Newark, NJ – IDT Corp. has accused Touro University, the nation’s largest Jewish university, of failing to pay the Newark-based telecommunications company $38 million from the sale of a joint venture.
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A suit filed by IDT in U.S. District Court in Newark claims the company is owed 20 percent of the $190 million the university’s parent received in the sale of its Internet-based venture, TUI, in October.
The suit, claims IDT helped put an online venture together for Touro College, the university’s parent company, at the suggestion of founder Bernard Lander.
Howard Jonas, the telecom company’s founder, agreed, in return for 20 percent of the venture, and Lander accepted the deal, the suit says.
Yet Touro College has refused to pay IDT any proceeds from the sale, the suit says.
The suit accuses Touro College, Touro University, TUI and Summit Partners of breach of contract and demands that Summit pay IDT 20 percent of the amount Summit paid for TUI. [northjersey]
Have a little rachmanus on poor Howard. IDT hasn’t made a dime in a long time and they have been buying businesses they don’t understand and then wonder why they are losing money.
Perhaps Howard would be better off letting Touro run his businesses and send his CPAs and MBAs back to the Touro School of Business! They seem to know more about making money than he does. The fancy degrees they have don’t seem to be working.
somethings to think about in “public” opinion here…
IDT is a public corporation who’s main shareholder might be Jonas.
Touro is not as “jewish” as one would think. Yes there are some jewish divisions but they have campuses all over which do not cater to m’sheluni at all. I doubt the one in harlem has a single m’sheluni! There are other branches too. Dont think what u c in Manhattan (e23 st area), Midwood, or even Kew Garden Hills is all they have to offer.
if idt has written proof
then what’s the problem
looks like they don’t 🙂
IDT is Forsure in the right.
Is summit owned by Touro? If so then bais din is the halachic way.If not – let IDT sue summit in Federal Court and Touro in Bais Din!
I doubt summit knows ahat a Bes Din is, they are the ones being asked to pay.
Bais Din is not good enough????
rich people fighting over money
A battle of the Titans