This is apparently the most recent version of the Trust Administration Order, the document that would control the operation of the Feoffees going forward if the Probate Court Judgment is upheld.

Probate – SC – 120323 – Trust Administration Order

It makes clearer (in 5c & d) that the $2.4M in back rent will not be considered part of the Trust assets for purposes of defining what used to be called the “Historical Value” and is now called the “Principal” of the Trust.  Put another way, as far as future generations are concerned, this is the same deal that the School Committee turned down in October of 2010.  Future income can therefore be fairly calculated on the same net of approximately $22M that we have used in our financial analysis all along, and that was used by the School Committee in this part of their Summary Judgment Opposition to calculate an annual return of $110,000.  We believe this was overly pessimistic and that the number will likely be more like $350,000, but in any case there is no reason to believe that the income will be sufficient to offset the additional costs of a year-round Little Neck, let alone fund any “enhancements” to the schools.