, Salem, MA

November 15, 2012

Letter: Little Neck sale upholds intent of trust

The Salem News

---- — To the editor:

It is unfortunate that a group of Ipswich citizens decided to throw stones and cast misdirected blame when they finally realized that their legal challenge to a settlement between the Little Neck Feoffees and Ipswich schools had no merit (“Little Neck sale opponents stop appeal,” Nov. 8).

This ends a costly battle that delayed much-needed funding for the local schools. The court-approved settlement will ensure that the Ipswich schools now have a stream of revenue for years to come as always intended. Our office, and three different courts, all agreed that the primary goal of the trust was to benefit the Ipswich schools, something that had not occurred for years.

The approved agreement allows for the sale of the Little Neck land to the tenants to set up an investment fund, while overhauling the selection and duties of the trustees to create transparency of the fund’s management and use. This is why the School Committee reached the settlement with the Feoffees and why the attorney general assented.

Mary Beckman

Chief, Nonprofit Organizations/Public Charities Division

Office of Massachusetts Attorney General Martha Coakley