UT Regents Invest in Company With Ties to Perry, Chancellor

AUSTIN, Texas (AP) _ University of Texas System regents have voted a $10 million investment in a private company with close ties to the system’s former chancellor, his son and associates of Gov. Rick Perry.

On Aug. 25, the regents voted unanimously to take a 22.5 percent stake in Austin-based MyEdu Corp. The Austin American-Statesman reports there was little discussion, no debate and no public comment.

Undisclosed was that former UT System Chancellor William Cunningham is a MyEdu investor and son John Cunningham is a co-founder and senior vice president of information architecture.

Company’s chairman and CEO is Michael Crosno, who served on Perry’s re-election finance committee last year.

Regents Chairman Gene Powell and system Chancellor Francisco Cigarroa said they were unaware of Cunningham’s involvement, but they weren’t required to disclose it.

(Copyright 2011 by The Associated Press.  All Rights Reserved.)

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