5M?

Twizzler
07-13-2012, 09:15 PM
Penn State could pay $100 million in civil damages to Sandusky's victims and lose public funding (http://sports.yahoo.com/news/ncaaf--penn-state-civil-suits-sandusky-victims-cost-joe-paterno-freeh-report.html;_ylt=At_jcVB96OkIfKDaiAIcu985nYcB;_ylu =X3oDMTQ0dWdpZ21kBG1pdANGRUFUVVJFRCBNZWdhdHJvbiBTU E9SVFMgRlAEcGtnA2E4MzNjYmQ5LWQ1NTQtM2ViNi1hY2ViLWJ jMzM2NGQ4ODcyMARwb3MDMQRzZWMDbWVnYXRyb24EdmVyAzUzM DExNTIyLWNkMTYtMTFlMS1hYmNiLTAyZjhkMzA1NTkxNA--;_ylg=X3oDMTFpNzk0NjhtBGludGwDdXMEbGFuZwNlbi11cwRw c3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3)

I hope Penn State pays, and they pay dearly. And I hope the Paternos do not earn money off of JoePa. I hope they fade into obscurity and that Joe Paterno's legacy is forever tarnished. He was no hero and a very poor idol.

^^ This!

Twizzler
07-13-2012, 09:23 PM
He was in his 80s and had lung cancer? Regardless of the validity of the rest of your speculations, on this one I'd go with the obvious explanation here.

Again- presumably healthy at the time of the transfers. I suspect he did it not realizing he was sick, and thinking he was in for a big fight. Maybe I'm wrong, but if something is solely in his wife's name, it wouldn't be able to be touched in a civil suit, right?

Timeline: he put everything in his wife's name, scandal broke publicly a few months later, within a few days he was fired, diagnosed with lung cancer a few weeks after that. Death within 2 months of firing.

attyfan
07-13-2012, 09:33 PM
Again- presumably healthy at the time of the transfers. I suspect he did it not realizing he was sick, and thinking he was in for a big fight. Maybe I'm wrong, but if something is solely in his wife's name, it wouldn't be able to be touched in a civil suit, right?

Timeline: he put everything in his wife's name, scandal broke publicly a few months later, within a few days he was fired, diagnosed with lung cancer a few weeks after that. Death within 2 months of firing.

Depending upon state law, they may well be able to set aside any transfers that were made with the specific intent to defraud creditors. His wife will probably claim that, even though he wasn't formally diagnosed, he still suspected something like cancer -- if the transfer was not intended to defraud creditors, then they can't touch it.

BelleBway
07-13-2012, 09:43 PM
Again- presumably healthy at the time of the transfers. I suspect he did it not realizing he was sick, and thinking he was in for a big fight. Maybe I'm wrong, but if something is solely in his wife's name, it wouldn't be able to be touched in a civil suit, right?

Timeline: he put everything in his wife's name, scandal broke publicly a few months later, within a few days he was fired, diagnosed with lung cancer a few weeks after that. Death within 2 months of firing.

According to this article (http://www.investmentnews.com/article/20111117/FREE/111119919), PA law says the house would not have been subject to creditors even if he had not transferred his share to his wife because the house had been jointly owned.

barbk
07-13-2012, 09:46 PM
Wouldn't his wife inherit everything anyway? Tax free unless the estate is over $5M?


Not a lawyer or an accountant...but three of the six homes in our HOA are owned only by one of the couple; two of them (who are clearly very well off) mentioned that it was for estate planning purposes.

Jayar
07-13-2012, 10:11 PM
I hope Penn State pays, and they pay dearly. And I hope the Paternos do not earn money off of JoePa. I hope they fade into obscurity and that Joe Paterno's legacy is forever tarnished. He was no hero and a very poor idol.

The football team, yes. But not the university. This is the MAIN university for so many who live in that area which has ALWAYS struggle in terms of education and economy. The people who live there-- of which I am part-- deserve to have a quality educational institution in their backyard.

milanessa
07-13-2012, 10:49 PM
Not a lawyer or an accountant...but three of the six homes in our HOA are owned only by one of the couple; two of them (who are clearly very well off) mentioned that it was for estate planning purposes.

And there could be many reasons for that. Blended families, disinherited children, very large estates, etc. I was only responding to gkelly's post. If he thought he might be sued because he thought he was culpable then transferring the assets would be a financially sound choice; if his conscience was completely clear then there would not be a likely reason for the transfer of assets.

Twizzler
07-14-2012, 12:08 AM
And there could be many reasons for that. Blended families, disinherited children, very large estates, etc. I was only responding to gkelly's post. If he thought he might be sued because he thought he was culpable then transferring the assets would be a financially sound choice; if his conscience was completely clear then there would not be a likely reason for the transfer of assets.

That was exactly my point- you just phrased it much better. Thank you!

Lacey
07-14-2012, 12:32 AM
I would be very glad if the university takes a bath on this, however I am sure that they might have some kind of insurance which covers just this type of occurrence.

I will hold my breath on the president, and two VPs seeing some kind of punishment.