Woodward School Girls Continue to Pound on The Old Boys in Court.
The Woodward School for Girls has filed another as well as long expected lawsuit over its decades of financial victimization given all manner of fiduciary shortcomings committed by City of Quincy officials and others who had once served as the trustees of the Adams Temple and School Fund.
This latest lawsuit is intertwined with the Massachusetts Supreme Judicial Court’s recent upholding of a previous trial court decision in favor of the Woodward School for girls.
The latest battle is over rental revenue lost to the Woodward School for Girls over past City officials leasing out the former Adams Academy to the Quincy Historical Society.
In particular, this latest lawsuit is over the leasing of the former academy in 1972 by the then City of Quincy officials packed Trustees of the Adams Temple and School Fund at the bargain rate of $100 a month for 50 years.
This sweetheart deal of lease was signed in spite of the fact that contemporaneously the Supreme Judicial Court had provided the trustees with a trustees’ requested advisory opinion that ANY (emphasis added, ed.) extended rental agreement for the former academy be set at current and fair market rates.
A Quincy Hysterical Society member attempted to make much about the purported million dollars in funds spent to renovate the former Adams Academy building.
Apparently, this individual has never heard of a triple net lease.
So what also, apparently, for the fact that these funds were not directly produced by any commercial enterprise by the Quincy Hysterical Society’s nor, it would appear, were these largely taxpayers-funded fund spent with any clear as well as legally binding contractual monetary consideration understandings or per appropriate formal blessings of both the Woodward School for Girls and the formerly City of Quincy officials packed the Adams Temple and School Fund board of trustees.
Moreover, even if the renovation costs are credited against the considerable revenue the bargain $100 month and 50 year lease agreement, the adjusted residual revenue benefit still lost to the Woodward School for Girls could result in an eventual damages award to the school in the 7 figures range.
Further, this opening projection is BEFORE further consideration of the adjusted net present value ( http://www.mathsisfun.com/money/net-present-value.html ) of the revenue so shorted the school or any potential punitive damages that might further be awarded to Woodward by the court.
In the meanwhile, the Koch Administration has already run up legal and other lawsuit related bills well in excess of million dollars and which local taxpayers are stuck with paying.
How much more Team Koch will run up in costs trying to defend the indefensible remains to be seen.