Students who are suing the school themselves might be able to file suit in federal court under "diversity of citizenship" jurisdiction. This case involves assets being transferred between several states, students from several states, and even a potential defendant from another country. Having the federal courts involved will make it harder for people to hide assets in other states. I'm not sure if the $75,000 damage minimum limit impose by the federal courts will mean that a student cannot sue by themselves (since each student's damages will be less than $75k) - but perhaps a class action lawsuit might work. Anyway, ALWAYS seek legal counsel for advice, opinions, and options.
In regards to College President's Salary:
Top TOTAL Compensation for Doctoral/Research Universities (2001-2002)
Shirley Ann Jackson, Rensselaer Polytechnic Institute $891,400
Gordon Gee, Vanderbilt U. $852,023
Judith Rodin, U. of Pennsylvania $845,474
Arnold J. Levine, Rockefeller U. $844,600
William R. Brody, Johns Hopkins U. $772,276
Michael R. Ferrari, Texas Christian U. $667,901
Steven B. Sample, U. of Southern California5 $656,420
Jon Westling, Boston U. $656,098
Richard C. Levin, Yale U. $654,452
Constantine N. Papadakis, Drexel U.6 $650,886
Private College Present's Mean Compensation, 2001
$385,631
Source for above numbers:
http://chronicle.com/free/v50/i12/12s00101.htm
Keep in mind these college presidents run HUGE universities with many schools, programs, and have to deal with alumni, numerous faculties in many dept/schools, land issues, etc. Compare all these things to HICP(tm).