This is the motion and supporting arguments made by the Feoffees essentially asking the court to find that fundamental facts in the case were not in dispute and that the Feoffees should be allowed to either sell or mortgage Little Neck immediately. The filing of this motion – and the concern that the School Committee might not oppose it – were the impetus for the filing of the Amicus Brief. This motion was denied.
These are the pro-forma financials filed for the summary judgment hearing purporting to show the future fiscal performance of the trust under various sale and no-sale alternatives. Note in particular that the sale options do not include any allowance for reinvestment. This artificially inflates the income and means that the value of the Trust would erode and eventually disappear over time. Also note that the estimates only go out five years, and the income of the cash trust is based on a large uptake of high interest rate 5 year loans to tenants; after the initial five years, the trust would revert to a more traditional cash endowment and performance would tumble.
This is the appraisal done for the Feoffees by Landvest.