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CRS chair moves to approve settlement with Blackstone; motions pass
Summary
After extensive discussion and consultation with counsel, the CRS chair asked the board to approve a settlement with Blackstone Alternative Asset Management and affiliated entities and to authorize any required litigation and signature authority; the board approved both related motions by voice vote.
The CRS chair asked the board to approve a settlement with Blackstone Alternative Asset Management and affiliated entities and to authorize the filing of any litigation required by the settlement, as well as to empower the CRS chair to sign all settlement documents on behalf of the board. The chair said this followed "extensive board discussion and in consultation with legal counsel" before asking for the motion.
A board member said, "I'll make a motion," which the chair recorded as a motion by Mike and noted a second; the chair then called for a voice vote and announced, "Ayes have it," approving the settlement and the authorizations described. The chair then asked for and received a separate motion to approve the settlement on behalf of the board's officers and trustees, a motion recorded as being made by Bill and seconded by Dr. Hackford; that motion also carried on a voice vote.
The motions authorized both the settlement itself and "the filing of any litigation required by the settlement" and authorized the CRS chair to sign all settlement documents on behalf of the board, per the language the chair read when introducing the motion. The chair thanked legal counsel and "Ryan and his staff" for their work in resolving the matter and said the business of the meeting was concluded.
