This is a very important step, and definitely the morale booster that so many of us alums and students need!
The Supreme Court of Virginia informed us a few moments ago that:
1) They have denied Randolph College's appeal to have the temporary
2) They have granted our appeal to lower the injunction surety bond
amount (it is now $1 million instead of $10 million)
3) The temporary injunction preventing the sale of these four paintings
will be "good" from November 10, 2007 for six months - however, the
injunction will dissolve if the surety bond is not paid by the end of
December 3, 2007
Given that the two Christie's auctions are Nov 19 and Nov 29 while the
injunction is clearly in effect, we can assume that the paintings will not
be sold at these auctions. We will (of course) ask Christie's to confirm
that the paintings have been withdrawn from the auctions and will let you
know when we have received that assurance.
We are working on a PEC update that will be issued later today as well as a
press release. -- Anne Y. (PEC)
And here is the email John Klein sent out to the community:
Dear Campus Community:
This morning the Virginia Supreme Court issued a temporary injunction enjoining the College from selling the Bellows, Hicks, Tamayo, and Hicks paintings for six months. The injunction will automatically dissolve if the plaintiffs fail to post a $1,000,000 surety bond by December 3, 2007.
We are disappointed in the Supreme Court’s decision. We have notified Christie’s to withdraw the paintings from their November auctions.
The Court’s decision delays the sale of paintings and therefore limits the extent by which the College can reduce its endowment spending rate this year. The College has taken substantial additional steps throughout the year to improve its operating budget, and these will continue to benefit the College’s financial situation.
We continue to believe the College has the right and the responsibility to make the decisions that are in the best interest of the College as a whole, and the Board of Trustees will continue to make the decisions necessary to ensure the College’s future. We believe the College will prevail when this extended litigation is put to rest.
John E. Klein
(I'm in Hampton to compete for Miss Hampton Holly Days Festival/Hampton Newport News, which I'm really excited about. I just wanted to update everyone quickly about this great news! I'll check back in on Sunday or Monday. Hope everyone has a great weekend!)