Rolling Stone Settlement Update

The Rolling Stone saga concluded this past summer with a $1.65 million settlement which will net under $1 million after legal fees and taxes. Although not worth the pain and suffering involved, this settlement amount provides a once in a generation opportunity to invest in the chapter for decades to come. We are thankful to all the alumni involved in this long journey. The settlement did not come easy, but we came together as a brotherhood to reach a successful resolution.

With the settlement funds now held in an account at Alumni Hall, a committee has formed to create a plan for use of the settlement funds. In forming the committee, the chapter and Montalto worked together to create a broad group which includes the chapter’s current leadership – President Aidan O’Connor ’19, Vice President Winston Frick ’19, and Treasurer Van Spina ’19, Montalto board members Ben Warthen ’65 and Todd Sturman ’96, and alumni from the impacted years and beyond – Nick Metzler ’17, Stephen Scipione ’16, Ben Gorman ’16, Brad Solomon ’15, Ryan Caradonna ’15, Tim Mergenthal ’14, Spencer Silverman ’13, Tim Pianta ’13, Ben Hoelscher ’08, and Chaz Felix ’94.

Over the fall, the committee held a number of conference calls which led to the formation of a smaller drafting group who is in the process of producing a plan for review. The committee is taking a long-term orientation with the settlement funds. The group is discussing how, on an annual basis, the chapter can make investments in the house and chapter activities along with charitable giving in the form of scholarships and community donations. Alumni engagement will be front and center as the committee forms its recommendations. In researching the other fraternities on grounds, the committee has realized Phi Kappa Psi has the opportunity to be one of the best-positioned fraternities for years to come. The settlement fund is a silver lining to a painful experience for many of us. The committee plans to make the most of this opportunity and is excited to share our recommendations in 2018 and celebrate together at the VA Alpha 165th anniversary reunion. If you have suggestions or questions, please contact Chaz Felix at 919-800-1082.