The Feoffees of the Grammar School filed the attached motion in Essex Probate Court on June 26, 2012 and it is currently scheduled for a hearing on Tuesday, July 3 at 2 p.m. The Agreement for Judgment approved by the Ipswich School Committee and Attorney General (and now being appealed by citizen interveners) provides that the existing Feoffees would be replaced by a new publicly-appointed board of Feoffees upon the filing of a master deed that converts Little Neck to a condominium. After the master deed is recorded the New Feoffees would then be responsible for managing condo unit sales, mortgage financing and leases with existing cottage owners at Little Neck in accordance with the settlement.
The settlement terms approved by the probate court require the New Feoffees to schedule and conduct individual condo unit closings “in a diligent and expeditious manner” once the master deed is recorded. The proposed motion would authorize condo sales to take place “immediately” after recording of the master deed, even though a transfer of control from the old to the new Feoffees would still seem to be required between these two events. It is not yet clear how this legal maneuver would affect the role of the New Feoffees, who have been actively preparing to assume their responsibilities under the existing settlement agreement and have already shown a strong interest in fulfilling their fiduciary duty to protect the integrity of the Little Neck trust and maximize its value to the Ipswich schools.