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
This is the final version of the Trust Administration Order, the document that would control the operation of the Feoffees going forward, as agreed to by the School Committee, Feoffees and the AG.
Probate – SC – 120503 – Final Trust Administration Order
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
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.
Here the Feoffees complain about all of the interveners affidavits.
Probate – Feoffees – 120125 – Motion to Strike Affidavits
This is the proposed settlement agreement reached by the Feoffees and the School Committee in the Probate Court.
Probate – Feoffees – 111220 – Agreement for Judgment
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.