Feoffees File Motion to Modify Little Neck Settlement

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.

Probate – Feoffees – 120626 – Motion to Record Condo Documents

Feoffees Motion to Strike Portion of Appeal

In this motion the Feoffees are back asking the Probate Court to deny our appeal of the judgment.  There is a hearing currently scheduled for April 27th at 9AM in Salem.  This latest move seems unlikely to have any impact on the trajectory of our appeal which has still yet to be heard by a higher court.

Probate – Feoffees – 120417 – Motion to Strike Appeal

Ken Swenson’s Question and Loeb Deposition Extract

Unfortunately we have only obtained a section of the deposition of Jeff Loeb taken by the Feoffees.  It includes this quote:

“the concept of a sale is not in the best interest of the Town of Ipswich…I think that changing that community from a summer community …to a year-round condominium complex was not going to be good for the town… from a drain on services standpoint.”

Probate – Feoffees – 111212 – Loeb Deposition

Compare this with his answer (or more accurately non-answer) to Ken Swenson’s question on this topic at the January 5, 2012 School Committee meeting.

Feoffees Opposition to Motion to Stay and Motion to Report

Probate – Feoffees – 120126 – Opposition to Motion to Stay and Motion to Report

There is actually a wealth of interesting information in the document below, including many financial statements for the Feoffees we had never seen before.

Probate – Feoffees – 120126 – Supporting Materials to Opposition

Probate – Feoffees – 120126 – Motion to Strike Affidavits 2

Agreement for Judgment

This is the proposed settlement agreement reached by the Feoffees and the School Committee in the Probate Court.

Probate – Feoffees – 111220 – Agreement for Judgment

It would:

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.

 

Excluded or Not Allowed Exhibits

This is the last category of trial exhibits; those which the Feoffees were not allowed to enter into evidence, decided not to, or did not get to before the trial ended.

126 – Ipswich Town Charter

127 – Ipswich Town By-laws

141 – March 29, 2007 School Committee minutes as revised April 26, 2007

142 – August 16, 2007 email from R. Korb to S. Smith et. al

151 – December 4, 2008 School Committee minutes

152 – December 2008 Press Release

153 – December 9, 2008 FinCom-BOS-SC minutes

158 – September 10, 2009 email from Fay to Loeb

159 – October 15, 2009 email from Fay to Loeb

161 – November 19, 2009 School Committee minutes

164 – December 2, 2010 School Committee minutes

165 – November 12, 2008 email from Richard Allen to William H. Sheehan III

167 – December 2, 2008 email from William H. Sheehan III to Richard Allen with attachments

169 – December 3, 2008 emails exchanged between Richard Allen and William H. Sheehan III with attachments

170 – December 8, 2008 emails exchanged between William H. Sheehan III, Richard Allen and Tyler Chapman

171 – December 8, 2008 email from William H. Sheehan III to Richard Allen with attachment

172 – December 9, 2008 email from Richard Korb to fincom-at-town.ipswich.ma.us with attachment

175 – January 30, 2009-January 31, 2009 emails exchanged between William H. Sheehan III and Richard Allen with attachment

180 – May 2009 Press Release

183 – Poll of tenants expecting to use seller financing

185 – January 2010 Press Release

193 – December 5, 2006 Tri-Board minutes

194 – November 10, 2009 emails exchanged between Richard Korb, Richard Allen and Jeffrey Loeb

195 – February 1, 2007 School Committee minutes