Actually, a couple things to note:
#1 Ergun had a contract. The ethics clause that I am sure that it contained, almost certainly contained wording about discretionary investigations, in cases of alleged wrong doing. They could not just go "You are fired, you liar!" and kick him out.
#2 Liberty insiders are saying that nearly half of the board wanted to get rid of him immediately, when the news broke last year, but the larger percentage held their ground. However, Ergun's refusal to repent and issue a public apology forced their hand. Ergun was quietly told to find a new place of employment. (edit: I wanted to note that this is the info posted on several blogs, and being put out by certain people with Liberty, but is no way an "official" statement by Liberty. That is all.).
#3 The new place that Ergun is moving, is not SBC. So Ergun is not only leaving Liberty (which is an SBC college), but also the Southern Baptist Convention. This means our cooperative dollars will no longer fund Mr. Fake. Which is a good thing, In my humble opinion