Request for Direct Appellate Review to the Supreme Judicial Court

At the links below you will find the interveners formal request to the Supreme Judicial Court to hear all the appeals that had been consolidated earlier.  We expect to hear the court’s decision on whether they will take the case in a matter of weeks.  Also included are two supportive letters from prominent individuals in the field of charitable trust law and donor intent.

Appeals – Interveners – 120828 – Request for DAR

Appeals – Interveners – 120828 – Amicus Letter Chester

Appeals – Interveners – 120828 – Amicus Letter Fransen

Ipswich’s Little Neck sold for $31.4M

Salem News article.

There are a couple of questionable statements in the very first paragraph.  First is the notion that the selling price was $31.4M.  Actually, $2.4M of that was back rent which was not compensation for the land and which is not required to be considered part of the corpus of the Trust.  Second is this persistent notion in the media that the controversy has “divided the town”.  A Town Meeting vote of 500-89 to oppose the sale is not exactly indicative of a wide gulf in public opinion.

It is also not true that $40.6M is the assessed value.  $40.5M is the value of the land if kept as a rentable asset according to an average of the four appraisals that were done.  The Trust also had about $6M in debt, leaving it with net assets of about $34.5M on August 8th.  So given that the value of the corpus of the Trust is now about $22.5M, that means that the Trust assets took a $12M haircut on August 9th, or a little more than 1/3 of its value.

So if anyone doubts whether the effort and expense we are putting in is “worth it”, we would say that recovering that $12M, not to mention recovering the landowner’s legal right to control seasonal use, should be understood to be very good incentives.

Little Neck Sale Proceeds

On this day, an astounding 686 deeds (master deed, unit deeds, mortgages, etc.) were recorded at the Southern Essex Registry of Deeds (although there do appear to be a lot of duplicate records).  Shame to waste all that paper and money on a transaction that will have to be undone.  If you want to have a look at the full list, go here and search for “Feoffees” in the Last Name field.  You might want to increase the number of records per page to make it easier to scan through.  The most interesting single deed is likely the Master Deed, so I include that below for easier reference.

Sale – 120809 – Master Deed