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Martin Lipton of Wachtell Still Involved with NYU
A group of NYU professors against the expansionist policies of NYU’s president John Sexton have rallied to have their voices heard. As mentioned in the article Faculty Group Demands NYU Wachtell Partner Lipton Quit Board of Trustees. The group asked that Martin Lipton, founding partner of Wachtell, Lipton, Rosen & Katz leave his post as chairman of NYU’s board of trustees. Close friend and long time partner and supporter of President John Sexton, Martin Lipton served NYU for many years. He comments that he the University does good for the world and acts beneficially. He notes that many years of his life were spent serving the institution that he loves so much, but at the end of the day, he did resign from his post, according to the American Lawyer.
Proposals were announced this Wednesday while a committee of NYU’s board of trustees described plans that are designed to give faculty more leverage and input in university decisions. The program which gave no interest loans and low interest loans to top administrators and star professors, which allowed them to buy second homes will be cut. No interest loans for a second home seem to have been a wonderful perk. John Sexton, the 70 year old president of the University will also not renew his contract in 2016, and he has sworn to allow faculty and students choose to pick his successor.
Lipton “brushed off” FASP, the faculty group that worked to see him removed from his position. He mentioned that the group called ‘Faculty Against the Sexton Plan’ wrote a letter saying that he should leave. The letter also said that NYU’s worldwide expansion was to be financed by saddling the students with more debt and underpaying faculty, cutting tenure and benefits packages, and using graduate students and interns to subsidize costs. Lipton clarified that the letter did not represent the faculty. He specifies that the letter is a tiny group of members who are opposed to the building project that the college decided to take. Out of 4500 faculty members, he explained, 10 percent or so of them voted ‘no confidence’ while the majority of faculty “expressed full confidence, refused to hold a no-confidence vote, or didn’t participate.”
82 year old Martin Lipton hasn’t spoken to FASP and commented that nothing in the letter really deserved a response. Known for his legendary M&A work, Lipton will carry on as NYU board of trustees chairman until his term expires in 2015. He has held the position since 1998; afterwards he will become a regular board member.