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Friday, Sept. 19, 2014

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Selected excerpts posted from preliminary rulings

The following excerpts are from the decisions issued Oct. 25 by New Jersey Superior Court Judge Neil Shuster in ruling on the pretrial motions in the lawsuit regarding the Robertson Foundation that was brought against Princeton University by several members of the Robertson family in July 2002.

"Article 11(c) is clear and unambiguous as to the ability to spend realized gains."

"Article 3 of the Foundation's Certificate of Incorporation is clear and unambiguous as to the University being the sole institution to which Foundation funds are to be directed."

"A decision to use PRINCO as the investment firm falls clearly under the 'full power to manage the affairs of the corporation' under the 'clear and unambiguous' terms of the Foundation's Certificate of Incorporation."

"Plaintiffs attempt to discount the significance of the [supporting organization] model, but any such attempt ignores the main purpose of supporting organizations -- to be responsible to the public charities they support."

"It was decided at the creation of the Foundation that the University would control the Foundation Board."

"[S]o long as the course of action taken by the fiduciaries is consistent with the Foundation's mission, the Foundation benefits to an equal degree. In such instances, it can hardly be said that the University receives a benefit to the exclusion and detriment of the Foundation."

Download a copy (.pdf) of the decisions released Oct. 25, 2007, by New Jersey Superior Court Judge Neil Shuster.

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