Monday, November 8, 2010

Fisk University Wins Right to Sell Art Collection - Sort Of

We previously blogged this summer (and in 2009, and in 2008) about the ongoing state court dispute involving Fisk University and its attempts to sell a 101-piece art collection donated to the school by Georgia O'Keefe.  The Tennessee Chancery Court has now issued an order clearing the way for the University to sell an undivided one-half interest in the collection for $30 million to the Crystal Bridges Museum of American Art.  The University may, however, only use $10 million of the proceeds for its general purposes, with the remaining $20 million dedicated to establishing an endowment fund solely for covering the costs of displaying and maintaining the art.  According to coverage in the Tennessean, the decision has the classic attribute of a compromise - neither the University nor the Tennessee Attorney General is happy with it.  For the University's reaction, see its statement.  For all of the filings and orders in this case, see the Tennessee Attorney General's Fisk University webpage.

(Hat Tip: Charity Governance Blog)

LHM

http://lawprofessors.typepad.com/nonprofit/2010/11/we-previously-blogged-this-summer-and-in-2009-and-in-2008-about-the-ongoing-state-court-dispute-involving-fisk-university.html

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