re: He's baaaaack! Oh wait - he never left

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If potential NCAA violations are occurring knowingly at his business after a C&D? It would be a financial threat for sure.

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Again, the C&D didn't carry the threat of legal action. It carried the threat of disassociation; a threat that was carried out.

Arguing that it is a financial threat to the school is a really tough sell. The school does not have exclusive rights to sell their trademarked merchandise.