Four days after the Bondi settlement announcement of the 1.5 billion dollar BP settlement, the Gaetz/Destin group of three directors met with the other two directors in Sandestin. Fully two years prior in 2013, Triumph Gulf Coast, Inc. was created by then Senator Don Gaetz in anticipation that substantial sums would be received by the State of Florida and he wanted to control those funds. Very few people during this two year period understood how this was all going to circumvent local control over the settlement funds. These minutes are interesting. UWF staff appear to be involved yet there is no defined role for UWF by statute or otherwise. It all is made to appear very official with grand theatre demonstrated by comments from Senator Gaetz and others. It all sounds like such a great idea. In the end however the five directors of Triumph Gulf Coast are accountable to no one. They are free to award the money with virtually unlimited discretion. Five unelected people parceling out 1.5 billion plus earned interest. No one, no one has any idea how this is going to operate including the board of directors.
The following is the statute that created the Triumph Gulf Coast Corporation in 2013, two years before the Bondi announced settlement.