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USM Forum -- Message Board -> AAUP-USM MESSAGE BOARD -> SH, 4/23/10: USM firm sues over purchase of $860K in stock
Post Info TOPIC: SH, 4/23/10: USM firm sues over purchase of $860K in stock
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SH, 4/23/10: USM firm sues over purchase of $860K in stock
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A company owned by the USM Research Foundation filed suit Thursday against its former manager and his wife, saying the couple was "unjustly enriched" when the company purchased stock in a business the couple owned.

Pinion Properties is a business owned by the University of Southern Mississippi Research Foundation. The foundation hired Richard Hadden, who also worked for USM, to manage Pinion. His wife, Helene Hadden, also worked for the university.

According to the lawsuit, Richard and Helene Hadden created the Saone Corp. in May 2008, and each owned half the business. That same month Pinion bought 245,000 shares of Saone stock for $860,000....

http://www.sunherald.com/2010/04/22/2123466/usm-firm-sues-over-purchase-of.html


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Obviousman


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Interesting that Hadden is still listed as an employee

http://www.usm.edu/research/staff.html


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Concerned


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Not any more.

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Pearl


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What did Hadden do on GP campus for 150K per year????

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Concerned


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Or his wife for her salary?  Since they are both MDs, what research were they performing?

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Just Coasting


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If USM owns the building where the classes after Katrina were (and still are) taught, why did it have to rent the space from Pinion (Hallmark, what ever)?  USM pays a USM Research Foundation company rent? Right now all of that smells as bad as the oil spill.

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