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Andrew HeiskellAndrew Heiskell
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Session:         Page of 824

drive, I guess. The drive ended up at 307 million.

Q:

How did you end up with--just curiosity--the seven million? [laughs]

Heiskell:

When they came up with the 300 million figure, we then went through all the needs assessment thing and tried to fit that into 300 million, i.e. throwing out a lot of things. We got it down to 300 and then I forget what, there was something else that required seven. As a matter fact I think the seven million that we hadn't put in to the needs assessment 300 million figure was the cost of the drive. I think that's really where the seven comes from.

So, how do you get 300 million? We went to the board and said, “This is what we recommend. However, it will only occur if the board puts up a sizable amount of money of its own.” Now you're getting on very very dangerous ground! “What do you mean by sizable?” I said, “Forty-five million.” Well, at that point there were about thirty-five or thirty-six trustees, and six or eight of them were academics who didn't have any wherewithall, but the board voted that it should put up the forty-five million itself before we would go public. That doesn't mean before we asked anybody else but before going really public.

The whole trick on this kind of a drive is to set the right level because it's that first big gift that determines what everybody else is going to give, pretty much. It really does. It's extraordinary to what degree it does.



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