“With regards to the gift and the processing of it … We’ve already decided that it is in our best interest to put that on pause,” Robinson said, according to the Tallahassee Democrat, noting he has reached out to other board members to inform them about the university’s decision.

The donation was initially a surprise announcement at a commencement ceremony in May, where Robinson and several school officials were on stage alongside Gerami and posed with the $237 million check. While the funds would have been beneficial, some board trustee members expressed concern about the donor’s generosity, particularly after he proposed that the school sign a nondisclosure agreement as part of the deal.

Gerami was a key speaker at the ceremony and told an audience of graduates and their families that “the money is in the bank,” per the Tallahassee Democrat. But the outlet reported that instead, there were “14 million shares of stock of intrinsic value“ with a schedule to convert it to cash over 10 years.

Larry Robinson

Get relevant content delivered to you once a week