In this motion, the School Committee is asking the court to compel the Feoffees to file the Master Deed that was, according to the Agreement for Judgment, supposed to be filed by May 1st. The filing of the Master Deed is the trigger for the restructuring of the Feoffees outlined in the Trust Administration Order. A hearing on this motion is currently scheduled for June 1st at 9AM in Salem.
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.
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.
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.
Your tax dollars at work. The School Committee must have some extra money floating around outside of the funds approved by Town Meeting and restricted by the Selectmen. This is a duplication of the Feoffees’ effort, since they have already opposed these motions.
As we have stated to the other members of the Tri-Board, we believe there is no Town Meeting authorization for the School Committee to spend taxpayer funds opposing the privately funded intervention motion; all we are doing is asking the court to allow us to continue the fight that the School Committee prematurely abandoned. We are not asking for the School Committee to support us either; we are just asking them to remain silent, which is the least expensive option for the Town.
This is the proposed settlement agreement reached by the Feoffees and the School Committee in the Probate Court.
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.
These are the depositions of the lifetime Feoffees, their accountant, the Little Neck Legal Action Committee leaders, and appraisers that were taken by the School Committee.