POLYTECH VOTE | Trustees: Chair, Sexton can sign merger
Jane C. Timm
Issue date: 2/28/08 Section: University
NYU's Board of Trustees voted on Tuesday to authorize President John Sexton and Board Chairman Martin Lipton to sign a merger agreement with Polytechnic University.
"NYU has not yet approved the merger with Poly," university spokeswoman Kelly Franklin wrote in an e-mail to WSN. "However, the board voted to authorize its chair and president to sign the agreement with Poly, provided that they were satisfied that Poly had appropriately completed its process, and they were satisfied that all due diligence had been completed."
NYU and Polytech merger negotiations faced a set back this month when the Polytechnic Board of Trustees postponed the final vote for 30 days to allow the state to investigate allegations against the legality and ethicality of the vote.
A group of alumni and trustees alleged that some voting members of the board would benefit personally from the deal. Others said that when NYU dissolved its original engineering school in 1973, the university agreed to stay out of engineering, citing a letter from then President James Hester to alumni indicating a prohibitive agreement with the state.
Officials from both schools have denied any conflict of interest and the existence of a prohibitive agreement.
Chairman of the Board Lipton said that it was not unusual for boards to preemptively address a decision and authorize a representative to sign the official agreement later.
"When the Poly board meets in ten days or so, we can go ahead and complete the deal," Lipton said, as long as "all the steps have been completed."
In regards to the delay in the vote, Lipton said that the Board believes in the mutual advantages of the deal.
"It's not a one-way affiliation - it will benefit both schools," he said.
NYU Provost David McLaughlin said that he was optimistic about the deal.
"Things look good for a successful merger; we'll just have to wait and see," he said. "There isn't much to say until the Poly board votes."
McLaughlin said that the merger negotiations would continue over the next few months, and that the agreement would need to be passed by Polytech's Board and then the State before it would be official.
Jane C. Timm is the university editor. E-mail her at jtimm@nyunews.edu. Additional reporting by Ariel Siegel.
"NYU has not yet approved the merger with Poly," university spokeswoman Kelly Franklin wrote in an e-mail to WSN. "However, the board voted to authorize its chair and president to sign the agreement with Poly, provided that they were satisfied that Poly had appropriately completed its process, and they were satisfied that all due diligence had been completed."
NYU and Polytech merger negotiations faced a set back this month when the Polytechnic Board of Trustees postponed the final vote for 30 days to allow the state to investigate allegations against the legality and ethicality of the vote.
A group of alumni and trustees alleged that some voting members of the board would benefit personally from the deal. Others said that when NYU dissolved its original engineering school in 1973, the university agreed to stay out of engineering, citing a letter from then President James Hester to alumni indicating a prohibitive agreement with the state.
Officials from both schools have denied any conflict of interest and the existence of a prohibitive agreement.
Chairman of the Board Lipton said that it was not unusual for boards to preemptively address a decision and authorize a representative to sign the official agreement later.
"When the Poly board meets in ten days or so, we can go ahead and complete the deal," Lipton said, as long as "all the steps have been completed."
In regards to the delay in the vote, Lipton said that the Board believes in the mutual advantages of the deal.
"It's not a one-way affiliation - it will benefit both schools," he said.
NYU Provost David McLaughlin said that he was optimistic about the deal.
"Things look good for a successful merger; we'll just have to wait and see," he said. "There isn't much to say until the Poly board votes."
McLaughlin said that the merger negotiations would continue over the next few months, and that the agreement would need to be passed by Polytech's Board and then the State before it would be official.
Jane C. Timm is the university editor. E-mail her at jtimm@nyunews.edu. Additional reporting by Ariel Siegel.
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