Jim Donnan Ponzi Scheme Case: Day 3

((HT: AJC/Towers))

Is Jim Donnan in charge of one of the biggest Ponzi schemes around or is he just a guy used by others to bring in the cash for the scheme to work...???

That's the question being debated in an Athens, Georgia courtroom...

Back in the mid-2000's, Donnan was introduced to a guy by the name of Greg Crabtree. Crabtree and Donnan got together, in some capacity-depending on which side you believe- and brought in some heavyweight investors for projects under the GLC Limited umbrella- mostly flipping surplus merchandise and food.

GLC brought in more than $80 million from folks as famous as Frank Beamer and Billy Gillispie, and investors claim the losses were over $20-million. A lot of investors lost their investment principal up to seven figures in losses.

Here's work from the Southern Free Press with Joyce Oscar in 2011 discussing the case with some alleged victims


Crabtree maintains Donnan knew what was going on with the scheme- something Donnan, obviously, denies.

Chip Towers presence at the trial is a required read...

DEVELOPING: Gillispie Out In Lubbock

A person familiar with the "situation" says that Texas Tech basketball coach Billy Gillispie has resigned.

More when we know more...
Okay... we know more...

But we figure the out from AD Kirby Hocutt has to with "health" issues...and it did...

So, that means...
2004–2007 Texas A&M
2007–2009 Kentucky
2011-2012 Texas Tech

"Billy has decided to focus on his health and we wish him a full recovery," Hocutt said. "We are proud of the young men that he has brought to this campus. Billy's decision allows him to concentrate on his well-being and allows us to turn our attention to preparations for the upcoming season."

Chris Walker, associate head coach, will continue to handle day-to-day operations of the men's basketball program until an interim head coach for the 2012-13 season has been identified.

Here's some of Billy Clyde's Greatest Hits... ((HT: WLEX-TV)) And this... ((HT: ESPN))

So, who's next...??? That's the interesting question...

Billy Clyde Heading To Mayo For Treatment

((HT: KCBD-TV Lubbock))

It's the next step in the eventual egress of Billy Gillispie from Lubbock...
At least, that's what the HQ thinks anyway...

The current men's basketball coach at Texas Tech is heading to the Mayo Clinic for treatment of his stress and high blood pressure...

Here's the local look...
KCBD NewsChannel 11 Lubbock

An ambulance was called to the Gillispie house Monday night- which moved up the whole timetable...

He is on indefinite sick leave and his future is yet to be decided... all this on the heels of the story that players either have left the school or won't play for Billy Clyde if he returns to campus.

There are allegations of player abuse on campus and Tech AD Kirby Hocutt won't decide on Gillispie until he has completed an on-campus investigation.

The HQ still thinks BCG is on a short-term deal...