Earlham tosses in the towel
Per the Pal Item, Earlham says it has resolved the Conner Prairie lawsuit by acceding to AG Carter’s demands to give up control of the museum, and coughing up close to $94 Million from its endowment for the benefit of the museum:
According to a press release from Earlham, the new Conner Prairie endowment will be funded in the amount of $85 million at the time of closing, $6.5 million within a five-year period thereafter, and the transfer of the Prairie View golf course valued at $2.5 million.
The release said also that Earlham’s obligation would be subject to certain contingencies including being allowed to sell land owned by the College west of the White River in Carmel, Ind., arriving at definitive agreements, and judicial approval of the settlement.
“From the Earlham Board’s perspective, this framework will grant Conner Prairie independence and provide a more than adequate endowment to underwrite the Museum’s future, ” said Mark Myers, chair of the Earlham Board. “At the same time, by converting land to cash, Earlham can create this fund without compromising either the College or the Earlham School of Religion.”
Link.
There is no confirmation from the AG yet, but this looks like a big win for the AG and his friends from Carmel. It also looks like a big black eye for the college, delivered via Earlham College president, Doug Bennett, who starting this row in June of 2003, when he dismissed the 27 members from the museum board and took control.
