November 23, 2006

Donor Withdraws $20-Million Pledge to a Florida University

By Anne W. Howard

After Florida International University this month turned down a trustee's request to stretch out payments on a $20-million pledge so he could save money on taxes, the trustee withdrew the pledge and stepped off the board, saying the university's president had insulted him.

Herbert A. Wertheim, chief executive officer of Brain Power, a manufacturer of optical chemicals and instruments in Miami, made the pledge last year. The state of Florida had promised to match it, providing the

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