History
The Alfred I. duPont Testamentary Trust was created as per Alfred I. duPont's will after his death in 1935. At the time, duPont's assets included seven Florida National Banks, significant landholdings in Northwest Florida, E. I du Pont de Nemours Company shares, and the Nemours and Epping Forest estates. The value of the assets was approximately $40 million. The duPont Trustees, specifically Edward Ball, created the St. Joe Paper Company and began operating a paper mill in 1938. The trust had a 1939 value of $72.5 million.
A federal law was enacted in 1966 that barred non-profit organizations from owning both operating companies and banking institutions. Ed Ball fought the legislation for several years, even testifying before a congressional subcommittee, but in the end, he reluctantly sold the banks.
After Jessie Ball du Pont died in 1970, Ball arranged the sale of Epping Forest to his friend, Raymond K. Mason. Before Charter Company was broken up by bankruptcy in the late 1980s, Mason sold Epping Forest to Herb Peyton and Gate Petroleum in 1984. Peyton is presently a duPont trustee.
Before Ball's death, the trust and foundation signed a 1980 consent agreement with Delaware and Florida which stipulated that the Nemours Foundation would annually receive the greater of: 3 percent of the trust's net market value or the net annual income from the trust assets. Additionally, at least 50 percent of Nemours funds must be spent in Delaware, and a $25 million contingency fund must be reserved for Delaware's operations.
Read more about this topic: Alfred I. Du Pont Testamentary Trust
Famous quotes containing the word history:
“It is the true office of history to represent the events themselves, together with the counsels, and to leave the observations and conclusions thereupon to the liberty and faculty of every man’s judgement.”
—Francis Bacon (1561–1626)
“One classic American landscape haunts all of American literature. It is a picture of Eden, perceived at the instant of history when corruption has just begun to set in. The serpent has shown his scaly head in the undergrowth. The apple gleams on the tree. The old drama of the Fall is ready to start all over again.”
—Jonathan Raban (b. 1942)
“The history of American politics is littered with bodies of people who took so pure a position that they had no clout at all.”
—Ben C. Bradlee (b. 1921)