Salem News editorial.
Salem News article.
This is the proposed settlement agreement reached by the Feoffees and the School Committee in the Probate Court.
1) Put into effect the settlement agreement of the Superior Court case which the Feoffees signed without consulting the School Committee on December 24th, 2009. In it the Feoffees agree to sell Little Neck to the tenants for $29.15M if certain conditions can be met and get a release of claims for themselves.
2) Require the tenants to pay nearly $3M in back rent for their occupancy since the legal battle started, and allow these payments to be made via a 5-year unsecured note.
3) Grants the town an easement over the portion of Pavilion Beach that would be owned by the tenants.
4) Reorganizes the Feoffees in a similar manner to that of the School Committee counterclaim, with the exception that the 7th member is selected by the Life Feoffees rather than Town Meeting.
5) Grants immunity (release of claims) to the Feoffees.
Ipswich Chronicle article.
This motion was filed at the courtroom on the morning the Agreement for Judgment (settlement) was announced. As was anticipated in the Amicus Brief, it asks the court to allow parent representatives of the beneficiaries to be added as parties to the suit since the School Committee has stopped representing their interests. The parent group would be expanded to 15 members over the next 10 days.