It's this part: "Dershem said he was given a speech without the personal gay references and told that if he didn’t deliver that one, he couldn’t speak at all."
The school should only be allowed to censor speeches if they are actively offensive. Talking about homosexuality is not a priori offensive.
The school's denial didn't actually explain why one minute into the very harmless speech, the principal came in, turned off the mic, grabbed the speech from him and scrunched it up.
The idea that if you vary from your set speech (without saying something offensive), that this is instant grounds for turning your mic off and destroying your speech, is just ridiculous.
The principal is clearly the sort of person who finds any mention of homosexuality offensive. You know it, and I know it. You're simply arguing that he's within his rights to suppress any mention of "teh gay". I disagree.