One other aspect in a lawsuit would be about property. The students claim that there is recorded music and other assets still locked in the studios that belong to the students because they used listener donations to buy them. However, they used the university signal to appeal for donations. The recordings were stored on university property. The new antenna was paid for with donations, but installed on the university tower. The issue isn't about who paid for it. It's about who owns it. Whose name is on the receipt? Just because listener donations paid for something doesn't mean they own it. If you're a student and you create something as part of your education while using their facilities, the university has rights to that creation. If the students used "WCSB" as the name of their organization, that name is licensed and owned by the university, not the students. Unless they created their own non-profit, it's all retained by the university.
Even if the students can prove ownership of certain property, all it gets them is either return of that property, or reimbursement for the expense. It doesn't mean the university has to bring back the student station.