Among the most prominent voices calling for University of Pennsylvania President Liz Magill's ouster was Ross Stevens, a major donor who threatened to rescind stock, costing the university $100 million if she didn't step down.
The CEO of Stone Ridge Holdings sent a letter on December 7 to Penn, threatening to take steps that would cost the Ivy League school approximately $100 million if Magill stayed on as president.
Stevens, a Penn alum, argued he had clear grounds to rescind $100 million worth of shares in his company that are currently held by Penn. He specifically cited Magill’s disastrous testimony before Congress on December 5.
“Absent a change in leadership and values at Penn in the very near future, I plan to rescind Penn’s Stone Ridge shares to help prevent any further reputational and other damage to Stone Ridge as a result of our relationship with Penn and Liz Magill,” Stevens said in a note to his employees.
Lawyers at Davis Polk, representing Stone Ridge, wrote a letter to Penn that cited an agreement between the school and the firm. That agreement, according to Stone Ridge, gives the firm the ability to retire the shares for cause, including potential damage to Stone Ridge’s “reputation, character, or standing.”
