Two years ago, a University of Pittsburgh trustee asked Pitt's Chancellor Edward Harold Litchfield: "Edward, don't you have enough balls up in the air now?" Replied Litchfield, who was running a $100 million drive to upgrade Pitt, promoting a $250 million redevelopment of the school's Oakland neighborhood, serving as chairman of S.C.M. Corp. (formerly Smith Corona Mar-chant), and heading Studebaker Corp.'s Executive Committee: "Maybe I dobut don't call me down on it till I drop one." By last week it was clear that Litchfield had finally fumbled a big one: Pitt.
This July, Pitt faces its fifth successive operating deficit, for...
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