Daytona State College Seeking Professional Debt Mediation
Wednesday, August, 31, 2011
Professional debt mediation is currently being sought by the board of Daytona State College in Florida. At issue is almost $1.5 million lost putting on last year's American Music Festival, an event that usually takes place on Labor Day weekend.
The board debated for about 90 minutes before reaching the unanimous conclusion that mediation attorneys specializing in debt mediation could help show them a way out of the impasse. Other issues explored and discarded included the option to file lawsuits against certain individuals.
Mediation was felt to be a superior alternative, in part because it is a non-adversarial process and the college would like to maintain good relationships with the parties involved. Another issue in favor of mediation was the estimate by Nathan Adams, outside counsel for Daytona State, that a lawsuit could take as long as two years. With mediation, the college may be able to recover funds on a much faster schedule.
Professional Debt Mediation to Involve Community Cultural Foundation
The music festival was organized by the Community Cultural Foundation, a non-profit institution. The foundation has an insurance policy that provides up to $1 million in coverage, that attorneys for Daytona State College were quick to point out that there is no guarantee that the full amount of the insurance policy could be recovered to pay back the college for its losses.
The discussions with mediation attorneys could be regarded as a form of civil mediation.