$20-Million Pledge Withdrawn From Florida University

A donor has withdrawn a $20-million pledge to Florida International University, in Miami, after he says he was insulted by the institution’s president, reports The Miami Herald.

Herbert Wertheim, a university trustee who made his fortune in eye care, had made a pledge that would allow the institution to establish a medical school. The loss of the gift means that the university has also lost a state matching gift that would have provided an additional $20-million.

However, the institution says it believes other donors will be willing to provide the $20-million needed for the school.

Mr. Wertheim withdrew the pledge after the president of the university, Modesto Maidique told him that he was getting naming rights for the school “on the cheap” and that the university “could now get $100 million for it,” according to a letter the Mr. Wertheim sent Mr. Maidique on Wednesday.

Mr. Wertheim was also upset when he found out the university almost sent him a letter to terminate the agreement over the $20-million pledge. The letter was drafted but never sent.