TO: The University of South Alabama Community

FROM: V. Gordon Moulton

RE: USA Foundation
 

Mr. Jack R. Brunson, Chair Pro Tempore of the University of South Alabama Board of Trustees, has asked me to inform you that he and Mr. Donald Langham, Board Secretary, have filed a lawsuit in Mobile County Circuit Court against the University of South Alabama Foundation, its Managing Director, and Chairman of the Board of Directors. This action was taken in their capacities as ex officio directors of the Foundation, not as Trustees of the University.

In a communication sent earlier today to other Trustees, Mr. Brunson and Mr. Langham expressed their growing concern about being able, under present circumstances, to carry out their fiduciary responsibilities to ensure that the endowment assets of the University are being properly managed and protected.

This matter, obviously, is of great interest to the entire University community, and I will keep you informed.

VGM:pbw